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Maximize Your Savings with High-Yield Money Market Accounts

The Federal Reserve’s recent rate cuts have sent deposit rates tumbling, making it crucial to shop around for the best money market account rates. Despite the national average rate of 0.60%, top high-yield money market accounts offer upwards of 5% APY, more than seven times the national average.

Top Money Market Account Rates

Several online banks and credit unions offer highly competitive rates. Here are some of the top MMA rates available today:

• Zynlo Money Market Account: 5.00% APY
• TotalBank Online Money Market Deposit Account: 4.86% APY (on balances of $2,500 and up)
• Brilliant Bank Surge Money Market Account: up to 4.85%
• Quontic Bank Money Market Account: 4.75% APY
• First Foundation Bank Online Money Market Account: 4.75% APY
• VIO Cornerstone Money Market Savings Account: 4.66% APY
• Prime Alliance Bank Personal Money Market Account: 4.50% APY
• UFB Direct Portfolio Money Market Account: 4.01% APY

Why Online Banks Stand Out

Online banks operate exclusively online, significantly reducing their overhead costs. This allows them to pass the savings onto customers in the form of high deposit rates and low fees. If you’re searching for the best money market account rates, online banks are a great place to start.

Credit Unions: A Competitive Alternative

Credit unions are not-for-profit financial cooperatives that provide competitive rates and fewer fees. Many credit unions have certain requirements to become a member, but some allow anyone to join.

Money Market Accounts: A Great Option for Short-Term Savings

Money market accounts are ideal for short-term savings goals, such as building an emergency fund or setting aside money for an upcoming expense. They offer higher interest rates than regular savings accounts, easier access to your money, and are FDIC-insured up to $250,000 per depositor, per institution.

When to Consider a Money Market Account

A money market account makes sense when:

• You want to earn more interest than a regular savings account without locking up your money in a CD.
• You can maintain the minimum balance to avoid fees.
• You want to keep funds easily accessible for emergencies or near-term expenses.

Explore Your Options

If you’re searching for today’s best savings interest rates, money market account rates, or CD rates, we’ve narrowed down some of the top offers. Learn more about your options today.