Money Market Interest Rates Today: July 30, 2025 - Rates At 4.5%
The highest money market account rate available today is 4.50%
Changes from the Fed or your bank can quickly change money market rates
Online banks typically offer the most competitive yields on the market
The current average money market rate is 0.52%, while the highest rate is up to 4.5%, according to Curinos.
Here are today's money market account rates:
A money market account (MMA) is a type of interest-bearing deposit account offered by banks and credit unions that works like other savings accounts: You deposit money into the account and earn interest on your balance. You can withdraw funds whenever you need to, but you may be restricted to six transactions per statement period.
Money market accounts typically pay higher interest rates than other deposit accounts, including traditional savings accounts. And unlike typical savings accounts, they often offer debit cards, check-writing capabilities or both, providing convenient access to cash. Money market accounts often have higher deposit and balance requirements than many bank accounts.
MMAs at banks are insured by the Federal Deposit Insurance Corp. (FDIC), while MMAs at credit unions are insured by the National Credit Union Administration (NCUA). In both cases, depositors are covered for up to $250,000 per account type, protecting your money in the event of bank failure.
Before opening a money market account , look into at least a few options with different banks or credit unions. Compare minimum balance requirements, monthly fees, withdrawal limits and annual percentage yields (APYs) to choose the best fit. Also, check out the conditions to earn the highest interest rates.
You can typically apply for a money market account online or in person. You will need to provide personal information such as your name, employment status and income, address and Social Security number, and show a government-issued ID. Once you're approved, you can make your initial deposit.
Money market accounts work like savings accounts in some ways and like checking accounts in others.
Both MMAs and savings accounts: Let you deposit funds as you please
Earn interest on your savings
Are highly liquid
Are safe deposit accounts
May have withdrawal restrictions, balance requirements and monthly fees
Similar to checking accounts and unlike most savings, money market accounts: Can come with debit cards, checks or both
Tend to have higher fees
Tend to have deposit and balance requirements Frequently Asked Questions (FAQs)
Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution.
Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors.
You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 minutes ago
- Yahoo
Fans and city leaders hope WNBA approves sale to move the Sun to Boston
Big news broke Saturday when reports said the minority owner of the Celtics reached a deal to buy the Connecticut Sun and move them to Boston. The group led by Steve Pagliuca bid a record $325 million for the WNBA franchise, with plans to move them to Massachusetts. Massachusetts Gov. Maura Healey wants this deal to be approved. 'Boston is the perfect place for a WNBA team. We are the hub of New England and the birthplace of basketball. We have an incredible sports culture and strong enthusiasm for women's sports, as evidenced by the Sun selling out TD Garden two years in a row. This would be a great opportunity for our state, for the League and for the players.' Governor Maura Healey Boston 25 spoke with fans outside of TD Garden Saturday night and they were excited at the thought of a women's basketball team coming to the city. 'I think it's crazy I think Boston should have been one of the first cities to get one,' Joseph Willingham said. 'It's insane.' Basketball fans have been waiting years for this and are pumped to hear it could finally be happening soon. 'Any women's team coming to the city is really exciting I definitely support them,' Allen Martin said. Boston City Councilor Brian Worrell is pushing for people to call on the WNBA to add a team to Boston. He's hoping and expecting this deal to go through. 'We heard from many, many fans here in Boston that want the 'W' here in the city,' Worrell said. 'We have the best fan base in the country so I wouldn't see why the WNBA would not approve this.' The sale is pending approval of the league and its Board of Governors. The franchise wouldn't play in Boston until the 2027 season at the earliest. 'I hope the league hears us loud and clear; we have a record deal,' Worrell said. 'Let's get this deal done, and hopefully the sun will rise in Boston.' This is a developing story. Check back for updates as more information becomes available. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
Yahoo
7 minutes ago
- Yahoo
OPEC+ slated to increase oil output in bid to regain market share
Saudi Arabia, Russia and six other key members of the OPEC+ alliance are expected to further hike oil production in a meeting Sunday, a move analysts say is aimed at regaining market share amid resilient crude prices. The anticipated output increase by the group of eight oil-producing countries known as the "Voluntary Eight" (V8), would be the latest in a series of hikes that began in April. In a bid to boost prices, the wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies -- in recent years had agreed to three different tranches of output cuts that amounted to almost 6 million barrels per day (bpd) in total. Analysts expect the V8 group -- namely Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- to agree on another output increase of 548,000 bpd for September, a target similar to the one approved in August. According to UBS analyst Giovanni Staunovo, the likely "quota increase is largely priced in" already, with the price of Brent, the global benchmark for oil, expected to remain near its current level of around $70 per barrel after Sunday's decision. Since April, the V8 group has placed increased focus on regaining market share over price stability, a policy shift after years of enforcing production cuts to prop up prices. - Likely pause in output hikes - But it remains unclear which strategy the group intends to pursue after Sunday's meeting. According to Warren Patterson, an analyst at ING, the V8 nations will likely "take a pause in supply hikes after September". Crude prices have held up better than most analysts had predicted since the production increases began. Experts say that is mainly due to traditionally high summer demand and significant geopolitical risk premiums being built into prices, particularly since the 12-day Iran-Israel war. Moreover, the actual increase in production between March and June was less than the increase in quotas during the same period, said Staunovo, quoting OPEC sources. However, the market is "set to move into large surplus" of oil supply from October, Patterson noted, warning that OPEC+ should remain careful not to be "adding to this surplus". "OPEC+ is doing the balancing act of regaining market share and not sending oil prices plummeting", which would lead to a drop it profits, Tamas Varga, an analyst at PVM, told AFP. Saudi Arabia, the group's most influential member, relies heavily on oil revenues to finance its ambitious plan aimed at diversifying the economy. The unwinding of another set of production cuts of around 3.7 million bpd is to be discussed at the next OPEC+ ministerial meeting in November. - Unstable environment - With demand being unstable in the face of US President Donald Trump's erratic policymaking on trade and supply under threat by geopolitical risks, experts say it is difficult to predict what is next for the oil market. In the latest twist in late July, Trump gave Moscow ten days to end the war in Ukraine, saying that his country would otherwise impose sanctions on Russia. "We're gonna put on tariffs and stuff," he vowed. Trump had previously hinted to an indirect 100-percent surcharge on countries that continue to buy Russian products, particularly hydrocarbons, in order to dry up Moscow's revenues. He has specifically targeted India, the second largest importer of Russian oil at around 1.6 million bpd since the beginning of the year. The developments could prompt OPEC+ to make further policy decisions. However, "OPEC+ will react only to real supply disruptions" and not to price increases linked to risk premiums, said Staunovo. pml-kym/rl/tc
Yahoo
14 minutes ago
- Yahoo
US workers say Trump's immigration crackdown is causing labor shortages: ‘A strain on everybody'
Donald Trump's crackdown on immigration is piling pressure on US factories, according to employees and union leaders, as veteran workers from overseas are forced to leave their jobs. As economists warn the administration's full-scale deportation ambitions could ultimately cost millions of jobs, workers at two sites – in Michigan and Kentucky – told the Guardian that industrial giants are grappling with labor shortages. The US president has moved to strip more than a million immigrants of their legal status in the US, including by shutting down the Cubans, Haitians, Nicaraguans, Venezuelans (CHNV) Parole Program, which allowed hundreds of thousands to work legally in the country. It has meanwhile ramped up immigration arrest operations with prospective daily quotas of 3,000 arrests per day. Such moves have piled pressure on industries across the US economy – including the food, hospitality, construction, transportation and care sectors – which rely on large numbers of migrants to do essential work. At a GE Appliances plant in Louisville, Kentucky, more than 125 workers were abruptly forced out of their jobs in the spring due to programs cancelled as part of Trump's immigration crackdown, according to an employee. GE Appliances makes home appliances including refrigerators, microwaves and dishwashers. 'In three different buildings, on a couple of different shifts, stewards reported that they lost production so they weren't able to make all the products they were supposed to make,' said Jess Reese, a replacement operator at the plant and organizer for IUE-CWA Local 83761. 'It was hard to cover certain job tasks on the assembly line, and so that created chaos, and it was just hard to get things done.' Reese expressed concern about the threat of more workers being forced out. Trump's efforts to revoke protected status could impact an additional 200 union members next February, she said. 'Hundreds of workers kind of disappearing at the drop of a hat is no joke, as we've seen with the last wave of mass terminations.' A spokesperson for GE Appliances said: 'We added additional staffing where needed and continue to follow the law.' At a Kraft-Heinz plant in Holland, Michigan, meanwhile, workers are said to have been mandated to work overtime. The firm is one of the largest food and beverage companies in the world, behind brands including Philadelphia cream cheese and Jell-O deserts. 'We had people there for 20 years, and all of a sudden they get notification their immigration authorization is revoked,' Tomas Torres, a maintenance mechanic of 13 years, and president of RWDSU Local 705. 'And they can't be there anymore, and that just puts a strain on everybody,. 'The lack of people on the lines. There are employees running two machines; it should be one person per machine. Manager and supervisors are all stressed out, and cancelling vacations for people because they don't have enough to run the machines.' Related: Undocumented builders face unchecked exploitation amid Trump raids: 'It's more work, less pay' Torres has been working 12- to 14-hour days, he said: part of a first shift, all of a second shift, and part of a third shift. 'I'm tired. And you catch people falling asleep on the line, and it's a big safety issue,' he added. 'All of this that has happened has affected everybody at the plant. It's crazy, because I hear people complain every single day.' Kraft Heinz refuted the plant is experiencing labor shortages due to immigration policy changes, but did not say how many workers were lost at the plant due to the changes. 'Kraft Heinz has strict work authorization verification processes that comply with all applicable laws and regulations,' said the firm in a statement. 'Overtime is driven by the needs of the business, and we are currently in one of our busiest seasons of the year.' As Trump's officials press ahead, economists have warned that deporting millions of immigrants from the US could have drastic consequences. The Economic Policy Institute estimated this month that 4 million deportations would result in the loss of 3.3 million jobs held by immigrants in the US and 2.6 million US-born employees, hitting industries including construction and childcare. The American Enterprise Institute, a conservative thinktank, meanwhile found that Trump's immigration policies would likely lead to a negative net migration into the US for the first time in decades and result in a decrease in US gross domestic product of between 0.3% and 0.4%, or $70.5bn to $94bn in economic output, annually. *** 'One day they are there,' said Maria Jose Padmore, a human services assistant for Fairfax County in Virginia. 'And the next day, I'm looking for my coworker, and he's gone because their Temporary Protected Status expired. 'Forget about the fact that I now have to share my coworkers' job. Let's think about my coworkers' family: how are they going to put food on their table?' Padmore was speaking at a panel on how Trump's immigration polices are affecting workers, organized by the AFL-CIO in Washington DC this month. Gwen Mills, President of Unite Here, the largest hospitality union in the US, said they were 'wreaking havoc across the families of our coworkers and in our communities'. 'Oftentimes within the labor movement, we find ourselves divided by industries,' said Jimmy Williams, president of the International Union of Painters and Allied Trades, which represents construction workers. 'When it comes to immigration, it's gotta be the one single thing that puts a thread between a hotel worker, a construction worker, a service worker, a public employee, a teacher. This is something that affects every single working person in this country.' The Trump administration alleges that CHNV and other temporary protected status programs were abused, a claim challenged by groups such as Refugees International. 'There is no shortage of American minds and hands to grow our labor force, and President Trump's agenda to create jobs for American workers represents this Administration's commitment to capitalizing on that untapped potential while delivering on our mandate to enforce our immigration laws,' said Abigail Jackson, White House spokesperson. But its policies are already causing apprehension on the factory floor. 'This has a real impact on immigrant workers, obviously, but it also has a real impact on non immigrant workers,' Reese, at the GE Appliances plant in Louisville, said. 'It's really important that we stick together, because we all want the same things. 'We want safe workplaces. We want good wages. We all want to go home to our family in one piece. We want to live in a safe place. We want to be free. These are things we all share, and we're only going to get that stuff if we stick together.' Solve the daily Crossword
