Core Insights - The Federal Reserve has cut its target rate three times in 2024, leading to a decline in deposit rates, including money market account (MMA) rates [1] - The national average MMA rate is currently at 0.59%, while some top accounts offer rates of 4% APY and higher, suggesting a potential opportunity for consumers to maximize earnings [2] Group 1: Money Market Account Rates - The national average money market account rate is 0.59% according to the FDIC [2] - Some of the best MMA accounts are offering rates of 4% APY and above, indicating a significant disparity in available rates [2] - Consumers are encouraged to open money market accounts now to take advantage of the current high rates before they potentially decrease [2] Group 2: Interest Earnings from Money Market Accounts - The interest earned from a money market account is determined by the annual percentage rate (APY), which reflects total earnings after one year, factoring in the base interest rate and compounding frequency [3] - For example, a $1,000 deposit at an average interest rate of 0.59% would yield a total of $1,005.92 after one year, while a high-yield account at 4% APY would grow to $1,040.81 [4] - Increasing the deposit amount significantly boosts potential earnings; 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]

Find out how much you could earn with today’s money market account rates. Deposit interest rates (including money market account rates) have been falling over the past year. That's why it’s more important than ever to compare MMA rates and ensure you earn as much as possible on your balance. Overview of money market account rates today The national average money market account rate stands at 0.59%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.07%. ...