Best money market account rates today, January 22, 2026 (earn up to 4.1% APY)

Core Insights - The article discusses the current state of money market accounts (MMAs) and highlights the importance of earning competitive rates on savings as interest rates decline following recent Federal Reserve rate cuts [1][5]. Group 1: Current MMA Rates - The national average interest rate for money market accounts is 0.56%, but top rates can exceed 4% APY, comparable to high-yield savings accounts [3][9]. - Some banks are offering MMA rates above 4.50%, making them attractive options for savers [9]. Group 2: Federal Reserve Rate Cuts - The Federal Reserve maintained a target range for the federal funds rate of 5.25%–5.50% from July 2023 to September 2024, but has since implemented three rate cuts, bringing the current rate to 3.50%–3.75% [4][5]. - Deposit account rates have been on a steady decline, indicating that savers may have limited time to take advantage of higher rates currently available [5]. Group 3: Considerations for Savers - Money market accounts provide easy access to funds, often with check-writing capabilities or debit card access, making them suitable for those needing liquidity while earning a decent yield [8]. - They are also a safer option for short-term savings goals or emergency funds, offering better returns than traditional savings accounts [8]. - For conservative savers, MMAs are appealing due to FDIC insurance, while those saving for long-term goals may need to consider riskier investments for higher returns [8].