Best money market account rates for today, January 6, 2026 (Earn as much as 4.1% APY)

Understanding Money Market Accounts

Money market accounts (MMAs) are a smart option for those seeking both competitive interest rates and easy access to their funds. Compared to standard savings accounts, MMAs often provide higher returns and may include perks such as check-writing abilities and debit card usage. These features make MMAs a strong choice for storing savings you want to grow, while still being able to access your money when necessary for expenses or purchases.

Top Money Market Account Rates Available Now

Curious about which banks are currently offering the most attractive MMA rates? The national average for money market account interest sits at just 0.39% according to the FDIC. However, some institutions are providing rates above 4% APY, which is on par with many high-yield savings accounts.

Below is an overview of the leading money market account rates you can find today.

If maximizing your savings interest is your goal, explore these top savings and money market account rates from reputable financial partners.

How Money Market Account Rates Have Changed Over Time

Interest rates for MMAs have varied widely in recent years, largely influenced by adjustments to the Federal Reserve’s target rate, known as the federal funds rate.

Following the 2008 financial crisis, the Fed reduced rates to near zero to help stimulate the economy, resulting in MMA rates that hovered between 0.10% and 0.50%. As the economy recovered, rates gradually increased, leading to better yields for savers. However, the onset of the COVID-19 pandemic in 2020 triggered another sharp rate cut, causing MMA rates to drop once again.

In 2022, the Federal Reserve began raising rates aggressively to address inflation, which pushed deposit rates, including those for MMAs, to historic highs. By the end of 2023, many money market accounts were offering 4% APY or more.

Throughout 2024, interest rates on MMAs remained elevated, with some accounts exceeding 5% APY. Although rates have started to decline following several Fed rate cuts in late 2024 and into 2025, they are still high compared to historical averages. Online banks and credit unions are currently among the best places to find top rates.

Key Factors to Evaluate When Selecting a Money Market Account

When choosing a money market account, it’s important to consider more than just the interest rate. Factors such as minimum balance requirements, fees, and withdrawal restrictions can all affect the overall value of the account.

• Many MMAs require a substantial minimum balance—sometimes $5,000 or more—to qualify for the highest rates.
• Some accounts may charge monthly maintenance fees, which can reduce your interest earnings.
• There are also MMAs available with no minimum balance or fees, so it pays to compare your options.

Additionally, make sure your chosen account is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which protect deposits up to $250,000 per depositor, per institution. While most MMAs are federally insured, it’s wise to confirm this for peace of mind.

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Money Market Account Rates: Common Questions

What are current money market rates?

At present, money market account rates remain elevated compared to previous years. The best accounts are offering APYs above 4%, with the highest currently available rate at 4.1% APY.

How much interest can $10,000 earn in a money market account?

The earnings on $10,000 in a money market account depend on the APY and how long the funds remain deposited. For example, if you deposit $10,000 into an MMA with a 4% APY and interest compounds monthly, you would earn approximately $407.44 in interest after one year, resulting in a total balance of $10,407.44.

What are the drawbacks of money market accounts?

While MMAs are generally safe and flexible, they do have some disadvantages. Some accounts require a high minimum balance to open or to qualify for the best rates, and falling below this threshold can lead to penalties or lower interest. Additionally, MMA rates are variable and can change at the bank’s discretion, making future earnings less predictable compared to fixed-rate products like certificates of deposit (CDs).