Money market accounts are a popular choice for savers looking for a combination of liquidity and higher interest rates. These accounts typically offer check-writing privileges and ATM access, making it easy to access your funds when needed.
The Federal Reserve plays a key role in determining money market account rates at competitive banks. While a Fed rate increase can lead to higher rates at FDIC-insured banks, it’s important to compare rates to find the best account for your financial goals.
In addition to interest rates, it’s important to consider the features offered by a money market account. Features like check-writing privileges, ATM access, mobile check deposit, and a user-friendly app can enhance your banking experience.
While money market accounts and high yield savings accounts are similar, some accounts offer higher APYs for larger balances. These jumbo money market accounts can be a good option for savers looking to maximize their returns.
You might be rewarded for depositing more money in a money market account
Some money market accounts offer higher APYs for larger balances, known as jumbo money market accounts. It’s important to ensure that your funds are protected by following FDIC rules and guidelines.
Latest average money market account APYs for the past 3 months
| Date | Money market account national average APY |
|---|---|
| 7/1/2024 | 0.46% |
| 6/24/2024 | 0.47% |
| 6/17/2024 | 0.46% |
| 6/10/2024 | 0.46% |
| 6/3/2024 | 0.47% |
| 5/27/2024 | 0.48% |
| 5/20/2024 | 0.46% |
| 5/13/2024 | 0.46% |
| 5/6/2024 | 0.47% |
| 4/29/2024 | 0.46% |
| 4/22/2024 | 0.47% |
| 4/15/2024 | 0.46% |
| 4/8/2024 | 0.47% |
| 4/1/2024 | 0.47% |
| 3/25/2024 | 0.48% |
| 3/18/2024 | 0.48% |
| 3/11/2024 | 0.48% |
| 3/4/2024 | 0.47% |
| 2/26/2024 | 0.47% |
How we calculate the national average interest rates
Bankrate’s methodology for determining national average CD rates involves surveying over 500 banks and credit unions weekly. This includes institutions that offer high yields and are widely available, as well as some of the largest banks in the country.
Compare current money market account rates for July 2024
- Vio Bank — 5.30% APY
- UFB Direct — 5.25% APY
- CFG Community Bank — 5.25% APY
- Quontic Bank — 5.00% APY
- Sallie Mae Bank — 4.65% APY
Explore additional top money market account rates.
Disclaimer: APYs listed were updated between July 3 and July 11. Bankrate’s editorial team verifies this information regularly. Rates may have changed since the last update and may vary by region. Only FDIC-insured banks and NCUA credit unions are included in Bankrate’s listings.
Bottom line
With the potential to earn higher interest rates than traditional savings accounts, money market accounts can be a valuable addition to your financial strategy. Online banks often offer accounts with no minimum opening deposit or monthly fees, making it easier to maximize your returns. Be sure to compare accounts to find the best fit for your needs.