A money market account (MMA) can be an attractive option for savers who want a safe place to store their money. MMAs often have higher interest rates than regular savings accounts, which can help your money grow faster. Plus, they typically include features like check writing and debit cards, which make it easy to withdraw money when you need to.
Not sure where to find the best money market account rates today? Read on to find out which banks have the best offers.
In general, money market accounts offer better interest rates than traditional savings accounts. Yet rates vary widely between financial institutions. That’s why it’s important to shop around and compare rates before opening an account.
In fact, some of the best accounts currently offer more than 5% APY. Since these interest rates may not be around for much longer, consider opening a money market account now to take advantage of today’s high interest rates.
Here’s a look at some of the best MMA rates available today:
Check out our picks for the 10 best money market accounts available today >>
Additionally, the table below contains some of the best savings and money market account rates currently available from our verified partners.
Money market accounts have some of the highest interest rates we’ve seen in more than a decade, thanks to recent rate hikes by the Federal Reserve. Still, the national average interest rate for the money markets is quite low (0.64%, according to the FDIC) compared to the best available offers.
The Fed is also expected to cut its target interest rate again later this year, meaning this may be the last chance for savers to take advantage of today’s high interest rates. Make sure you shop around and choose an account with a competitive rate.
Choosing the right money market account is an important decision. In addition to the interest rate alone, there are more factors to take into account.
For example, it is common for money market accounts to charge monthly maintenance fees, which can negatively impact your interest income. Some accounts offer ways to get monthly fees waived, such as setting up direct deposit or maintaining a minimum balance. However, there are also some free accounts to consider.
Additionally, some MMAs require a minimum balance to earn the highest advertised interest rate. Make sure you choose a money market account with a minimum balance that can reasonably be maintained. Otherwise you may be charged fees and/or miss out on interest.
Finally, you may want to prioritize MMAs with ATMs so you can withdraw money more easily. This is a useful feature if you want to access your money without having to transfer it to another account first.
