Money market account rates today, December 29, 2024 (best account provides 5.00% APY)

Washington: The Federal Reserve has made some moves this year, cutting its target rate three times. Because of that, deposit rates, including money market account rates, have started to dip. So, it’s super important to shop around for the best rates to make sure your money is working for you.

Right now, the national average for money market accounts is sitting at about 0.66%, according to the FDIC. But don’t worry, some of the best accounts are still offering rates over 5% APY. If you’re thinking about it, now might be the perfect time to open an account and snag those high rates before they disappear.

Let’s take a peek at some of the top money market account rates available today. You’ll want to check out our picks for the ten best options out there right now.

Also, we’ve got a handy table that shows some of the best savings and money market account rates from our trusted partners. Remember, the interest you earn from a money market account really depends on the annual percentage rate (APY). This tells you how much you’ll earn in a year, factoring in the base interest rate and how often the interest compounds, which is usually daily for these accounts.

For example, if you put $1,000 in an account with the average rate of 0.66% and it compounds daily, you’d end up with about $1,006.62 after a year. That’s just $6.62 in interest. But if you go for a high-yield account with a 5% APY, your balance would jump to $1,051.27, giving you $51.27 in interest. Quite a difference, right?

The more you put in, the more you can earn. If you deposit $10,000 in that same 5% APY account, you’d have $10,512.67 after a year, which means you’d earn $512.67 in interest. So, it really pays to look for those high rates!