A money market account (MMA) can be an attractive option for savers who want a safe place to store their funds. MMAs typically have higher interest rates than regular savings accounts, allowing your money to grow faster. Additionally, they typically include features like check-writing and debit card privileges, which make it easy to withdraw money as needed.
Not sure where to find the best rates for money market accounts today? Read on to find out which banks have the best offers.
In general, money market accounts offer better interest rates than traditional savings accounts. Still, rates vary widely among financial institutions. That’s why it’s important to compare prices before opening an account.
In fact, some of the top accounts currently offer more than 5% APY. Since these rates may not last much longer, consider opening a money market account now to take advantage of today’s high rates.
Here’s a look at some of the best MMA rates available today:
See our picks for the 10 best money market accounts available today >>
Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.
Money market accounts have some of the highest interest rates we’ve seen in more than a decade thanks to recent interest rate increases by the Federal Reserve. Still, the national average interest rate for money markets is quite low (0.60%, according to the FDIC) compared to the major offerings available.
The Federal Reserve is also expected to lower its target rate again later this year, meaning now could be the last chance for savers to take advantage of the current high rates. Be sure to shop around and choose an account with a competitive rate.
Choosing the right money market account is an important decision. There are several factors to consider besides the interest rate alone.
For example, it is common for money market accounts to charge monthly maintenance fees, which can affect your interest earnings. Some accounts offer ways to get the monthly fee waived, such as setting up direct deposit or maintaining a minimum balance. However, there are also some free accounts to consider.
Additionally, some MMAs require a minimum balance to get the highest advertised interest rate. Be sure to choose a money market account with a minimum balance that is reasonable to maintain; otherwise, you may incur fees and/or lose interest.
Lastly, you may want to prioritize MMAs that have ATM access to facilitate withdrawals. This is a convenient feature if you want to access your funds without first transferring them to another account.