Money market account rates today, December 15, 2024 (best account provides 5.00% APY)

Between March 2022 and July 2023, the Fed raised its benchmark interest rate 11 times. As a result, money market account (MMA) interest rates rose sharply.

However, the Fed cut the federal funds rate by 50 basis points in September and another 25 basis points in November. So, deposit rates—including interest rates on money market accounts—began to fall. It’s more important than ever to compare MMA quotes and make sure you’re making as much profit as possible from your bankroll.

the Average national money market account rate The interest rate is 0.60%, according to the Federal Deposit Insurance Corporation (FDIC).

However, some of the best accounts are currently offering upwards of 5% annual returns. Since these rates may not be around for much longer, consider opening a money market account now to take advantage of today’s higher rates.

Here’s a look at some of the best MMA quotes available today:

See our picks for the 10 best money market accounts available today >>

Additionally, the table below shows some of the best savings and money market account rates available today from our approved partners.

The amount of interest you can earn from a money market account depends on Annual percentage rate (my dad). This is a measure of your total earnings after one year when considering the prime interest rate and how often interest compounds (interest on a money market account typically accrues daily).

Let’s say you put $1,000 into MMA with an average interest rate of 0.64% with daily compounding. At the end of one year, your balance will grow to $1,006.02 – your initial deposit of $1,000, plus just $6.02 in interest.

Now let’s say you choose a high-yield money market account offering 5% APY instead. In this case, your balance would grow to $1,051.27 over the same period, which includes $51.27 in interest.

The more you deposit into a money market account, the more you gain. If we take our same example of a 5% APY money market account, but you deposit $10,000, your total balance after one year will be $10,512.67, which means you will earn $512.67 in interest. ​​