Best money market account rates today, October 28, 2025 (Earn up to 4.26% APY)

Core Insights - Money market accounts (MMAs) offer higher interest rates compared to traditional savings accounts, along with liquidity and flexibility, making them suitable for long-term savings that may be accessed for purchases or bills [1] Interest Rates Overview - The national average interest rate for MMAs is currently 0.59%, while the best rates can exceed 4% APY, comparable to high-yield savings accounts [3] - As of today, the highest MMA rate available is 4.26% APY [13] Historical Context - MMA rates have fluctuated significantly due to changes in the Federal Reserve's target interest rate, particularly following the 2008 financial crisis and the COVID-19 pandemic [4][5][6] - Starting in 2022, the Federal Reserve initiated aggressive interest rate hikes to combat inflation, resulting in historically high deposit rates, with many MMAs offering rates of 4.00% or higher by late 2023 [7] Current Trends - Although MMA rates remain high by historical standards, they have begun to decline following recent Federal Reserve rate cuts [8] - Online banks and credit unions are currently offering the most competitive rates for MMAs [8] Considerations for Choosing MMAs - When selecting an MMA, factors beyond interest rates should be considered, such as minimum balance requirements, fees, and withdrawal limits [9] - Some MMAs may require a minimum balance of $5,000 or more to earn the highest rates, and monthly maintenance fees can reduce interest earnings [10] - It is crucial to ensure that the chosen account is insured by the FDIC or NCUA, which protects deposits up to $250,000 per institution, per depositor [11]