Find out how much money you can make today. The Federal Reserve began lowering federal funds rates in 2024, and as a result, deposit rates (including money market account rates) are falling. It is more important than ever to compare MMA rates and make sure you get as much income as you can in your balance.

According to the FDIC, the national average money market account interest rate is 0.63%. This doesn't seem to be much, but considering three years ago, it was only 0.07%. Therefore, by historical standards, money market account prices are still high.

Even so, some top accounts currently offer over 4% APY. Since these rates may not be longer, consider opening a money market account now to take advantage of today’s high interest rates.

Here are some of the highest MMA rates available today:

See our draft picks for the 10 best currency market accounts available today >>

Additionally, the table below features some of the best savings and money market account rates offered by our proven partners today.

The amount of interest you can earn from your money market account depends on the percentage of the year (APY). This is a measure of the total income after one year considering the frequency of base interest rates and interest compounds (interests in money market accounts are usually compounded every day).

Suppose you invest $10,000 at an average rate of 0.64% of the daily compound interest. At the end of the year, your balance will grow to $10,064.20 – your initial $10,000 deposit, and $64.20 interest.

Now, let's say you choose a high yield money market account that offers 4% APY. In this case, your balance will increase to $10,408.08 over the same period, including $408.08 in interest.

Money market accounts may bring more restrictions than traditional savings accounts. For example, money market accounts often require a higher minimum balance to get the best interest rate and/or avoid fees. Some MMAs may also limit the number of withdrawals you can make per month (usually six).

Typically, no bank offers a 7% interest rate on a money market account or any other type of deposit account. That said, you may find local banks and credit unions operating a limited-time promotion rate on some accounts, which could be as high as 7%. However, promotional rates at this level are generally applicable to limited balances.

Read more: Does a 7% interest savings account exist?