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If you’re looking to boost the earnings on your savings, a money market account (MMA) could provide a competitive return to help your balance grow faster. Plus, you can easily access your funds, as many money market accounts come with a debit card and/or paper checks.

However, not all banks offer high rates, which is why it’s important to shop around and find the most competitive money market rates available. Read on to learn more about where to find the best MMA rates right now.

What are the best money market account rates today?

From a historical perspective, money market account interest rates have been quite high. The national average interest rate for money market accounts is just 0.60%, according to the FDIC, but the top money market account rates often pay above 4% APY or even more — similar to the rates offered on high-yield savings accounts .

Here’s a look at some of the top MMA rates available today:

See our picks for the 10 best money market accounts available today>>

Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.

Money market account interest rate predictions for 2024

Following several years of near-zero interest rates, the Federal Reserve began raising the federal funds rate in 2022 to combat rapidly rising inflation. As a result, money market interest rates skyrocketed, reaching a 15-year high.

However, as inflation cooled and the economy improved, the Fed slashed its target rate by 50 basis points in September. Then in November, it cut its rate by another 25 basis points.

Although the federal funds rate doesn’t directly impact deposit rates, they are correlated. So, when Fed lowers its rate, money market interest rates eventually fall as well. That means now is likely the last chance to take advantage of historically high money market rates.

Read more: Are money market accounts safe?

How to open a money market account

The requirements involved in opening a money market account vary by financial institution. However, if you’re ready to open an account, you can follow these general steps:

Read more: Money market account vs. money market fund: What's the difference?