Best money market account rates today, January 3, 2026 (best account provides 4.1% APY)

Core Insights - Money market account (MMA) rates have been declining over the past two years, making it crucial for consumers to compare rates to maximize earnings [1] - The national average MMA rate is currently 0.58%, a significant increase from 0.07% four years ago, indicating that rates are historically high despite recent declines [2] - Some top MMA accounts are offering rates over 4% APY, suggesting that consumers should consider opening accounts now to benefit from these higher rates [2] Money Market Account Rates Overview - The national average MMA rate stands at 0.58% according to the FDIC, which is a notable increase from 0.07% four years ago [2] - High-yield money market accounts are currently available with rates exceeding 4% APY, prompting consumers to act quickly to secure these rates [2] Interest Earnings Calculation - The interest earned from a money market account is dependent on the annual percentage rate (APY) and the frequency of compounding, which is typically daily for MMAs [4] - For a $10,000 deposit at the average rate of 0.58% with daily compounding, the balance would grow to $10,058.17 after one year, yielding $58.17 in interest [5] - In contrast, a high-yield MMA offering 4% APY would increase the balance to $10,408.08, resulting in $408.08 in interest over the same period [5] Frequently Asked Questions - Money market accounts may have more restrictions compared to traditional savings accounts, such as higher minimum balance requirements and limits on monthly withdrawals [6] - There are currently no banks offering a 7% interest rate on money market accounts, although some local banks and credit unions may have limited-time promotional rates that could reach this level [7]