Find out which banks offer the best MMA rates right now. As interest rates begin to fall following the Federal Reserve’s recent rate cuts, it’s more important than ever to make sure you’re getting a competitive rate on your savings. One option you may want to consider is a money market account (MMA). These accounts are similar to savings accounts: They offer interest on your balance, but may also include a debit card and/or check-writing capabilities.
Wondering where you can find the best rates for money market accounts today? Here’s what you need to know.
From a historical perspective, interest rates on money market accounts have been quite high. The national average interest rate for money market accounts is just 0.56%, according to the FDIC, but the highest rates on money market accounts often pay upwards of 4% APY or even more, similar to the rates offered on high-yield savings accounts.
Here’s a look at some of the best MMA rates available today:
Between July 2023 and September 2024, the Federal Reserve maintained a target range for its federal funds rate of 5.25% to 5.50%. However, as inflation cooled and the economy improved, the Federal Reserve cut the federal funds rate three times that year.
In 2025, the Federal Reserve made three additional rate cuts. As a result, the federal funds rate now stands at 3.50%-3.75%. Deposit account rates have been steadily declining, meaning now could be the last chance for savers to take advantage of today’s higher rates.
Read more: Can you lose money in a money market account?
Given that rates on money market accounts are still high, these accounts are an attractive option for savers. Still, deciding whether it’s the right time to deposit money into a money market account also depends on your financial goals and broader economic conditions. Here are some key factors to consider:
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Liquidity needs: Money market accounts offer easy access to your money, as they often come with check-writing capabilities or debit card access (although there may be a limit on monthly withdrawals). If you need to keep your money accessible while still earning a decent return, a money market account might be ideal.
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Savings goals: If you have short-term savings goals or want to build an emergency fund, a money market account can provide a safer place for your cash, with better returns than most traditional savings accounts.
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Risk tolerance: For conservative savers who prefer to avoid the ups and downs of the stock market, money market accounts are attractive because they are backed by FDIC insurance and cannot lose principal. However, if you are saving for a long-term goal like retirement, riskier investments are needed to generate higher returns that will allow you to reach your savings goal.
With interest rates still high, now might be a good time to consider a money market account, especially if you’re looking for a balance of security, liquidity, and better returns than traditional savings accounts. Comparing rates from different institutions will help you find the best options available.
Current money market account rates vary widely among different financial institutions. Although the national average rate for an MMA is currently 0.57%, there are some banks that offer an APY well above 4%. Generally, you won’t find money market rates higher than 4.5%.
Unfortunately, there are very few accounts that offer 7% interest. The ones that exist are limited-time promotions and are normally found in checking accounts. There are currently no money market accounts that pay 7%.