The Federal Reserve cut its goal rate thrice in 2024. So deposit rates — including money market account (MMA) rates — have began falling. It’s more necessary than ever to check MMA rates and make sure you earn as much as possible in your balance.

The national average money market account rate stands at 0.66%, in response to the FDIC.

Even so, a few of the top accounts are currently offering upwards of 5% APY. Since these rates is probably not around for much longer, consider opening a money market account now to make the most of today’s high rates.

Here’s a take a look at a few of the top MMA rates available today:

See our picks for the ten best money market accounts available today>>

Moreover, the table below features a few of one of the best savings and money market account rates available today from our verified partners.

The quantity of interest you’ll be able to earn from a money market account is dependent upon the annual percentage rate (APY). This can be a measure of your total earnings after one yr when considering the bottom rate of interest and the way often interest compounds (money market account interest typically compounds day by day).

Say you place $1,000 in an MMA at the typical rate of interest of 0.66% with day by day compounding. At the tip of 1 yr, your balance would grow to $1,006.62 — your initial $1,000 deposit, plus just $6.62 in interest.

Now let’s say you select a high-yield money market account that gives 5% APY as an alternative. On this case, your balance would grow to $1,051.27 over the identical period, which incorporates $51.27 in interest.

The more you deposit in a money market account, the more you stand to earn. If we took our same example of a money market account at 5% APY, but deposit $10,000, your total balance after one yr can be $10,512.67, meaning you’d earn $512.67 in interest. ​​