Best money market account rates today, January 12, 2026 (Earn up to 4.1% APY)

Core Insights - Money market accounts (MMAs) are highlighted as a favorable option for storing cash due to their relatively high interest rates and liquidity [1] - The article discusses the historical fluctuations in MMA rates, particularly in relation to the Federal Reserve's interest rate changes [4][5][6][7] Group 1: Current Trends in Money Market Accounts - Despite a recent decline in rates, some MMAs still offer over 4% APY, making them competitive for savers [3] - Online banks and credit unions are noted to provide the highest MMA rates as of 2026, although a downward trend in rates has begun following recent Fed cuts [8] Group 2: Historical Context - Following the 2008 financial crisis, MMA rates were extremely low, typically ranging from 0.10% to 0.50% due to the Fed's near-zero interest rate policy [5] - The COVID-19 pandemic prompted another round of rate cuts, leading to a significant drop in MMA rates [6] - Starting in 2022, aggressive interest rate hikes by the Fed resulted in historically high deposit rates, with many MMAs offering rates of 4% or higher by late 2023 [7] Group 3: Considerations for Choosing MMAs - When selecting an MMA, factors beyond interest rates, such as minimum balance requirements, fees, and withdrawal limits, are crucial for evaluating overall value [9][10] - Many MMAs require a substantial minimum balance to earn the highest rates, with some accounts demanding $5,000 or more [10] - It is essential to ensure that the chosen account is insured by the FDIC or NCUA, which protects deposits up to $250,000 per institution [11] Group 4: Comparative Rates and Earnings - The national average interest rate for MMAs is currently 0.58%, while the best rates can reach around 4% APY, comparable to high-yield savings accounts [12] - For example, depositing $50,000 in an MMA with a 4.5% APY would yield approximately $2,303 in interest over one year [13] - Currently, no MMAs offer a 5% APY, but some high-yield savings accounts from online banks do [14]