The federal reserve lowered its target rate three times in 2024. Thus, deposit rates – including monetary market rates (MMA) – have started to drop. It is more important than ever to compare MMA prices and make sure you earn as much money as possible on your pay.
The national average rate of monetary market accounts is 0.64 %, according to the FDIC.
Despite this, some of the best accounts currently offer rates of 4 % APY and more. Since these rates may not last very long, plan to open an account on the money market now to take advantage of the high rates of today.
Here is an overview of some of the best MMA rates available today:
Consult our selection of the 10 best accounts on the monetary market available today >>
In addition, the table below has some of the best savings and monetary market rates available today from our verified partners.
The amount of interest that you can gain in a monetary market account depends on the overall effective annual rate (APY). This is a measure of your total income after a year taking into account the basic interest rate and the frequency which interest is made up (the interests of the accounts of the monetary market are generally made up daily).
Suppose you invest $ 1,000 in an MMA at the average interest rate of 0.64 % with daily capitalization. After a year, your balance would reach $ 1,006.42 – your initial deposit of $ 1,000, no more than $ 6.42 in interest.
Suppose now that you rather choose a high -performance monetary market account that offers a 4 %APY. In this case, your balance would drop to $ 1,040.81 during the same period, which includes $ 40.81 in interest.
The more you deposit on a monetary market account, the more likely you are to win. If we take our same example of a 4 % APY monetary market account, but you deposit $ 10,000, your total balance after a year would be $ 10,408.08, which means that you would earn $ 408.08 interests.
