Money Market Account Rate for February 8, 2025 (Best Accounts offer 4.75% APY)

The Federal Reserve recently began cutting fees for federal funds. As a result, deposit charges, including money market account charges, began to decline. It’s more important than ever to compare MMA rates and make sure you make as much money as possible with the balance.

National Average Money Market Account Fees According to FDIC, it is 0.64%. This may not seem that much, but think it was only 0.07% three years ago. Therefore, historical standards still make money market account rates very high.

Still, some of the top accounts currently offer APYs of 4% or more. These fees may not be that long, so consider opening a Money Market account now to take advantage of today’s high prices.

This looks at some of the top MMA rates available today.

Check out our recommendations for the 10 Best Money Market Accounts Available Today >>

Additionally, the table below contains some of the highest savings and money market account rates currently available from verified partners.

The amount of interest you can earn from a money market account is Annual rate (apy). This is a measure of total income after one year taking into account the base interest rate and interest compounds (usually, interest in monetary market accounts will combine the compounds every day).

Suppose you put $10,000 in your MMA at an average interest rate of 0.64% on daily compound interest. At the end of the year, the balance will be $10,064.20. In addition to the initial $10,000 deposit, it will also receive $64.20 interest.

Now let’s say you chose a high-yie money market account that offers a 4% APY instead. In this case, the balance will increase to $10,408.08 over the same period, including $408.08 in interest.

Money market accounts may have more restrictions than traditional savings accounts. For example, money market accounts often require a higher minimum balance to earn the highest interest rates and avoid fees. Certain MMAs may limit the number of withdrawals per month (usually 6).

Generally, no bank offers a 7% interest rate on money market accounts or other types of deposit accounts. That said, you may be able to find a local bank or credit union that operates limited time promotional rates on a particular account. However, promotional rates at this level often apply to a limited balance.

read more: Do you have a 7% interest savings account already?