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 shop around for the best money market account rates. Despite the national average standing at a mere 0.64%, some top accounts are still offering over 4% APY.
A Sharp Rise in a Short Period
Just three years ago, the national average money market account rate was a paltry 0.07%. The significant increase is largely attributed to the Fed’s monetary policy decisions, which saw 11 rate hikes between March 2022 and 2024 to combat soaring inflation. However, the recent rate cuts have caused deposit account rates to start dropping.
Take Advantage of Today’s High Rates
With rates potentially dropping further, now is the perfect time to open a money market account and capitalize on today’s high rates. Here are some of the top MMA rates available:
- 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
Understanding APY
The annual percentage rate (APY) determines how much interest you can earn from a money market account. It takes into account the base interest rate and compounding frequency, which is typically daily. For instance, a $1,000 deposit in an MMA with a 0.64% APY would grow to $1,006.42 after one year, earning just $6.42 in interest. In contrast, a high-yield MMA with 4% APY would yield $40.81 in interest, bringing the total balance to $1,040.81.
The Power of Compound Interest
The more you deposit, the more you stand to earn. A $10,000 deposit in a 4% APY MMA would earn $408.08 in interest, bringing the total balance to $10,408.08 after one year.
Find the Best Money Market Account for You
Don’t settle for mediocre rates. Explore our curated list of top money market accounts and start maximizing your savings today.
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