Money Market Accounts: Earn Top Rates and Grow Your Savings

Current Money Market Account Rates

The national average money market account rate is 0.64%, reports the FDIC. However, leading institutions offer rates as high as 4% APY. Take advantage of these elevated rates and open an MMA today.

Interest Earnings

Money market account interest is determined by the annual percentage yield (APY), which reflects the total annual interest earned considering the base rate and compounding frequency (typically daily).

Maximizing Earnings

For example, a $1,000 MMA deposit at the average rate of 0.64% with daily compounding yields $6.42 in interest after one year. However, a high-yield MMA offering 4% APY would earn $40.81 over the same period.

Larger deposits amplify earnings. A $10,000 deposit in a 4% APY MMA would yield $408.08 in interest after one year.

Additional Resources

* [10 Best Money Market Accounts](link to top 10 MMA list)
* [Savings vs. Money Market Accounts](link to savings vs. MMA comparison)
* [APY vs. Interest Rate](link to APY vs. interest rate explanation)
* [High-Yield Savings Accounts](link to top 10 savings account list)
* [CD Rates](link to top CD rate list)
* [Interest Payment Frequency](link to MMA interest payment explanation)
* [Savings Accounts with 5% Interest Rates](link to savings accounts with 5%+ interest rates)