As interest rates begin to fall following the Federal Reserve's recent rate cuts, it's more important than ever to make sure you get a competitive rate on your savings. One option you may want to consider is a money market account (MMA).

These accounts are similar to savings accounts - they provide interest on your balance, but may also include debit card and/or check writing features.

Wondering where to find the best money market account rates today? Here's what you need to know.

Historically, money market account interest rates have been quite high. The national average interest rate on money market accounts is just 0.66%, according to the FDIC, but top money market account rates are often above 4% or more — similar to rates offered on high-yield savings accounts.

Here are some of the highest MMA rates available today:

Check out our picks for the 10 best money market accounts today >>

Additionally, the table below lists some of the best savings and money market account rates currently offered by our verified partners.

Since July 2023, the Fed has maintained the target range for the federal funds rate at 5.25%–5.50%. However, as inflation cooled and the economy improved, the Fed lowered the federal funds rate by 50 basis points in September and another 25 basis points in November. In December, the Fed made its last rate cut of the year (25 basis points). The federal funds rate is currently 4.25%-4.50%.

As a result, money market interest rates begin to fall. Further interest rate cuts are expected in 2025, meaning now may be the last chance for savers to take advantage of today's higher rates.

Read more: Can you lose money in a money market account?

Considering that interest rates on money market accounts remain relatively high, these accounts are an attractive option for savers. Even so, deciding whether it's the right time to deposit funds into a money market account depends on your financial goals and the broader economy. Here are some key factors to consider:

• Liquidity needs: Money market accounts provide easy access to your funds because they often have check writing capabilities or debit card access (although monthly withdrawals may be capped). If you need to keep your funds available while still making substantial gains, a money market account may be ideal.

• Savings Goal: If you have short-term savings goals or want to build an emergency fund, a money market account can provide a safer place for your cash with better returns than most traditional savings accounts.

• Risk tolerance: For conservative savers who like to avoid the volatility of the stock market, money market accounts are attractive because they are backed by FDIC insurance and protect against loss of principal. However, if you're saving for a long-term goal like retirement, you'll need to make riskier investments to generate higher returns to achieve your savings goals.

With interest rates still high, now may be a good time to consider a money market account, especially if you're looking for a balance of security, liquidity, and better returns than a traditional savings account. Comparing rates from different agencies will help you find the best option.