Latest news with #savingsAccounts
Yahoo
09-07-2025
- Business
- Yahoo
Best money market account rates today, July 9, 2025 (secure up to 4.41% APY)
Find out which banks are offering the 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 ensure 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 may also include a debit card and/or check-writing capabilities. Wondering where the top money market account rates can be found today? Here's what you need to know. From a historical perspective, money market account interest rates have been quite high. The national average interest rate for money market accounts is just 0.62%, according to the FDIC, but the top money market account rates often pay above 4% APY or even more — similar to the rates offered on high-yield savings accounts. Here's a look at some of the highest MMA rates available today:Additionally, the table below features some of the best savings and money market account rates available today from our verified partners. 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 increases the federal funds rate, deposit account rates usually increase. And 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%–5.50%. However, as inflation cooled and the economy improved, the Fed slashed the federal funds rate by 50 basis points in September 2024. It then cut an additional 25 bps in November, and another 25 bps in December. As a result, money market rates have begun to decline. Further rate cuts are expected in 2025, which means now might 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? Considering that money market account rates are still elevated, these accounts are an attractive option for savers. Even so, deciding whether it's the right time to put money in a money market account also depends on your financial goals and the broader economic conditions. Here are some key factors to consider: Liquidity needs: Money market accounts offer easy access to your money since they often come with check-writing capabilities or debit card access (though there may be a cap on monthly withdrawals). If you need to keep your money accessible while still earning a decent yield, 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 returns that are better 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 appealing because they are backed by FDIC insurance and can't lose principal. However, if you're saving for a long-term goal like retirement, riskier investments are necessary to generate higher returns that will get you to your savings target. Given that interest rates are still elevated, now could be a good time to consider a money market account, especially if you're seeking a balance of safety, liquidity, and better returns than traditional savings accounts. Comparing rates from different institutions will help you find the best options available. Today, the highest money market account rate is offered by TotalBank. It's MMA pays 4.41%, which is more than seven times the national average. In today's falling interest rate environment, it's quite difficult to find a deposit account that pays 5%. Some promotional checking accounts have rates above 5% APY, though checking accounts aren't a great place to store cash savings long-term. Instead, you may want to investigate market investments, which come with more risk than money market accounts and other types of deposit accounts, but also provide much higher returns, on average. Yes. As long as you open an account with a federally insured bank or credit union, your money market account is safe from market risk. The only way your account can lose money is if you incur fees.
Yahoo
08-07-2025
- Business
- Yahoo
Best money market account rates today, July 8, 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. 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. This embedded content is not available in your region. 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. 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? By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy 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. 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. 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. This embedded content is not available in your region.
Yahoo
02-07-2025
- Business
- Yahoo
Best money market account rates today, July 2, 2025 (secure up to 4.41% APY)
Find out which banks are offering the 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 ensure 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 may also include a debit card and/or check-writing capabilities. Wondering where the top money market account rates can be found today? Here's what you need to know. From a historical perspective, money market account interest rates have been quite high. The national average interest rate for money market accounts is just 0.62%, according to the FDIC, but the top money market account rates often pay above 4% APY or even more — similar to the rates offered on high-yield savings accounts. Here's a look at some of the highest MMA rates available today:Additionally, the table below features some of the best savings and money market account rates available today from our verified partners. 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 increases the federal funds rate, deposit account rates usually increase. And 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%–5.50%. However, as inflation cooled and the economy improved, the Fed slashed the federal funds rate by 50 basis points in September 2024. It then cut an additional 25 bps in November, and another 25 bps in December. As a result, money market rates have begun to decline. Further rate cuts are expected in 2025, which means now might 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? Considering that money market account rates are still elevated, these accounts are an attractive option for savers. Even so, deciding whether it's the right time to put money in a money market account also depends on your financial goals and the broader economic conditions. Here are some key factors to consider: Liquidity needs: Money market accounts offer easy access to your money since they often come with check-writing capabilities or debit card access (though there may be a cap on monthly withdrawals). If you need to keep your money accessible while still earning a decent yield, 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 returns that are better 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 appealing because they are backed by FDIC insurance and can't lose principal. However, if you're saving for a long-term goal like retirement, riskier investments are necessary to generate higher returns that will get you to your savings target. Given that interest rates are still elevated, now could be a good time to consider a money market account, especially if you're seeking a balance of safety, liquidity, and better returns than traditional savings accounts. Comparing rates from different institutions will help you find the best options available. Today, the highest money market account rate is offered by TotalBank. It's MMA pays 4.41%, which is more than seven times the national average. In today's falling interest rate environment, it's quite difficult to find a deposit account that pays 5%. Some promotional checking accounts have rates above 5% APY, though checking accounts aren't a great place to store cash savings long-term. Instead, you may want to investigate market investments, which come with more risk than money market accounts and other types of deposit accounts, but also provide much higher returns, on average. Yes. As long as you open an account with a federally insured bank or credit union, your money market account is safe from market risk. The only way your account can lose money is if you incur fees.
Yahoo
01-07-2025
- Business
- Yahoo
Best money market account rates today, July 1, 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. 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. This embedded content is not available in your region. 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. 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? By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy 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. 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. 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. This embedded content is not available in your region.
Forbes
27-06-2025
- Business
- Forbes
Money Market Interest Rates Today: June 27, 2025 - Earn Up To 4.89%
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 4.89% Changes from the Fed or your bank can quickly change money market rates Online banks typically offer the most competitive yields on the market 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: Money market account are interest-bearing deposit accounts that work similarly to savings accounts. You deposit money whenever you have some to spare and it grows more interest the longer you leave it alone. These accounts are insured by the Federal Deposit Insurance Corp. (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions up to $250,000 per depositor. Money market accounts offer convenient fund accessibility, often including checks and debit cards, though you might be limited to six monthly transactions. Compared to regular savings accounts, money market accounts usually offer higher interest rates. However, they tend to require higher minimum deposits and balances to earn these. 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 act like a hybrid between savings accounts and a checking account. 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. Was this article helpful?
