Core Insights - The Federal Reserve has cut its target rate three times in 2024 and again in 2025, leading to a decline in deposit rates, including money market account (MMA) rates [1] - The national average MMA rate is currently at 0.59%, but some top accounts are offering rates of 4% APY and higher, prompting a recommendation to open accounts to take advantage of these rates [2] Summary by Sections Money Market Account Rates - The national average money market account rate is 0.59% as reported by the FDIC [2] - Some of the best accounts are offering rates of 4% APY and above, indicating a significant opportunity for higher earnings [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 $1,000 deposit at the average rate of 0.59% would yield a balance of $1,005.92 after one year, while a 4% APY would result in a balance of $1,040.81 [4] Impact of Deposit Amounts - The potential earnings increase with larger deposits; for example, a $10,000 deposit at 4% APY would grow to $10,408.08 after one year, resulting in $408.08 in interest [5]