Money market account rates today, December 16, 2024 (earn up to 5.00% APY)

A money market account (MMA) can be an attractive option for savers who want a safe place to store their money. MMA accounts often come with higher interest rates than regular savings accounts, allowing your money to grow more quickly. Additionally, they typically include features like check-writing privileges and debit cards, making it easy to withdraw funds as needed.

Not sure where to find the best money market account rates today? Read on to find out which banks have the best offers.

In general, money market accounts offer better interest rates than… Traditional savings accounts. However, rates vary widely between financial institutions. That’s why it’s important to shop around and compare prices before opening an account.

In fact, some of the best accounts currently offer 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.

Money market accounts have some of the highest interest rates we’ve seen in over a decade thanks to recent rates Higher interest rates by the Federal Reserve. However, the national average money market interest rate is fairly low (0.60%, according to the FDIC) compared to the best offers available.

The Fed is also expected to cut its interest rate target again later this year, meaning now may be the last chance for savers to take advantage of today’s higher interest rates. Make sure to shop around and choose an account with a competitive price.

Choosing the right money market account is an important decision. There are several factors to consider besides the interest rate alone.

For example, it is common for money market accounts to be charged fees Monthly maintenance feeswhich can eat into your interest earnings. Some accounts offer ways to get monthly fees waived, such as setting up direct deposit or maintaining a minimum balance. However, there are also some free accounts to consider.

In addition, some MMAs require a minimum balance To get the highest advertised interest rate. Make sure you choose a money market account with a minimum balance you can reasonably maintain — otherwise you could incur fees and/or lose interest.

Finally, you may want to prioritize MMAs that come with access to an ATM to make withdrawals easier. This is a convenient feature if you want to access your funds without having to transfer them to another account first.