From Yahoo Finance: 2025-06-09 06:00:00

Money market accounts offer high interest rates, check-writing privileges, and debit card access for long-term savings. Despite rate decreases, some accounts still offer over 4% APY. Rates fluctuated due to the Federal Reserve’s interest rate adjustments, with highs in 2023 but declines in 2024. Online banks and credit unions tend to offer the best rates in 2025.

When choosing a money market account, consider factors beyond interest rates like minimum balance requirements and fees. Some accounts require large balances or charge maintenance fees, while others have no restrictions. Ensure your account is federally insured by FDIC or NCUA for up to $250,000 per depositor in case of institution failure.

The national average money market account interest rate is 0.64%, but top accounts pay 4% to 4.5% APY similar to high-yield savings accounts. Earnings on $50,000 at 4.5% APY for a year would be $2,303. While there are no 5% APY MMAs, some online banks offer high-yield savings accounts with this rate.

Read more: Best money market account rates today, June 9, 2025 (Earn up to 4.41% APY)