Martinns/GettyImages; Illustration by Hunter Newton/Bankrate
A money market account is a type of savings deposit account that tends to offer check-writing privileges and a debit card for ATM access to your savings. Typically, savings accounts usually don’t let you write checks from the account, making money market accounts a unique option to store and tap your money when you need it.
The Federal Reserve directly impacts money market account rates at competitive banks. Generally, you’ll find that Federal Deposit Insurance Corp. (FDIC) bank rate increases follow the Fed’s movements. But a Fed rate increase isn’t a guarantee that a bank will raise rates.
That’s why you have to compare rates to find the right account for your financial needs.
And beyond yields, you’ll want to make sure a money market account has the features that you’re looking for. Check-writing privileges, ATM access, mobile check deposit and a highly-rated app are the features people tend to look for.
Except for the potential for check writing, a money market account and a high yield savings account are nearly similar. So it’s also worth considering opening a high interest savings account in your search for a money market account.
You might be rewarded for depositing more money in a money market account
Some money market accounts give you a higher APY for carrying a larger balance. These accounts, called jumbo money market accounts, are worth looking into if you’re looking to deposit a large sum into a liquid account. Always make sure you’re following the FDIC’s rules and guidelines to make sure that your money is protected in the event of a bank failure.
Latest average money market account APYs for the past 3 months
| Date | Money market account national average APY |
|---|---|
| 7/22/2024 | 0.47% |
| 7/15/2024 | 0.46% |
| 7/8/2024 | 0.46% |
| 7/1/2024 | 0.46% |
| 6/24/2024 | 0.47% |
| 6/17/2024 | 0.46% |
| 6/10/2024 | 0.46% |
| 6/3/2024 | 0.47% |
| 5/27/2024 | 0.48% |
| 5/20/2024 | 0.46% |
| 5/13/2024 | 0.46% |
| 5/6/2024 | 0.47% |
| 4/29/2024 | 0.46% |
| 4/22/2024 | 0.47% |
| 4/15/2024 | 0.46% |
| 4/8/2024 | 0.47% |
| 4/1/2024 | 0.47% |
| 3/25/2024 | 0.48% |
| 3/18/2024 | 0.48% |
How we calculate the national average interest rates
In June 2023, Bankrate updated its methodology that determines the national average CD rates. More than 500 banks and credit unions are surveyed weekly to generate the national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation’s largest banks.
Compare current money market account rates for July 2024
- Vio Bank — 5.30% APY
- CFG Community Bank — 5.25% APY
- UFB Direct — 5.15% APY
- Quontic Bank — 5.00% APY
- Sallie Mae Bank — 4.65% APY
See additional best money market account rates.
Note: Annual percentage yields (APYs) shown were updated between July 18 and July 25. Bankrate’s editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or National Credit Union Administration (NCUA) credit unions in its listings.
Bottom line
You can easily earn more than the national average rate in a money market account. Some FDIC-insured online banks have money market accounts that either don’t require a minimum opening deposit or require a small amount to open the account. These accounts also tend to not have monthly service fees. Low or no minimum opening requirements and no fees are why you should always try and earn many times more than the average rate. But each bank is different, so compare banks to confirm the opening deposit amounts and that the account doesn’t have a monthly fee – or that it has an easy way to waive the fee if it does have one.
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