Money market account rates drop to 0.62% national average, high-yield MMAs offer over 4% APY.

From Yahoo Finance: 2025-06-06 06:00:00

Banks have cut money market account rates following three federal fund rate cuts in 2024, dropping the national average to 0.62%. However, some high-yield MMAs offer over 4% APY. Shop around to find the best rates from online banks and credit unions, which also offer competitive rates and fewer fees.

Money market accounts are ideal for short-term savings goals, offering higher interest rates than regular savings accounts. They are low-risk and FDIC-insured up to $250,000. However, some MMAs require a minimum balance to earn the highest rates and may limit monthly transactions, so consider your needs before opening an account.

High-yield money market accounts can offer over 4% APY, superior to the national average of 0.63%. To earn strong returns and grow wealth significantly, consider investing in the stock market, which averages about 10% per year. Consult with a financial advisor or use a robo-advisor for cost-effective portfolio management to start investing wisely.



Read more at Yahoo Finance: Best money market account rates today, June 6, 2024 (up to 4.41% APY return)