Best money market account rates today, January 6, 2026 (Earn up to 4.1% APY)

Core Insights - Money market accounts (MMAs) offer higher interest rates compared to traditional savings accounts, providing liquidity and flexibility for long-term savings [1] - The national average interest rate for MMAs is currently 0.39%, while the best rates exceed 4% APY, similar to high-yield savings accounts [3][13] - Historical trends show that MMA rates have fluctuated significantly due to changes in the Federal Reserve's target interest rate, with rates dropping to as low as 0.10% to 0.50% during economic downturns [4][5][6] Interest Rate Trends - Following the 2008 financial crisis, MMA rates were kept low to stimulate the economy, but began to rise gradually as the economy improved [5][6] - The COVID-19 pandemic caused another decline in rates, but aggressive interest rate hikes by the Fed starting in 2022 led to historically high MMA rates, with many accounts offering 4.00% or higher by late 2023 [6][7] - Rates remain high by historical standards but have been trending downward following Fed rate cuts in late 2024 and 2025 [8] Choosing a Money Market Account - When selecting an MMA, factors beyond interest rates should be considered, such as minimum balance requirements, fees, and withdrawal limits [9] - Some MMAs require a high minimum balance to earn the highest advertised rates, while others may charge monthly maintenance fees [10] - It is crucial to ensure that the chosen account is insured by the FDIC or NCUA, which guarantees deposits up to $250,000 per institution [11] Earnings Potential - The amount earned in an MMA depends on the APY and the duration of the deposit; for example, a $10,000 deposit at 4% APY could yield $407.44 in interest after one year [14]