Latest news with #moneyMarket
Forbes
3 days ago
- Business
- Forbes
Today's Top Money Market Account Rates For May 30, 2025 - Rates Hit 4.89%
The current average money market rate is 0.53%, while the highest rate is up to 4.89%, according to Curinos. Here are today's money market account rates: A money market account, or MMA, is an interest-bearing deposit account you can open at a bank or credit union. These are insured up to $250,000 per depositor by the Federal Deposit Insurance Corp. (FDIC) at banks, or the National Credit Union Administration (NCUA) at credit unions. The insurance protects your balance if your bank fails. As with other savings accounts, your money in an MMA will grow as it earns interest, and you can add or withdraw funds at any time. You may also be able to write checks or use a debit card. However, depending on the bank, you could be limited to six transactions per statement period. Money market accounts may offer higher interest rates than typical savings accounts. In exchange, they often require higher minimum deposits and balances. 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 act like a hybrid between savings accounts and a checking account. Both MMAs and savings accounts: Similar to checking accounts and unlike most savings, money market accounts: 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.
Forbes
5 days ago
- Business
- Forbes
Today's Top Money Market Account Rates For May 28, 2025 - Rates Hit 4.89%
Right now, the average money market rate sits at 0.53%, but the best rate today is 4.89%, 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 act like a hybrid between savings accounts and a checking account. Both MMAs and savings accounts: Similar to checking accounts and unlike most savings, money market accounts: 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.
Forbes
23-05-2025
- Business
- Forbes
Money Market Interest Rates Today: May 23, 2025 - Earn Up To 4.89%
Right now, the average money market rate sits at 0.53%, but the best rate today is 4.89%, according to Curinos. Here are today's money market account rates: A money market account, or MMA, is an interest-bearing deposit account you can open at a bank or credit union. These are insured up to $250,000 per depositor by the Federal Deposit Insurance Corp. (FDIC) at banks, or the National Credit Union Administration (NCUA) at credit unions. The insurance protects your balance if your bank fails. As with other savings accounts, your money in an MMA will grow as it earns interest, and you can add or withdraw funds at any time. You may also be able to write checks or use a debit card. However, depending on the bank, you could be limited to six transactions per statement period. Money market accounts may offer higher interest rates than typical savings accounts. In exchange, they often require higher minimum deposits and balances. To open a money market account, start by comparing the best yields on the market, but only include those accounts with minimum requirements you can meet. In addition to rates and minimums, consider account fees, withdrawal limits and other features to find the best fit. When you're ready to open an account, submit an application online or at a bank branch. The application will ask for personal information, including your name, address, Social Security number, employment status and income. You'll also need to provide a government-issued ID. Once your application is approved, you can make your first deposit. Be sure to transfer at least the minimum opening deposit required. Money market accounts act like a hybrid between savings accounts and a checking account. Both MMAs and savings accounts: Similar to checking accounts and unlike most savings, money market accounts: 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
21-05-2025
- Business
- Yahoo
Logan Says Fed Should Strengthen Rate-Control Tools
Federal Reserve Bank of Dallas President Lorie Logan called for the US central bank to consider strengthening the mechanisms by which it keeps money-market interest rates from spiking during times of market stress. "These markets are extraordinarily strong, deep and liquid, as befits their systemic role. But they are not invulnerable," Logan said Monday at the Atlanta Fed's 2025 Financial Markets Conference in Fernandina Beach, Florida. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
19-05-2025
- Business
- Bloomberg
Fed's Logan Calls for Strengthening Rate-Control Tools
Federal Reserve Bank of Dallas President Lorie Logan said the US central bank should consider strengthening the mechanisms by which it keeps money-market interest rates from spiking during times of market stress. Logan, speaking Monday in prepared remarks for the Atlanta Fed's 2025 Financial Markets Conference in Fernandina Beach, Florida, repeated calls she's made previously for encouraging more banks to utilize the discount window and for centrally clearing Standing Repo Facility operations. Logan was set to moderate a panel about the role of non-bank institutions in Treasury and money markets.
