Looking to boost your savings earnings? A money market account (MMA) can provide a competitive return, allowing you to grow your balance faster. However, not all banks offer high rates, so it’s essential to shop around and find the best MMA rates.
Currently, top MMA rates range from 4.77% APY to 5.00% APY. Some notable accounts include:
* Zynlo Money Market Account: 5.00% APY
* TotalBank Online Money Market Deposit Account: 4.86% APY
* Brilliant Bank Surge Money Market Account: up to 4.85%
* VIO Cornerstone Money Market Savings Account: 4.77% APY
Historically, money market account interest rates have been high, with the national average rate around 0.60%. However, due to inflation and changes in federal funds rates, these rates are expected to decrease.
To take advantage of these rates, it’s crucial to shop around, compare accounts, and consider factors such as monthly maintenance fees, withdrawal limits, and minimum balance requirements. Online banks tend to offer the highest interest rates, but credit unions may provide more personal service.
Before opening a money market account, ensure you meet the required documentation, including government-issued ID, proof of address, and social security information. Some banks may have specific requirements or minimum deposit amounts.
By choosing the right MMA account, you can maximize your savings growth and make the most of current high interest rates.
Source: https://finance.yahoo.com/personal-finance/article/money-market-account-rates-today-110031098.html