From Verizon Media: 2025-06-19 06:00:00

As interest rates drop, finding the best MMA rates is crucial. MMAs function like savings accounts but offer higher interest rates. Historically, top MMAs pay 4% or more APY. The Federal Funds Rate has decreased to 4.25%-4.50%, causing MMA rates to decline. Savers should act now before further rate cuts in 2025.

Considering your financial goals is key when deciding on a money market account. MMAs offer liquidity, making them ideal for short-term goals or emergency funds. They are low-risk, backed by FDIC insurance, and can’t lose principal. However, long-term savers may need riskier investments for higher returns.

Comparing rates across institutions is essential when choosing a money market account. While the national average MMA rate is 0.64%, some banks offer over 4% APY. Rates above 4.50% are rare. Although accounts with 7% interest exist, they are limited-time promotions mainly for checking accounts, not MMAs.

Read more: Best money market account rates today, June 19, 2025 (earn up to 4.41% APY)