Best money market account rates today, January 29, 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 interest rates as the Federal Reserve has recently cut rates [1][4][5]. Group 1: Current Interest 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 4.5%, although such rates are becoming less common [9]. Group 2: Federal Reserve Rate Changes - 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 made three rate cuts, bringing the current rate to 3.50%–3.75% [4][5]. - The decline in deposit account rates suggests that savers may have limited time to take advantage of higher MMA rates [5]. Group 3: Considerations for Savers - Money market accounts provide liquidity and safety, making them suitable for those with short-term savings goals or emergency funds [8]. - For conservative savers, MMAs are appealing due to FDIC insurance and the preservation of principal, while riskier investments may be necessary for long-term savings goals [8].