Interest rates for money market accounts have been steadily declining due to Federal Reserve rate cuts. It’s crucial to compare rates to maximize earnings. The national average MMA rate is 0.58%, but some accounts offer 4% APY. Opening an account now could take advantage of high rates before they decrease.

The amount of interest earned in a money market account depends on the APY and how often interest compounds. With an average rate of 0.58%, $1,000 could grow to $1,005.82 in a year. Opting for a 4% APY account would yield $1,040.81. Depositing more money increases potential earnings significantly.

Read more at Yahoo Finance: Best money market account rates today, January 4, 2026 (best account provides 4.1% APY)