Highest money market rate reaches 4.89% today

As of March 24, 2025, the highest money market account rate is 4.89%. This is significantly higher than the national average rate of 0.54%, according to Curinos. Money market accounts are becoming more appealing for savers looking for better interest returns. A money market account, or MMA, is a type of account that earns interest and can be opened at banks or credit unions. These accounts are insured up to $250,000 by the Federal Deposit Insurance Corp. (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions. This insurance protects your money in case the bank fails. MMAs can grow your savings by earning interest, and you are generally allowed to add or withdraw funds at any time. Some accounts even let you write checks or use a debit card, but there may be limits on how many transactions you can make each month. Before opening a money market account, it's wise to compare options from different banks or credit unions. Check factors like minimum deposits, fees, withdrawal limits, and interest rates. To open an account, you can apply online or in person. Be ready to provide personal information and a government-issued ID. Money market accounts blend features from both savings and checking accounts. They allow deposits and interest earnings, but also have restrictions like potential fees and balance requirements. Unlike typical savings accounts, MMAs may provide debit cards and check-writing capabilities. Money market rates can change frequently based on economic conditions, including adjustments made by the Federal Reserve. Each bank sets its own rates based on their financial situation. To see how much interest you can earn, you can use a money market account calculator that factors in your deposit amount and the interest rate.