Money market account rates today, January 5, 2025 (best account provides 5.00% APY)

The Federal Reserve has cut its target rate three times in 2024. So deposit rates, including money market account (MMA) rates, have started to decline.

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

However, some leading accounts currently offer more than 5% APY.Since these rates may not be available much longer, consider opening a money market account now to take advantage of today’s high interest rates.

Here are some of the best MMA prices available today:

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

Additionally, the table below lists the best savings and money market account rates available today from our approved partners.

The amount of interest you can earn from a money market account depends on it the annual interest rate (APY): This is the amount of your total earnings after one year, taking into account the base rate and the interest frequency (money market account interest is usually compounded daily).

Say you put $1,000 into MMA at an average interest rate of 0.66%, compounded daily.At the end of a year, your balance will grow to $1,006.62, your initial $1,000 deposit, plus just $6.62 in interest.

Now let’s say you chose a high-yield money market account that offers a 5% APY, in which case your balance would grow to $1,051.27 over the same period, which includes $51.27 in interest.

If we take our same money market example with 5% APY but deposit $10,000, your total balance after one year will be $10,512.67. which means you will earn $512.67 in interest