Find out which banks offer the best rates. Money market accounts (MMAs) can be a great place to store your cash if you’re looking for a relatively high interest rate along with liquidity and flexibility.
Unlike traditional savings accounts, MMAs typically offer better returns and may also provide check writing privileges and debit card access. This makes these accounts ideal for holding long-term savings that you want to grow over time, but can still access when needed for certain purchases or bills.
Although rates have been falling in recent months, it is still possible to find money market accounts that pay more than 4% APY.
Here’s a look at some of the best current rates for money market accounts:
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Money market account rates have fluctuated significantly in recent years, largely due to changes in the Federal Reserve’s target interest rate.
In the wake of the 2008 financial crisis, for example, interest rates were kept extremely low to stimulate the economy. The Federal Reserve cut the federal funds rate to near zero, leading to very low MMA rates. During this time, money market account rates typically hovered between 0.10% and 0.50%, with many accounts offering rates at the lower end of that range.
Eventually, the Federal Reserve began raising interest rates gradually as the economy improved. This led to higher returns from savings products, including MMAs. However, in 2020, the COVID-19 pandemic caused a brief but sharp recession, and the Federal Reserve cut its benchmark rate again to near zero to combat the economic fallout. This resulted in a sharp drop in MMA rates.
But starting in 2022, the Federal Reserve embarked on a series of aggressive interest rate hikes to combat inflation. This led to historically high deposit rates across the board. By the end of 2023, money market account rates had increased substantially, with many accounts offering 4% or more. However, the Federal Reserve finally began cutting rates at the end of 2024.
As of 2025, MMA rates remain high by historical standards, although they have begun a downward trajectory following the Federal Reserve’s most recent rate cuts. Today, online banks and credit unions tend to offer the highest rates.
When comparing money market accounts, it’s important to look beyond the interest rate. Other factors, such as minimum balance requirements, fees, and withdrawal limits, can affect the total value you get from the account.
For example, it is common for money market accounts to require a high minimum balance to qualify for the highest advertised rate—up to $5,000 or more in some cases. Other accounts may charge monthly maintenance fees that can affect your interest earnings.
However, there are several MMAs available that offer competitive rates with no balance requirements, fees, or other restrictions. That’s why it’s important to compare prices and compare accounts before making a decision.
Also, make sure the account you choose is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which guarantees deposits of up to $250,000 per institution, per depositor. Most money market accounts are federally insured, but it’s important to double-check in the rare case that the financial institution goes bankrupt.
Read more: Money Market Account vs. High-Yield Savings Account: Which is Better for You?
The national average interest rate for money market accounts is just 0.59%, according to the FDIC. However, the best interest rates for money market accounts typically pay between 4% and 4.50% APY, similar to the rates offered on high-yield savings accounts.
The amount you’ll earn on $50,000 in a money market account depends on the annual percentage rate (APY) and the length of time you leave the money in the account. For example, if you deposit $50,000 into a money market account that pays 4.5% APY and leave it in your account for a year, you would earn $2,303 in interest.
There are currently no money market accounts that pay 5% APY. However, some high-yield savings accounts from online banks do. You can also check with your local bank or credit union to see if they offer a 5% APY account that fits your needs.