The Federal Reserve has cut its target rate three times in 2024, causing deposit rates, including money market account rates, to fall. It’s crucial to compare MMA rates to maximize earnings. The national average money market account rate is currently 0.62%, but some top accounts offer 4% APY or higher. Consider opening an account now to benefit from high rates.

Interest earned from a money market account depends on the annual percentage rate (APY), which considers the base interest rate and compounding frequency. For example, a $1,000 deposit at an average rate of 0.64% with daily compounding would yield $6.42 in interest after one year. Opting for a 4% APY account would result in $40.81 in interest on the same deposit.

Increasing your deposit in a money market account leads to higher earnings. For instance, depositing $10,000 in a 4% APY account would generate $408.08 in interest after one year. The more you deposit, the more you can earn through interest.

Read more at Yahoo Finance: Best money market account rates today, July 13, 2025 (best account provides 4.41% APY)