Find out which banks offer the best rates. Money market accounts (MMAs) can be a great place to keep your money if you’re looking for a relatively high interest rate along with cash and terms.
Unlike traditional savings accounts, MMAs often offer better returns, and may offer check-writing privileges and access to debit cards. This makes these accounts ideal for long-term savings that you want to grow over time, but still have access to when needed for certain purchases or bills.
Although rates have been dropping over the past few months, it’s still possible to find money market accounts that pay more than 4% APY.
Here are some of today’s money market account fees:
Money market account rates have changed significantly in recent years, largely due to Federal Reserve interest rate changes.
After the financial crisis of 2008, for example, interest rates were kept very low to stimulate the economy. The money lowered the federal funds rate to near zero, which led to very low MMA rates. During this time, money market account fees were typically around 0.10% to 0.50%, with many accounts offering fees in the lower half of that range.
Eventually, the Fed began to gradually raise interest rates as the economy improved. This has led to higher yields in storage products, including MMAs. However, in 2020, the COVID-19 pandemic led to a temporary but severe recession, and the Fed once again cut its interest rate to near zero to combat the recession. This resulted in a significant drop in MMA ratings.
But starting in 2022, the Fed began a series of interest rate hikes to fight inflation. This resulted in historically high deposit rates across the board. By the end of 2023, money market account rates had risen significantly, with many accounts offering 4% or more. However, the Fed finally started cutting rates towards the end of 2024 and continued to lower rates throughout 2025.
As of 2026, MMA rates remain historically high, although they have begun to decline following the Fed’s recent rate cut. 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, may affect the total value you receive from the account.
For example, it’s common for money market accounts to require a large minimum balance in order to get the maximum amount advertised – as much as $5,000 or more in some cases. Some accounts may charge you monthly maintenance fees that can eat into your interest.
However, there are several MMAs available that offer competitive rates without 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 guarantees deposits up to $250,000 per institution, per person. Most money market accounts are federally insured, but it’s worth double-checking in the rare event the financial institution fails.
Read more: Money market account vs. high-yield savings account: Which is right for you?
The national average interest rate on money market accounts is just 0.56%, according to the FDIC. However, the best interest rates on the market typically pay around 4% 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 how long you withdraw the money. For example, if you deposit $50,000 in a money market account that pays 4.5% APY and leave it in your account for one year, you will earn a profit of $2,303.
There are currently no money market accounts that pay 5% APY. However, some high-yield savings accounts from online banks can pay more than 4%. You can also check with your local bank or credit union to find out if they offer a 5% APY account that suits your needs.
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