Money market account rates have been falling due to the Federal Reserve cutting its target rate three times in 2024. The national average money market account rate is currently at 0.62% according to the FDIC. However, some top accounts are offering rates of 4% APY or higher, so consider opening one now to take advantage of high rates. The amount of interest you can earn from a money market account depends on the annual percentage rate (APY), which measures total earnings after one year with daily compounding. For example, a $1,000 deposit at 0.64% interest would grow to $1,006.42 after one year, while at 4% APY, it would grow to $1,040.81. Depositing more can increase your earnings significantly, such as earning $408.08 in interest with a $10,000 deposit at 4% APY after one year.

Read more at Yahoo Finance: Best money market account rates today, July 20, 2025 (best account provides 4.41% APY)