As interest rates fall following the Fed’s recent rate cuts, it’s essential to ensure you’re earning a competitive rate on your savings. A money market account (MMA) is an attractive option for savers. While the national average interest rate for MMAs is 0.66%, top rates often pay above 4% APY.
Here are some of the top MMA rates available today:
* Brilliant Bank Surge Money Market Account: up to 4.85%
* Quontic Bank Money Market Account: 4.75% APY
* TotalBank Online Money Market Deposit Account: 4.67% APY (on balances of $2,500 and up)
* VIO Cornerstone Money Market Savings Account: 4.56% APY
* First Foundation Bank Online Money Market Account: 4.50% APY
* Zynlo Money Market Account: 4.40% APY
With the Fed expected to cut rates further in 2025, now may be the last chance for savers to take advantage of elevated rates. However, before investing in a money market account, consider your financial goals and risk tolerance.
Money market accounts offer easy access to your money with check-writing capabilities or debit card access. They’re ideal for those who need liquidity while earning a decent yield. For short-term savings goals or emergency funds, MMAs provide a safer place for cash with returns better than traditional savings accounts.
To make the most of current rates, compare options from different institutions and consider factors like liquidity needs, savings goals, and risk tolerance. If you’re looking for a balance of safety, liquidity, and better returns, now might be a good time to invest in a money market account.
Source: https://finance.yahoo.com/personal-finance/banking/article/money-market-account-rates-today-wednesday-january-15-2025-110049787.html