Money market account rates today, December 16, 2024 (earn up to 5.00% APY)

A money market account (MMA) can be an attractive option for savers who want a safe place to store their funds. MMAs often come with higher interest rates than regular savings accounts, allowing your money to grow more quickly. Plus, they typically include features like check-writing privileges and debit cards, which make it easy to withdraw money as needed.

Not sure where to find the best money market account rates today? Read on to find out which banks have the best offers.

Best money market account rates today

In general, money market accounts offer better interest rates than
traditional savings accounts
. Still, rates vary widely across financial institutions. That’s why it’s important to shop around and compare rates before opening an account.

In fact, some of the top accounts are currently offering upwards of 5% APY. Since these rates may not be around much longer, consider opening a money market account now to take advantage of today’s high rates.

Here’s a look at some of the top MMA rates available today:

See our picks for the 10 best money market accounts available today>>

Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.

National average money market account rates

Money market accounts have some of the highest interest rates we’ve seen in more than a decade thanks to recent
interest rate hikes by the Federal Reserve
. Even so, the national average interest rate for money markets is fairly low (0.60%, according to the FDIC) compared to the top offers available.

The Fed is also expected to lower its target rate again later this year, which means now might be the last chance for savers to take advantage of today’s high rates. Be sure to shop around and choose an account with a competitive rate.

Choosing the best money market account for you

Choosing the right money market account is an important decision. There are several factors to consider besides the interest rate alone.

For instance, it’s common for money market accounts to charge
monthly maintenance fees
, which can eat into your interest earnings. Some accounts provide ways to get the monthly fee waived, such as by setting up direct deposit or maintaining a minimum balance. However, there are also some fee-free accounts to consider.

Additionally, some
MMAs require a minimum balance
to earn the highest advertised interest rate. Be sure you choose a money market account with a minimum balance that’s reasonable to maintain — otherwise, you could incur fees and/or lose out on interest.

Finally, you may want to prioritize MMAs that come with ATM access for easier withdrawals. This is a convenient feature if you want to access your funds without needing to transfer them to another account first.