Best money market account rates today, October 16, 2025 (earn up to 4.26% APY)

Core Insights - The article discusses the current state of money market accounts (MMAs) and highlights the importance of earning competitive rates on savings as interest rates decline following recent Federal Reserve rate cuts [1][5]. Group 1: Current MMA Rates - The national average interest rate for money market accounts is 0.59%, but top rates can exceed 4% APY, comparable to high-yield savings accounts [3][8]. - Some banks are offering MMA rates above 4.50%, although rates above 7% are not available in the current market [8][9]. Group 2: Federal Reserve Rate Changes - The Federal Reserve maintained a target range for the federal funds rate of 5.25%–5.50% until September 2024, when it began cutting rates due to cooling inflation and economic improvement [4]. - The most recent rate cut brought the federal funds rate down to 4.00%-4.25%, leading to a decline in deposit account rates [5]. Group 3: Considerations for Savers - Money market accounts provide easy access to funds, often with check-writing capabilities or debit card access, making them suitable for those needing liquidity while earning better returns than traditional savings accounts [6][7]. - For conservative savers, MMAs are appealing due to FDIC insurance and the preservation of principal, while those saving for long-term goals may need to consider riskier investments for higher returns [7].