Maximize Your Savings: Top Money Market Account Rates
The Federal Reserve’s recent interest rate cuts have sent deposit rates, including money market account rates, into a downward spiral. With the national average money market account rate hovering at 0.66%, it’s crucial to shop around and find the best deals. But don’t worry, some top accounts are still offering over 4% APY.
A Brief History of Interest Rates
Just three years ago, the national average money market account rate was a paltry 0.07%. However, the Fed’s aggressive rate hikes in 2022 to combat inflation led to a sharp rise in deposit rates. Although the Fed has since cut its benchmark rate three times, some money market accounts are still offering impressive yields.
Top Money Market Account Rates
Don’t miss out on these exceptional offers:
- 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)
- 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
How APY Impacts Your Savings
The annual percentage yield (APY) determines how much interest you can earn from a money market account. With daily compounding, even small differences in APY can add up over time. For instance, a $1,000 deposit in an MMA with a 0.66% APY would earn just $6.62 in interest after one year. In contrast, a high-yield MMA with 5% APY would earn $51.27 in interest over the same period.
The Power of Compound Interest
The more you deposit, the more you stand to earn. With a 5% APY MMA, a $10,000 deposit would earn $512.67 in interest after one year, bringing the total balance to $10,512.67.
Explore Top Savings and Money Market Account Rates
Compare the best savings and money market account rates from our verified partners in the table below. Don’t settle for mediocre interest rates – find the perfect account for your needs today.
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