Find out which banks offer best MMA rates right now As interest rates continue 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).

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 are some of the highest MMA rates available today:

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

Deposit account rates, including money market rates, are tied to the federal funds rate. This is an interest rate range set by the Federal Reserve and is what banks charge each other for overnight loans. When the Fed raises the federal funds rate, deposit account rates typically rise. Conversely, when the Fed lowers its rate, deposit rates fall.

Between July 2023 and September 2024, the Fed maintained a target range of 5.25% to 5.50%. However, as inflation cooled and the economy improved, the Fed cut the federal funds rate three times. As a result, money market rates began to fall.

Rates are expected to continue to decline after the Fed’s three additional cuts 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.

Today, Quontic Bank and HUSTL offer the highest account rate in the money market. These accounts pay 4.1%, which is more than seven times the national average.

In today’s falling interest rate environment, it’s pretty hard to find a deposit account that pays 5%. Some promotional checking accounts have rates higher than 5% APY, although checking accounts aren’t an ideal place to store long-term cash savings. Instead, you may want to look into market investments, which carry more risk than money market accounts and other types of deposit accounts, but also provide much higher returns, on average.

yes Whenever you open an account with a federally insured bank or credit union, your money market account is protected from market risk. The only way your account can lose money is if you incur fees.