Best money market account rates today, January 4, 2026 (best account provides 4.1% APY)

Core Insights - The Federal Reserve has cut its target rate three times in both 2024 and 2025, leading to a steady decline in deposit rates, including money market account (MMA) rates [1] - The national average MMA rate is currently at 0.58%, while some top accounts offer rates of 4% APY and higher, suggesting a potential opportunity for consumers to maximize earnings by opening accounts now [2] Money Market Account Rates Overview - The national average money market account rate is 0.58% according to the FDIC, but competitive accounts are offering rates of 4% APY and above [2] - It is advisable for consumers to consider opening a money market account to take advantage of the current high rates before they potentially decrease [2] Interest Earnings from Money Market Accounts - Interest earnings from a money market account depend on the annual percentage rate (APY) and the frequency of compounding, which is typically daily for MMAs [3] - For example, a $1,000 deposit at an average rate of 0.58% would yield a total of $1,005.82 after one year, while a 4% APY would result in a balance of $1,040.81, earning $40.81 in interest [4] Impact of Deposit Amount on Earnings - The amount deposited in a money market account directly affects the interest earned; for instance, a $10,000 deposit at a 4% APY would grow to $10,408.08 after one year, resulting in $408.08 in interest [5]