The Federal Reserve reduced its target rate three times in 2024. As a result, deposit charges, including Money Market Account (MMA) rates, have begun to decline. It’s more important than ever to compare MMA rates and make sure you make as much money as possible with the balance.
According to FDIC, the national average financial market account fee is 0.64%.
Still, some of the top accounts currently offer 4% APY or more charges. These fees may not be that long, so consider opening a Money Market account now to take advantage of today’s high prices.
Today, the best money market account rates are provided by TotalBank. Account holders can earn 4.47% APY on a minimum operating deposit of $25,000.
This looks at some of the top MMA rates available today.
Check out our recommendations for the 10 Best Money Market Accounts Available Today >>
Additionally, the table below contains some of the highest savings and money market account rates currently available from verified partners.
The amount of interest you can earn from a money market account depends on your annual rate (APY). This is a measure of total income after one year taking into account the base interest rate and interest compounds (usually, interest in monetary market accounts will combine the compounds every day).
Suppose you put $1,000 in your MMA at an average interest rate of 0.64% on daily compound interest. At the end of the year, the balance will be $1,006.42. It’s just $6.42 on the first $1,000 deposit.
Now let’s say you chose a high-yie money market account that offers a 4% APY instead. In this case, the balance will increase to $1,040.81 over the same period, including $40.81 interest.
The more you deposit into your money market account, the more you earn. I got the same example of a money market account with a 4% APY, but if I deposited $10,000, my total balance after a year is $10,408.08. This means that you’ll earn $408.08. になったんです。 English: The first thing you can do is to find the best one to do.
