Money market account rates have been falling since the Federal Reserve cut its target rate three times in 2024 and recently cut rates again in 2025. The national average money market account rate is currently at 0.59% according to the FDIC, but some accounts offer rates of 4% APY or higher.

To take advantage of high rates, consider opening a money market account now. The amount of interest you can earn depends on the annual percentage rate (APY) and how often interest compounds. With an average interest rate of 0.59% and daily compounding, a $1,000 deposit would grow to $1,005.92 in one year.

Choosing a high-yield money market account with 4% APY would result in a balance of $1,040.81 after one year, including $40.81 in interest. Depositing more money can increase earnings significantly – a $10,000 deposit in a 4% APY account would yield a total balance of $10,408.08 after one year, earning $408.08 in interest.

Read more at Yahoo Finance: Best money market account rates today, November 2, 2025 (best account provides 4.26% APY)