Find out which banks are offering the best MMA rates right now. As interest rates begin to fall following the Fed’s recent rate cuts, it’s more important than ever to make sure you’re getting a competitive rate on your savings. One option you may want to consider is a money market account (MMA). These accounts are similar to savings accounts—they offer interest on your balance, but they may also include a debit card and/or check-writing capabilities.

Wondering where to find the best rates on money market accounts today? Here’s what you need to know.

From a historical perspective, interest rates on money market accounts have been quite high. The national average interest rate for money market accounts is just 0.56%, according to the FDIC, but top rate money market accounts often pay upwards of 4% APY or even more, similar to rates offered at high yield savings accounts.

Here’s a look at some of the best MMA fare available today:

In addition, the table below includes some of the best savings account and money market rates available today from our verified members.

Between July 2023 and September 2024, the Fed maintained a target range for its federal funds rate of 5.25% to 5.50%. However, as inflation cooled and the economy improved, the Fed cut the federal funds rate three times this year.

In 2025, the Fed made three additional rate cuts. As a result, the federal funds rate now stands at 3.50%-3.75%. Deposit account rates have been on a steady decline, meaning now could be the last chance for savers to take advantage of today’s higher rates.

Read more: Can you lose money in a money market account?

Given that money market account rates are still high, these accounts are an attractive option for savers. Still, deciding whether it’s the right time to put money into a money market account also depends on your financial goals and broader economic conditions. Here are some key factors to consider:

• Liquidity needs: Money market accounts offer easy access to your money, as they often include check writing capabilities or debit card access (although there may be a limit on monthly withdrawals). If you need to keep your money accessible while still earning a decent return, a money market account could be ideal.

• Savings goals: If you have short-term savings goals or want to build an emergency fund, a money market account can provide a safer place for your cash, with better returns than most traditional savings accounts.

• Risk Tolerance: For conservative savers who prefer to avoid the ups and downs of the stock market, money market accounts are attractive because they are backed by FDIC insurance and cannot lose principal. However, if you’re saving for a long-term goal like retirement, riskier investments are needed to generate higher returns that will get you to your savings goal.

With interest rates still high, now might be a good time to consider a money market account, especially if you’re looking for a balance of safety, liquidity and better returns than traditional savings accounts. Comparing fees from different institutions will help you find the best options available.

Current rates on money market accounts vary quite a bit between different financial institutions. While the national average rate for an MMA is currently 0.56%, there are some banks that offer well over 4% APY. You generally won’t find money market rates above 4.5%.

Unfortunately, there are very few of them accounts that offer 7% interest. Those that do exist are limited-time promotions and are usually found on checking accounts. There are currently no money market accounts that pay 7%.