The Federal Reserve cut its goal rate of interest thrice in 2024, Because of this, deposit rates — including money market account rates — have began falling. It’s more necessary than ever to match MMA rates and make sure you earn as much as possible in your balance.

The national average money market account rate stands at 0.66%, in response to the FDIC. This won’t seem to be much, but consider that three years ago, it was just 0.07%, reflecting a pointy rise in a brief time frame.

This is basically because of monetary policy decisions by the Fed, which began raising its benchmark rate in March 2022 to combat skyrocketing inflation. In reality, the Fed increased rates 11 times. However it finally cut its benchmark rate thrice in late 2024, causing deposit account rates to begin dropping

Even so, a number of the top accounts are currently offering upwards of 5% APY. Since these rates is probably not around for much longer, consider opening a money market account now to make the most of today’s high rates.

Here’s a take a look at a number of 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 one of the best savings and money market account rates available today from our verified partners.

The quantity of interest you may earn from a money market account depends upon the annual percentage rate (APY). This can be a measure of your total earnings after one 12 months when considering the bottom rate of interest and the way often interest compounds (money market account interest typically compounds each day).

Say you set $1,000 in an MMA at the typical rate of interest of 0.66% with each day compounding. At the tip of 1 12 months, your balance would grow to $1,006.62 — your initial $1,000 deposit, plus just $6.62 in interest.

Now let’s say you select a high-yield money market account that provides 5% APY as an alternative. On this case, your balance would grow to $1,051.27 over the identical period, which incorporates $51.27 in interest.

The more you deposit in a money market account, the more you stand to earn. If we took our same example of a money market account at 5% APY, but deposit $10,000, your total balance after one 12 months could be $10,512.67, meaning you’d earn $512.67 in interest. ​​