Money Market Account Rates Today: Earn High Returns
Overview
The Federal Reserve's rate cuts in late 2024 have led to a surge in deposit rates, including Money Market Account (MMA) rates. Today's national average MMA rate stands at 0.64%, up significantly from 0.07% three years ago.
Top Money Market Account Rates
* Quontic Bank Money Market Account: 4.75% APY
* Brilliant Bank Surge Money Market Account: up to 4.70%
* TotalBank Online Money Market Deposit Account: 4.67% APY (on balances of $2,500+)
* VIO Cornerstone Money Market Savings Account: 4.56% APY
* First Foundation Bank Online Money Market Account: 4.50% APY
* Zynlo Money Market Account: 4.40% APY
* Prime Alliance Bank Personal Money Market Account: 4.15% APY
Earning Potential
The interest earned on an MMA depends on the APY. For example, an investment of $1,000 at 0.64% APY (compounded daily) will yield $6.42 in interest over one year. In contrast, a high-yield MMA at 4% APY would yield $40.81.
Benefits of Money Market Accounts
* Potential for higher returns than traditional savings accounts
* Daily compounding interest
* Flexibility: Access to funds whenever needed
Tips
* Consider opening an MMA now to take advantage of high rates.
* Compare MMA rates from multiple institutions to secure the best offer.
* Deposit larger amounts to maximize interest earnings.