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 indirectly impacts money market account rates at competitive banks. Generally, you’ll find that Federal Deposit Insurance Corp. (FDIC) bank yields follow the Fed’s movements. But a Fed rate increase or decrease doesn’t guarantee that a bank will change its 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 annual percentage yield (APY) for carrying a larger balance. Always make sure you’re following the Federal Deposit Insurance Corp. (FDIC) 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 |
|---|---|
| 12/26/2024 | 0.42% |
| 12/16/2024 | 0.41% |
| 12/9/2024 | 0.41% |
| 12/2/2024 | 0.42% |
| 11/25/2024 | 0.42% |
| 11/18/2024 | 0.43% |
| 11/11/2024 | 0.41% |
| 11/4/2024 | 0.42% |
| 10/28/2024 | 0.42% |
| 10/21/2024 | 0.42% |
| 10/14/2024 | 0.43% |
| 10/7/2024 | 0.42% |
| 9/30/2024 | 0.43% |
| 9/23/2024 | 0.43% |
| 9/16/2024 | 0.45% |
| 9/9/2024 | 0.44% |
| 9/2/2024 | 0.47% |
| 8/26/2024 | 0.46% |
| 8/19/2024 | 0.46% |
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 December 2024
- Quontic Bank — 4.75% APY
- Vio Bank — 4.66% APY
- CFG Community Bank — 4.52% APY
- Sallie Mae Bank — 4.10% APY
- UFB Direct — 4.01% APY
Note: Annual percentage yields (APYs) shown are as of Dec. 26. Bankrate’s editorial team validates this information regularly, typically weekly. 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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