Interest rates on money market accounts have been falling due to recent Federal Reserve cuts. The national average money market account rate is currently at 0.59% according to the FDIC. However, some top accounts are offering rates of 4% APY or higher. It’s a good time to consider opening a money market account 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 0.59% APY with daily compounding would grow to $1,005.92 in a year, while a 4% APY account would yield $1,040.81. The more you deposit, the more you can earn – a $10,000 deposit at 4% APY would result in a balance of $10,408.08 after one year.

Read more at Yahoo Finance: Best money market account rates today, October 19, 2025 (best account provides 4.26% APY)