Money market accounts (MMAs) can be a great place to keep your cash if you’re looking for the best interest rates, repayments, and flexibility. Unlike traditional savings accounts, MMAs often offer higher returns and may even offer check writing privileges and debit card access. This makes these accounts ideal for holding long-term savings that you want to grow over time, while still being able to access them when needed for specific purchases or debts.
Find out which banks have the best MMA rates today.
Where are the best money market interest rates today?
The national average interest rate for money market accounts is fair 0.61%according to the FDIC. However, the best money market account rates often pay more than 4% APY — similar to the rates offered on high-yield savings accounts.
Here’s a look at the highest money market account rates, Tuesday, June 23, 2026:
Historical money market account balances
The money market account rate has fluctuated significantly in recent years, largely due to changes in the Federal Reserve’s target interest rate, known as the federal funds rate.
After the financial crisis of 2008, for example, interest rates were kept very low to stimulate the economy. The Fed lowered the federal funds rate to zero, resulting in extremely low MMA rates. During this time, money market account rates were typically between 0.10% to 0.50%, with most accounts offering rates at the lower end of that range.
Eventually, the Fed began raising interest rates gradually as the economy improved. This has led to higher yields in savings products, including MMAs. However, in 2020, the COVID-19 pandemic led to a brief but sharp recession, and the Fed once again lowered its benchmark rate to zero to combat the recession. This caused a huge drop in MMA standards.
But starting in 2022, the Fed began a series of aggressive interest rate hikes to fight inflation. This has led to the highest deposit rates throughout history. By late 2023, money market account rates had risen sharply, with many accounts offering 4% or more.
Throughout 2024, MMA interest rates remained high, and it was possible to find accounts that paid more than 5% APY.
Today, rates remain high by historical standards, although they have been steadily declining following the Fed’s tapering in late 2024 and its three rate cuts in 2025. So far in 2026, the Fed has left rates unchanged. Today, online banks and credit unions often offer the highest rates.
What to consider when choosing a money market account
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 amount you receive from the account.
For example, it is common for money market accounts to require a minimum balance to achieve the maximum advertised rate, usually $5,000 or more. Some accounts may charge monthly maintenance fees that can eat into your earnings.
However, a few MMAs are available that offer competitive rates without any balance requirements, fees, or other restrictions. That’s why it’s important to shop around and compare accounts before making a decision.
Additionally, make sure the account you choose is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which insures deposits 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 event the financial institution fails.
Read more: Are money market accounts safe?
Money market account balances: Frequently Asked Questions
What are the current money market rates?
Today, money market account rates are still high by historical standards. The best accounts offer 4% APY, with the highest rate available today at 4.01%.
How much will $10,000 make in a money market account?
The amount of $10,000 to earn in a money market account depends on the annual percentage rate (APY) the account offers, and how long you keep your money in the account. Let’s say you choose to put $10,000 into a money market account that earns 4% APY compounded monthly. After one year, you will earn $407.44 in interest, for a total balance of $10,407.44.
What’s wrong with a money market account?
Money market accounts are generally safe and flexible savings options, but like any other financial product, they come with some downsides, too.
For example, some MMAs require a minimum balance to open an account or earn the advertised APY. Failure to maintain that minimum balance can result in penalties or reduced interest rates. Additionally, money market rates are variable, meaning they can change at any time at the bank’s discretion. When interest rates drop, so does your account’s APY, making future returns less predictable than fixed-rate products like CDs.
