The Federal Reserve has cut its target rate three times in 2024, causing deposit rates, including money market account rates, to fall. The national average money market account rate is 0.62%, but some top accounts offer rates of 4% APY. Consider opening an account now to take advantage of high rates.

Your earnings from a money market account depend on the annual percentage rate (APY). With an average rate of 0.64% and daily compounding, a $1,000 deposit would grow to $1,006.42 after one year. Opting for a high-yield account at 4% APY would result in a balance of $1,040.81, including $40.81 in interest.

The more you deposit in a money market account, the more you can earn. For example, with a 4% APY and a $10,000 deposit, your balance after one year would be $10,408.08, earning you $408.08 in interest. Compare rates to maximize your earnings.

Read more at Yahoo Finance: Best money market account rates today, August 10, 2025 (best account provides 4.41% APY)