From Yahoo Finance: 2025-06-12 06:00:00

Banks are adjusting MMA rates post-Fed rate cuts. To earn competitive savings rates, consider a money market account (MMA) that offers interest and may include a debit card or check-writing. Top MMAs can pay over 4% APY, similar to high-yield savings accounts.

Federal funds rate dropped to 4.25%-4.50% after multiple cuts. Money market rates are declining, with more cuts expected in 2025. Savers may want to act now to take advantage of the higher rates before they decrease further.

MMAs are attractive for savers with high rates. Factors to consider include liquidity needs, savings goals, and risk tolerance. MMAs offer access to money, better returns than traditional savings accounts, and are FDIC-insured with no loss of principal.

Comparing rates is crucial when considering a money market account, as they vary across institutions. National average is 0.64%, but some banks offer over 4% APY. Limited-time promotions may offer 7% interest, but no MMAs currently provide such high rates.

Read more: Best money market account rates today, June 12, 2025 (earn up to 4.41% APY)