Maximize Your Savings: Top Money Market Account Rates
The Federal Reserve’s recent interest rate cuts have sent deposit rates tumbling, making it crucial to compare money market account rates and secure the best possible returns on your balance. With the national average MMA rate standing at 0.66%, according to the FDIC, it’s essential to act now to take advantage of today’s high rates.
A Sharp Rise in a Short Period
Just three years ago, the national average MMA rate was a mere 0.07%. The significant increase is largely attributed to the Fed’s monetary policy decisions, which began raising its benchmark rate in March 2022 to combat soaring inflation. Although the Fed has since cut its benchmark rate three times, some top accounts are still offering over 4% APY.
Top Money Market Account Rates
Don’t miss out on these exceptional opportunities:
- Brilliant Bank Surge Money Market Account: up to 4.85% APY
- Quontic Bank Money Market Account: 4.75% APY
- TotalBank Online Money Market Deposit Account: 4.67% APY (on balances of $2,500 and up)
- VIO Cornerstone Money Market Savings Account: 4.56% APY
- First Foundation Bank Online Money Market Account: 4.50% APY
- Zynlo Money Market Account: 4.40% APY
- Prime Alliance Bank Personal Money Market Account: 4.15% APY
Understanding APY and Compound Interest
The annual percentage rate (APY) determines the interest you can earn from a money market account. This rate takes into account the base interest rate and how often interest compounds, typically daily. To illustrate, a $1,000 deposit in an MMA with a 0.66% APY would yield $6.62 in interest over one year. In contrast, a high-yield MMA with 5% APY would generate $51.27 in interest over the same period.
The Power of Higher Deposits
The more you deposit in a money market account, the more you stand to earn. For instance, a $10,000 deposit in an MMA with 5% APY would result in $512.67 in interest over one year.
Explore More Savings Options
If you’re searching for today’s best CD rates, savings interest rates, or money market account rates, we’ve got you covered. Learn more about these opportunities and make the most of your savings.
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