The federal reserve reduced its target rate three times in 2024. Thus, deposit rates – including the prices of the monetary market account (MMA) – began to drop. It is more important than ever to compare MMA rates and make sure you win as much as possible on your balance.
The national rate of the average monetary market account amounts to 0.64%, according to the FDIC.
Despite this, some of the best accounts currently offer rates of 4% APY and more. Since these rates may not be there much longer, plan to open a monetary market account now to take advantage of the high rates today.
Here is an overview of some of the best MMA rates available today:
See our choices for the 10 best monetary market accounts available today >>
In addition, the table below has some of the best savings and monetary market account rates available today from our verified partners.
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The amount of interest that you can earn from a monetary market account depends on the annual percentage rate (APY). This is a measurement of your total profit after a year when you consider the basic interest rate and the frequency of interest (the interests of the monetary account of the market are generally daily combinations).
Suppose you put $ 1,000 in an MMA at the average interest rate of 0.64% with a daily composition. After a year, your balance would drop to $ 1,006.42 – your initial deposit of $ 1,000, plus $ 6.42 in interest.
Now let’s say that you choose a high -performance monetary market account that offers 4% APY instead. In this case, your balance would drop to $ 1,040.81 over the same period, which includes $ 40.81 in interest.
The more you drop in a monetary market account, the more you get out of it. If we have taken our same example of a monetary market account at 4% APY, but that we deposit $ 10,000, your total balance after a year would be $ 10,408.08, which means that you would earn $ 408.08 in interests.
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