Best money market account rates today, February 23, 2026 (Earn up to 4.01% 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 [3][4][5][6] Group 1: Current Trends in Money Market Accounts - Despite a recent decline in rates, some MMAs still offer over 4% APY, making them competitive compared to traditional savings accounts [3][11] - The Federal Reserve's aggressive interest rate hikes starting in 2022 have led to historically high deposit rates, with many MMAs offering rates of 4% or higher by late 2023 [6][7] 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 federal funds rate [4] - The COVID-19 pandemic caused another sharp decline in MMA rates as the Fed cut rates to combat economic fallout [5] Group 3: Considerations for Choosing MMAs - When selecting a money market account, factors such as minimum balance requirements, fees, and withdrawal limits are crucial for determining overall value [8][9] - Many MMAs require a significant minimum balance, often $5,000 or more, to earn the highest advertised rates, while some accounts offer competitive rates without such restrictions [9] Group 4: Insurance and Safety - It is essential to ensure that the chosen money market account is insured by the FDIC or NCUA, which protects deposits up to $250,000 per institution, per depositor [10]