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%. ...

Core Insights - The national average money market account (MMA) rate is currently at 0.59%, a significant increase from 0.07% three years ago, indicating a historical high despite recent declines in deposit interest rates [2][4] - Some top MMA accounts are offering rates over 4% APY, suggesting a potential opportunity for consumers to maximize earnings by opening accounts now [2][5] Summary by Sections Overview of Money Market Account Rates - The national average MMA rate is 0.59%, up from 0.07% three years ago, reflecting a notable increase [2] - High-yield accounts are available with rates exceeding 4% APY, prompting a recommendation to open accounts to benefit from these rates [2] Earnings Potential - A $10,000 deposit at the average rate of 0.59% would yield $59.17 in interest after one year, totaling $10,059.17 [5] - In contrast, a high-yield MMA at 4% APY would result in a balance of $10,408.08 after one year, with $408.08 earned in interest [5] Frequently Asked Questions - Money market accounts may have more restrictions compared to traditional savings accounts, including higher minimum balance requirements and limits on monthly withdrawals [6] - There are currently no banks offering a 7% interest rate on MMAs, although some local banks and credit unions may have limited-time promotional rates that could reach this level [7]

Core Insights - The national average money market account (MMA) rate is currently at 0.59%, a significant increase from 0.07% three years ago, indicating that MMA rates are historically high despite recent declines [2][4] - Some top MMA accounts are offering rates over 4% APY, suggesting a potential opportunity for consumers to maximize earnings by opening accounts now [2][5] Group 1: Current Rates and Historical Context - The national average MMA rate is 0.59%, up from 0.07% three years ago, reflecting a notable increase in rates over time [2] - Certain high-yield MMA accounts are currently offering rates exceeding 4% APY, which may not last long, prompting a recommendation to open accounts to take advantage of these rates [2][5] Group 2: Earnings Potential - A $10,000 deposit in an MMA at the average rate of 0.59% with daily compounding would yield a total of $10,059.17 after one year, resulting in $59.17 in interest [5] - Conversely, a high-yield MMA offering 4% APY would grow the same $10,000 to $10,408.08 in one year, generating $408.08 in interest [5] Group 3: Account Features and Limitations - Money market accounts may have more restrictions compared to traditional savings accounts, including higher minimum balance requirements and limits on monthly withdrawals [6]

Core Insights - The national average money market account (MMA) rate is currently at 0.59%, a significant increase from 0.07% three years ago, indicating that MMA rates are historically high despite recent declines [2][5] - Some top accounts are offering rates over 4% APY, suggesting a potential opportunity for consumers to maximize earnings by opening a money market account now [2][5] Summary by Sections Money Market Account Rates Overview - The national average MMA rate is 0.59% as reported by the FDIC, which is a notable rise from 0.07% three years ago, reflecting a historical high [2] - Certain high-yield accounts are currently providing rates exceeding 4% APY, prompting a recommendation to consider opening an account to benefit from these rates [2] Earnings Potential - A $10,000 deposit in an MMA at the average rate of 0.59% with daily compounding would yield a total of $10,059.17 after one year, which includes $59.17 in interest [5] - Conversely, a high-yield MMA offering 4% APY would grow the same $10,000 to $10,408.08, resulting in $408.08 in interest over the same period [5] Frequently Asked Questions - Money market accounts may have more restrictions compared to traditional savings accounts, such as higher minimum balance requirements and limits on monthly withdrawals [6] - There are currently no banks offering a 7% interest rate on money market accounts, although some local banks and credit unions may have limited-time promotional rates that could reach this level [7]

Core Insights - The national average money market account (MMA) rate is currently at 0.59%, a significant increase from 0.07% three years ago, indicating that MMA rates are historically high despite recent declines [2][4] - Some top accounts are offering rates over 4% APY, suggesting that consumers should consider opening a money market account to capitalize on these high rates before they potentially decrease [2][5] Summary by Sections Money Market Account Rates Overview - The national average MMA rate is 0.59% as reported by the FDIC, which is a notable rise from 0.07% three years ago, reflecting a historical high [2] - Certain high-yield accounts are currently offering rates exceeding 4% APY, prompting a recommendation for consumers to open accounts now to benefit from these rates [2] Interest Earnings from Money Market Accounts - The interest earned from a money market account is contingent on the annual percentage rate (APY) and the frequency of interest compounding, which is typically daily [4] - For a $10,000 deposit at the average rate of 0.59% with daily compounding, the balance after one year would be $10,059.17, yielding $59.17 in interest [5] - Conversely, a high-yield MMA offering 4% APY would grow the same deposit to $10,408.08, resulting in $408.08 in interest over the same period [5] Frequently Asked Questions - Money market accounts may have more restrictions compared to traditional savings accounts, such as higher minimum balance requirements and limits on monthly withdrawals [6] - There are currently no banks offering a 7% interest rate on money market accounts, although some local banks and credit unions may have limited-time promotional rates that could reach this level [7]

Core Viewpoint - The article emphasizes the importance of managing funds between checking and savings accounts to maximize financial stability and returns, suggesting specific amounts to hold in each type of account based on individual financial situations [14]. Group 1: Checking Accounts - Checking accounts are designed for frequent access to funds, typically used for paying monthly bills such as rent, loans, and credit card payments [2]. - Most checking accounts allow easy access to funds through debit card purchases, ATM withdrawals, or electronic transfers [3]. - Checking accounts generally offer low or no interest rates, with the average interest rate in the U.S. being 0.07% APY, making them unsuitable for long-term savings [4]. - It is advisable to keep only a small buffer in checking accounts, typically enough to cover one to two months of expenses, to avoid overdraft fees and account management fees [5]. Group 2: Savings Accounts - It is recommended to keep three to six months' worth of living expenses in a savings account as an emergency fund [6]. - High-yield savings accounts or money market accounts currently offer interest rates around 4% to 5%, significantly higher than traditional savings accounts [7]. - Opening a high-yield savings account can help maximize savings, as some accounts offer rates over 4%, which is more than ten times the national average [9]. - Establishing an emergency fund is crucial, with experts suggesting that individuals with dependents should aim for six to twelve months of expenses [13]. Group 3: Financial Planning - A balanced financial plan should include a reasonable amount in checking accounts for immediate expenses and additional savings in high-yield accounts for future needs [14]. - It is wise to compare different banks to find accounts with high interest rates and low fees, and to consider multiple savings accounts for different financial goals [14].

Has your savings balance finally hit $100,000? If so, congratulations on reaching this financial milestone! Chances are, you had to apply a combination of discipline and hard work to get here. Once you've taken a beat to celebrate, you may notice a feeling of uncertainty set in, especially when it comes to deciding where to put the money. You may even feel overwhelmed when you think about spending time opening new accounts and moving the funds around. It's natural to feel unsure about what to do with suc ...

Core Insights - The average year-end bonus was $2,503 in December of the previous year, which can significantly impact financial planning for 2026 [1] Group 1: Smart Ways to Use Year-End Bonus - Paying off high-interest debt can save money in interest over time, especially in a high-interest rate environment [3][4] - Opening a high-interest account can help grow the bonus funds while deciding on their use, with options available that pay upwards of 4% APY [5][6] - Padding an emergency fund is crucial for financial stability, with recommendations to cover three to six months' worth of living expenses [7][8] Group 2: Retirement and Personal Spending - Maximizing retirement contributions, such as 401(k) and IRA, can lower tax bills and defer taxes until withdrawals, with contribution limits for 2025 set at $23,500 plus an additional $7,500 for those aged 50 and older [9][10] - Splurging is acceptable if financial obligations are met, with a suggestion to allocate half of the bonus for responsible purposes and the other half for personal enjoyment [10][11]

Core Points - The Social Security Administration (SSA) announced a 2.8% cost-of-living adjustment (COLA) for 2026, translating to an average increase of about $56 per month for retirees [1][2] - Nearly 71 million beneficiaries will see this adjustment starting January 2026 [2] - Beneficiaries can estimate their new benefits by creating an account on SSA.gov [2][10] Group 1: COLA Details - The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year [9] - For example, a retiree currently receiving $1,900 will see their monthly benefit increase to approximately $1,953.20, reflecting a $53.20 increase [4] Group 2: Managing Benefits - Social Security benefits account for about 31% of income for individuals over 65, with nearly 90% of Americans in this age group receiving benefits [5] - Retirees can enhance their income by parking Social Security payments in high-yield savings accounts, which currently offer rates of 4% to 5% [7] - Other options include certificates of deposit (CDs) and money market accounts, which can provide better interest rates while allowing varying levels of access to funds [8] Group 3: Account Setup - Setting up a My Social Security account is straightforward and allows beneficiaries to manage their benefits and estimate future payments [10][12] - Beneficiaries must provide an email address and additional authentication to verify their identity during account setup [11]