Money market account rates have been falling since the Federal Reserve began cutting the federal funds rate in 2024. The national average money market account rate currently stands at 0.62%, but some accounts offer over 4% APY. Consider opening an account now to take advantage of high rates. Interest earned depends on the annual percentage rate (APY) and compounding frequency.

For example, if you deposit $10,000 in an MMA with an average interest rate of 0.64% and daily compounding, your balance would grow to $10,064.20 after one year. Opting for a high-yield account at 4% APY would grow your balance to $10,408.08 in the same period. MMAs may have higher minimum balance requirements and withdrawal restrictions compared to savings accounts.

While there are no banks offering 7% interest rates on money market accounts, some local banks and credit unions may have limited-time promotional rates that reach 7%. However, these rates typically apply to a limited balance. Check out our picks for the 10 best money market accounts available today for more information.

Read more at Yahoo Finance: Best money market account rates today, July 26, 2025 (best account provides 4.41% APY)