A money market account (MMA) might be a horny option for savers who need a secure place to store their funds. MMAs often include higher rates of interest than regular savings accounts, allowing your money to grow more quickly. Plus, they typically include features like check-writing privileges and debit cards, which make it easy to withdraw money as needed.

Undecided where to seek out the most effective money market account rates today? Read on to seek out out which banks have the most effective offers.

On the whole, money market accounts offer higher rates of interest than traditional savings accounts. Still, rates vary widely across financial institutions. That’s why it’s essential to buy around and compare rates before opening an account.

Actually, a number of the top accounts are currently offering upwards of 5% APY. Since these rates might not be around for much longer, consider opening a money market account now to benefit from 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 the most effective savings and money market account rates available today from our verified partners.

Money market accounts have a number of the highest rates of interest we’ve seen in greater than a decade due to recent rate of interest hikes by the Federal Reserve. Even so, the national average rate of interest for money markets is fairly low (0.60%, in response to the FDIC) in comparison with the highest offers available.

The Fed can be expected to lower its goal rate again later this yr, which implies now may be the last likelihood for savers to benefit from today’s high rates. You’ll want to shop around and select an account with a competitive rate.

Selecting the proper money market account is a crucial decision. There are several aspects to contemplate besides the rate of interest alone.

As an illustration, it’s common for money market accounts to charge monthly maintenance fees, which may eat into your interest earnings. Some accounts provide ways to get the monthly fee waived, similar to by establishing direct deposit or maintaining a minimum balance. Nevertheless, there are also some fee-free accounts to contemplate.

Moreover, some MMAs require a minimum balance to earn the very best advertised rate of interest. Make sure you select a money market account with a minimum balance that’s reasonable to keep up — otherwise, you possibly can incur fees and/or lose out on interest.

Finally, you could need to prioritize MMAs that include ATM access for easier withdrawals. It is a convenient feature if you must access your funds without having to transfer them to a different account first.