Maximize Your Savings: Top Money Market Account Rates
The Federal Reserve’s recent rate cuts have sent deposit rates tumbling, making it crucial to shop around for the best money market account (MMA) rates. With the national average MMA rate hovering at 0.66%, according to the FDIC, you could be leaving money on the table if you’re not earning the highest possible interest.
High-Yield Money Market Accounts: A Better Option
Some top accounts are currently offering upwards of 5% APY, significantly outpacing the national average. Since these rates may not last, consider opening a high-yield MMA now to take advantage of today’s rates.
Top Money Market Account Rates
Here are some of the best MMA rates available today:
- Quontic Bank Money Market Account: 4.75% APY
- Brilliant Bank Surge Money Market Account: up to 4.70% APY
- TotalBank Online Money Market Deposit Account: 4.67% APY (on balances of $2,500 and up)
- First Foundation Bank Online Money Market Account: 4.50% APY
- VIO Cornerstone Money Market Savings Account: 4.46% APY
- Zynlo Money Market Account: 4.40% APY
- Prime Alliance Bank Personal Money Market Account: 4.15% APY
Understanding APY: The Key to Maximizing Your Earnings
The annual percentage yield (APY) determines how much interest you can earn from a money market account. APY takes into account the base interest rate and compounding frequency, which is typically daily for MMAs. To illustrate, a $1,000 deposit in an MMA with a 0.66% APY would grow to $1,006.62 after one year, earning just $6.62 in interest. In contrast, a high-yield MMA with 5% APY would yield $51.27 in interest over the same period, bringing the total balance to $1,051.27.
The Power of Compound Interest
The more you deposit in a money market account, the more you stand to earn. For example, a $10,000 deposit in a 5% APY MMA would earn $512.67 in interest over one year, bringing the total balance to $10,512.67.
Explore Your Options
If you’re searching for today’s best savings interest rates, CD rates, or money market account rates, we’ve got you covered. Learn more about the top offers available today and start maximizing your savings.
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