Money market accounts (MMAs) can be an attractive option for savers looking for a safe place to store their funds. These accounts often come with higher interest rates than traditional savings accounts, allowing your money to grow more quickly. However, rates vary widely across financial institutions.
Currently, some top accounts are offering APY rates as high as 5%. If you want to take advantage of today’s high rates, consider opening a MMA now. Here are some top options:
– Zynlo Money Market Account: 5.00% APY
– TotalBank Online Money Market Deposit Account: 4.86% APY (on balances of $2,500 and up)
– Brilliant Bank Surge Money Market Account: up to 4.85%
– VIO Cornerstone Money Market Savings Account: 4.77% APY
– Quontic Bank Money Market Account: 4.75% APY
When choosing a money market account, consider the following factors:
* Monthly maintenance fees: Some accounts charge fees, while others provide ways to waive them.
* Minimum balance requirements: Be sure you choose an account with a minimum balance that’s reasonable to maintain.
* ATM access: Prioritize MMAs with easy ATM access for convenient withdrawals.
The national average interest rate for money markets is currently 0.60%, according to the FDIC. With rates as high as 5% available, now might be the last chance to take advantage of today’s high rates. Be sure to shop around and choose an account with a competitive rate.
Source: https://finance.yahoo.com/personal-finance/banking/article/money-market-account-rates-today-monday-december-9-2024-110052822.html