The Federal Reserve has cut its target rate three times in 2024, causing deposit rates, including money market account rates, to fall. It is crucial to compare rates to maximize earnings on your balance. The national average money market account rate is currently 0.59% according to the FDIC. Some top accounts offer rates of 4% APY or higher, so consider opening an account now to take advantage of high rates. The amount of interest earned from a money market account depends on the annual percentage rate (APY) and how often interest compounds. With average interest rates, a $1,000 deposit could grow to $1,005.92 in one year, while a 4% APY account could grow to $1,040.81. Increasing your deposit amount in a high-yield money market account could significantly boost your earnings, with a $10,000 deposit potentially earning $408.08 in interest after one year.

Read more at Yahoo Finance: Best money market account rates today, September 7, 2025 (best account provides 4.41% APY)