Interest rates on money market accounts have been falling due to Federal Reserve rate cuts. The national average money market rate is currently at 0.59%, but some accounts offer rates of 4% APY or higher. It’s crucial to compare rates and maximize earnings from your balance.

The interest you earn on a money market account depends on the annual percentage rate (APY) and how often interest compounds. For example, a $1,000 deposit at 0.59% APY with daily compounding would grow to $1,005.92 in a year. With a 4% APY account, the balance would reach $1,040.81.

The more you deposit, the more you can earn. For instance, depositing $10,000 in a 4% APY money market account could result in a balance of $10,408.08 after a year, including $408.08 in interest. Consider opening an account now to take advantage of higher rates.

Read more at Yahoo Finance: Best money market account rates today, September 28, 2025 (best account provides 4.4% APY)