Latest news with #interest rates
Forbes
6 hours ago
- Business
- Forbes
Money Market Interest Rates Today: July 30, 2025 - Rates At 4.5%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. 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.
Yahoo
a day ago
- Business
- Yahoo
Best money market account rates today, July 29, 2025 (Earn up to 4.41% APY)
Find out which banks are offering the top rates. Money market accounts (MMAs) can be a great place to store your cash if you're looking for a relatively high interest rate along with liquidity and flexibility. Unlike traditional savings accounts, MMAs typically offer better returns, and they may also provide check-writing privileges and debit card access. This makes these accounts ideal for holding long-term savings that you want to grow over time, but can still access when needed for certain purchases or bills. Where are the best money market interest rates today? The national average interest rate for money market accounts is just 0.62%, according to the FDIC. However, the best money market account rates often pay above 4% APY — similar to the rates offered on high-yield savings accounts. Here is a look at today's highest money market account rates: Interested in earning the best possible interest rate on your savings balance? Here is a look at some of the best savings and money market account rates available today from our verified partners. Historical money market account rates Money market account rates have fluctuated significantly in recent years, largely due to changes in the Federal Reserve's target interest rate, known as the federal funds rate. In the wake of the 2008 financial crisis, for example, interest rates were kept extremely low to stimulate the economy. The Fed slashed the federal funds rate to near zero, which led to very low MMA rates. During this time, money market account rates were typically around 0.10% to 0.50%, with many accounts offering rates on the lower end of that range. Eventually, the Fed began raising interest rates gradually as the economy improved. This led to higher yields on savings products, including MMAs. However, in 2020, the COVID-19 pandemic led to a brief but sharp recession, and the Fed once again cut its benchmark rate to near zero to combat the economic fallout. This resulted in a sharp decline in MMA rates. But starting in 2022, the Fed embarked on a series of aggressive interest rate hikes to combat inflation. This led to historically high deposit rates across the board. By late 2023, money market account rates had risen substantially, with many accounts offering 4.00% or higher. Throughout 2024, MMA interest rates remained elevated, and it was possible to find accounts that paid well above 5% APY. Today, rates remain high by historical standards, though they've begun a downward trajectory following the Fed's most recent rate cuts later in late 2024. Today, online banks and credit unions tend to offer the highest rates. What to consider when choosing a money market account When comparing money market accounts, it's important to look beyond just the interest rate. Other factors, such as minimum balance requirements, fees, and withdrawal limits, can impact the total value you get from the account. For example, it's common for money market accounts to require a large minimum balance in order to earn the highest advertised rate — as much as $5,000 or more in some cases. Other accounts may charge monthly maintenance fees that can eat into your interest earnings. However, there are several MMAs available that offer competitive rates without any balance requirements, fees, or other restrictions. That's why it's important to shop around and compare accounts before making a decision. Additionally, ensure that the account you choose is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which guarantees deposits up to $250,000 per institution, per depositor. Most money market accounts are federally insured, but it's important to double-check in the rare case the financial institution fails. Read more: Are money market accounts safe? Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Money market account rates: Frequently asked questions What are money market rates right now? Today, money market account rates are still quite high by historical standards. The best accounts provide over 4% APY, with the highest rate available today at 4.51% APY. How much will $10,000 make in a money market account? The amount $10,000 will earn in a money market account depends on the annual percentage yield (APY) offered by the account, as well as how long you keep your money in the account. Let's say you choose to deposit $10,000 in a money market account that earns 4% APY with monthly compounding interest. After one year, you would earn $407.44 in interest, for a total balance of $10,407.44. What is the downside of a money market account? Money market accounts are generally safe and flexible savings options, but like any other financial product, they come with some downsides, too. For instance, some MMAs require a high minimum balance to open the account or to earn the advertised APY. Failing to maintain that minimum balance can result in penalties or reduced interest rates. Additionally, money market rates are variable, which means they can change at any time at the bank's discretions. If interest rates drop, so will your account APY, which can make future earnings unpredictable compared to fixed-rate products like CDs.
Zawya
a day ago
- Business
- Zawya
Deutsche Bank pulls ECB rate cut forecast for 2025, eyes hike as next move
Deutsche Bank on Tuesday became the latest brokerage to withdraw its forecast for further interest rate cuts by the European Central Bank, while betting the next policy move to be a hike at the end of 2026 following a tariff deal between the U.S. and EU. Last week, Goldman Sachs and BNP Paribas scrapped their forecasts for rate cuts this year. HSBC reiterated that the central bank is done cutting rates. BNP expects the ECB to deliver a rate hike in the fourth quarter of 2026. The European Union and the U.S. sealed a trade deal on Sunday, imposing a 15% tariff on most EU goods — half the threatened rate and averting a major transatlantic trade war. "With a deal having now been reached, trade policy is less of a reason for the ECB to cut policy rates further," analysts at Deutsche Bank said in a note. "Further easing is now a risk scenario." The ECB held rates steady at 2% last week and offered a modestly upbeat assessment of the euro zone economy, raising doubts among investors about further policy easing. The central bank has cut its policy rate eight times since June 2024. Other major brokers, including Morgan Stanley and UBS, have also flagged uncertainty around a September rate cut. Traders expect the ECB to cut rates twice more to around 1.85% by December. They then price a small chance of a rate hike by September 2026, according to data compiled by LSEG.
Forbes
a day ago
- Business
- Forbes
Today's Top Money Market Account Rates For July 29, 2025 - Rates Hit 4.5%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. 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 As of today, the highest money market rate is 4.5%, compared to a national average rate of 0.52%, 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 , check out different options at various banks or credit unions. In addition to shopping around for the highest rates, you'll want to compare minimum balance and deposit requirements, monthly fees and withdrawal limits. Look for an account that offers competitive rates you can easily qualify for. You can typically submit an application for a money market account online or in person at a branch. The application will ask you to provide basic information, including your name, address, Social Security number, employment status and income. You will probably need to present a government-issued ID as well. After being approved, you can make your first 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.
Bloomberg
a day ago
- Business
- Bloomberg
Bank of America Sees South African Inflation Target by End of 2027
South Africa's move to a lower 3% inflation target may be phased in by the end of 2027, potentially resulting in official interest rates moderating to below 6%, Bank of America said. 'We think moving to 3% is almost certain,' Tatonga Rusike and Mikhail Liluashvili, respectively an economist and strategist at the bank, said in a note. 'The phase-in period could be two years — announced by end-2025, and the target reached by end-2027.'
