Find out which banks currently offer the best MMA rates. The Federal Reserve tripled the federal funding rate in 2024, a total of one percentage point. As a result, deposit rates (including money market account rates) have been 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.

Despite the rise in money market account rates through historical standards, the national average of MMA is only 0.63%. Good news: Top high-yield money market accounts offer more than 4% of APY, more than six times the national average.

That's why it's important to hang around before opening a money market account. Interest rates vary widely, but there are several banks (especially online banks) and credit unions with competitive offers.

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.

Online banking is operated exclusively through the Internet. This greatly reduces its indirect costs, so they are able to pass these savings on to customers in the form of high deposit rates and low fees. If you are searching for the best money market account prices, online banking will be a good place to start.

That said, online banking isn't the only place you can find a savings account of 4% to 5% APY. Credit unions are nonprofit financial cooperatives and are also known for offering competitive rates and fewer fees. Many credit unions have certain requirements that must be met to become a member, although some allow almost anyone to join.

Read more: Is online banking really safe?

For short-term savings goals, a money market account can be a good option, such as setting up an emergency fund or making money for upcoming expenses. They offer higher interest rates than regular savings accounts compared to regular savings accounts compared to some other options such as Certificates of Deposit (CDS).

Money market accounts are also considered low-risk, and they are FDIC insured to a standard $250,000 per institution. This makes them safer than money market funds, which can be subject to market risks.

However, remember that many money market accounts require a minimum balance to open the account and get the highest advertising rate. If you are unable to maintain this balance, you may incur fees or miss the best rates.

While your funds are usually accessible as needed, MMA may limit the number of transactions you can make per month. If you need to get your money frequently, this may be a consideration.

Read more: Is there a fine for exiting your money market account?

When money market accounts make sense:

• You want to earn more interest than your regular savings account without locking your money in your CD.

• You can keep your balance at a minimum to avoid expenses.

• You want to make funds easy for emergencies or near-term expenses.

Currently, the average money market account interest rate is 0.63%. However, several high-yield accounts pay more than 4% or more. If you are considering opening a money market account, make sure to snatch around and compare rates.

No account or investment guarantees 12% return. But if your goal is to earn a huge monetary return and increase your wealth significantly, investing in market securities such as stocks, mutual funds, exchange-traded funds, etc. is the best strategy to do this. The stock market returns about 10% per year on average.

If you are not sure where to start, it may be helpful to talk to a financial advisor about your financial goals and priorities. Plus, you can register with Robo-Advisor, an automated, cost-effective option for managing your portfolio.

Read more: Robotics Consultant: How to Start Investing Now