Best money market account rates today, February 8, 2026 (best account provides 4.1% APY)

Core Insights - The Federal Reserve has cut its target rate three times in 2025, leading to a steady decline in deposit rates, including money market account (MMA) rates [1] - The national average MMA rate is currently at 0.56%, but some top accounts are offering rates of 4% APY and higher, prompting consumers to consider opening accounts to take advantage of these rates [2] Money Market Account Rates - The national average money market account rate is 0.56% as reported by the FDIC [2] - Some of the best MMA rates available today exceed 4% APY, indicating a significant opportunity for consumers to earn higher interest [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] - A deposit of $1,000 at an average interest rate of 0.56% would yield a total balance of $1,005.62 after one year, while a high-yield account at 4% APY would grow to $1,040.81 [4] - Increasing the deposit amount significantly impacts earnings; for example, a $10,000 deposit at 4% APY would result in a total balance of $10,408.08 after one year, earning $408.08 in interest [5]