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 currently stands at 0.62%, but some accounts offer rates of 4% APY. Consider opening a money market account now to take advantage of these high rates. The amount of interest earned depends on the annual percentage rate (APY) and how often interest compounds. For example, a $1,000 deposit at 0.64% with daily compounding would grow to $1,006.42 after one year, while a 4% APY would result in a balance of $1,040.81. Depositing more money can increase earnings significantly, with a $10,000 deposit at 4% APY yielding $408.08 in interest after one year.

Read more at Yahoo Finance: Best money market account rates today, August 17, 2025 (best account provides 4.41% APY)