Find out which banks offer the best MMA rates right now. The Federal Reserve cut the federal funds rate three times in 2024 and three times in 2025. As a result, deposit interest rates (including money market account rates) have been falling.
It’s more important than ever to compare MMA rates and make sure you’re earning as much as possible with your balance.
Although money market account rates are high by historical standards, the national average rate for MMAs is just 0.56%, according to the FDIC. The good news: Top high-yield money market accounts offer well over 4% APY, more than six times the national average.
That’s why it’s important to shop around before opening a money market account. Interest rates vary widely, but there are several banks (particularly online banks) and credit unions with highly competitive offers.
Here’s a look at some of the best MMA rates available today:
Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.
Online banks operate exclusively through the web. This significantly reduces their overall costs, so they can pass those savings on to customers in the form of high deposit rates and low fees. If you’re looking for the best rates for money market accounts, online banks are a great place to start.
That said, online banks aren’t the only place you can find savings accounts with APY rates of 3% to 4%. Credit unions are nonprofit financial cooperatives and are also known for offering competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, although there are some that allow anyone to join.
Read more: Are online banks really safe?
Money market accounts can be a great option for short-term savings goals, like building an emergency fund or setting aside money for an upcoming expense. They typically offer higher interest rates than regular savings accounts and provide easier access to your money compared to other options like certificates of deposit (CDs).
Money market accounts are also considered low risk and are FDIC insured up to the standard of $250,000 per depositor, per institution. This makes them safer than money market funds, which can be subject to market risk.
However, keep in mind that many money market accounts require a minimum balance to open the account and get the highest advertised rate. If you are unable to maintain this balance, you could incur charges or miss out on the best rates.
And while you can generally access your funds as needed, MMAs may limit the number of transactions you can make each month. If you need frequent access to your money, this could be a consideration.
Read more: Is there a penalty for making withdrawals from your money market account?
When a money market account makes sense:
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You want to earn more interest than a regular savings account without keeping your money on a CD.
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You can maintain the minimum balance to avoid charges.
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You want to keep funds easily accessible for emergencies or short-term expenses.
Currently, the average rate on money market accounts is 0.56%. However, several high-yield accounts pay upwards of 4% or more. If you are considering opening a money market account, be sure to shop around and compare rates.
There is no single account or investment that guarantees a 12% return. However, if your goal is to earn a strong return on your money and significantly increase your wealth, investing in market securities such as stocks, mutual funds, and exchange-traded funds is the best strategy to achieve this. The stock market returns about 10% annually, on average.
If you’re not sure where to start, it may be helpful to speak with a financial advisor about your financial goals and priorities. Alternatively, you can sign up with a robo-advisor, which is an automated and cost-effective option for managing your portfolio.
Read more: Robo-advisor: how to start investing immediately