As interest rates begin to fall following the Fed’s recent rate cuts, it’s more important than ever to make sure you’re earning 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 0.66%, according to the FDIC, but higher rate money market accounts often pay upwards of 4% APY or even more, similar to the rates offered at high yield savings accounts.

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

Check out our picks for the 10 best money market accounts available today >>

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

From July 2023, 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 by 50 basis points in September and another 25 basis points in November. In December, the Fed made its last rate cut of the year (25 bps). The federal funds rate now stands at 4.25%-4.50%.

As a result, money market rates have started to fall. Further rate cuts are expected in 2025, 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.