Federal Reserve rate cuts in 2024 have caused money market rates to fall, with some exceptions.
From Yahoo Finance: 2025-03-30 06:00:00
The Federal Reserve has cut its target rate three times in 2024, causing deposit rates to fall, including money market account rates. The national average money market account rate is currently 0.64%, but some top accounts offer rates of 4% APY and higher. TotalBank offers the best money market account rate at 4.47% APY with a $25,000 minimum opening deposit. The amount of interest earned from a money market account depends on the annual percentage rate (APY) and compounding frequency. Depositing more money can result in higher earnings, so consider opening a money market account now to take advantage of high rates.
Read more at Yahoo Finance: Money market account rates today, March 30, 2025 (best account provides 4.47% APY)