Between March 2022 and July 2023, the Federal Reserve raised its benchmark rate 11 times. In consequence, money market account (MMA) rates of interest rose sharply.

Nonetheless, the Fed slashed the federal funds rate by 50 basis points in September. So deposit rates — including money market account rates — have began falling. It’s more essential than ever to check MMA rates and make sure you earn as much as possible in your balance.

Although money market account rates are elevated by historical standards, the national average rate for MMAs is just 0.64%, based on the FDIC. The excellent news: Top high-yield money market accounts offer upwards of 5% APY — greater than seven times the national average.

That’s why it’s essential to buy around before opening a money market account. Rates of interest vary widely, but there are several banks (specifically, ) and credit unions with highly competitive offers.

Here’s a take a look at among the top MMA rates available today:

See our picks for the ten best money market accounts available today>>

Moreover, the table below features a few of the most effective savings and money market account rates available today from our verified partners.

Online banks operate exclusively via the net. This significantly reduces their overhead costs, in order that they’re in a position to pass those savings onto customers in the shape of high deposit rates and low fees. When you’re trying to find the most effective money market account rates, are a terrific place to start out.

That said, online banks aren’t the one place you could find savings accounts with rates of 4% to five% APY. are not-for-profit financial cooperatives, and are also know for providing competitive rates and fewer fees. Many credit unions have certain requirements that have to be met with a purpose to turn out to be a member, though there are some that allow nearly anyone to hitch.

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Money market accounts may be a terrific option for short-term savings goals, like constructing an emergency fund or setting aside money for an upcoming expense. They typically offer higher rates of interest than regular savings accounts, and so they provide easier access to your money in comparison with another options like certificates of deposit (CDs).

Money market accounts are also considered low-risk, and so they are FDIC-insured as much as the usual $250,000 per depositor, per institution. This makes them safer than , which may be subject to market risk.

Nonetheless, take into account that many money market accounts require a minimum balance to open the account and earn the very best advertised rate. When you can’t maintain this balance, you may incur fees or miss out on the most effective rates.

And although you’ll be able to generally access your funds as needed, MMAs may limit the variety of transactions you’ll be able to make every month. When you need frequent access to your money, this is likely to be a consideration.

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When a money market account is smart:

• You should earn more interest than a daily savings account without locking up your money in a CD.

• You’ll be able to maintain the minimum balance to avoid fees.

• You should keep funds easily accessible for emergencies or near-term expenses.