Money Market Account Rates Today, January 12, 2025 (Best account offers 4.85% API)

The Federal Reserve has cut its target rate three times by 2024, so deposit rates – including money market account (MMA) rates – have started to decline. It’s more important than ever to compare MMA rates and make sure you get the most bang for your buck.

According to the FDIC, the national average money market account rate is 0.66%.

However, some top accounts are currently offering over 5% APY. These rates may not be much higher, so consider opening a money market account to take advantage of today’s higher rates.

Check out some of the top MMA rates available today:

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

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

The amount of interest you can earn from a money market account is based on the annual percentage rate (APY). This is a measure of your total income after one year, taking into account the interest rate and how often the interest compounds (a money market account typically compounds interest daily).

Say you put $1,000 in an MMA at an average interest rate of 0.66% with daily compounding. At the end of one year, your balance will grow to $1,006.62 – your original $1,000 deposit plus just $6.62 in interest.

Now let’s say instead you choose a high-yield money market account that offers 5% API. In this case, your balance would increase to $1,051.27 over the same period, which would add $51.27 in interest.

The more you put into a money market account, the more you stand to earn. If we take our money market account with 5% API but deposit $10,000, your total balance after one year will be $10,512.67, which means you will earn $512.67 in interest. .