From Yahoo Finance: 2025-06-02 11:41:00

Looking for the best rates? Money market accounts (MMAs) offer higher returns than traditional savings accounts. Check out top banks offering over 4% APY. Rates fluctuate due to Federal Reserve changes. Compare factors like minimum balance and fees before choosing an account. Ensure your MMA is insured by FDIC or NCUA for up to $250,000 per depositor.

In recent years, MMA rates have been impacted by economic changes. The Fed’s interest rate adjustments have led to fluctuations. Rates were low post-2008 crisis, rose as the economy improved, but fell in 2020 due to COVID-19. By 2025, rates remain high but are on a downward trend post-Fed rate cuts.

Earning potential varies based on APY and time in account. With a 4.5% APY, $50,000 in a money market account could earn you $2,303 in a year. While there are no MMAs at 5% APY, some high-yield savings accounts offer this rate. Consider online banks for competitive rates.

Read more: Best money market account rates today, June 2, 2025 (Earn up to 4.41% APY)