Money market account rates today, December 1, 2024 (best account provides 5.01% APY)

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Money market account rates today, December 1, 2024 (best account provides 5.01% APY)

Between March 2022 and July 2023, the Federal Reserve raised its benchmark rate 11 times. As a result, money market account (MMA) interest rates rose sharply.

However, the Fed slashed the federal funds rate by 50 basis points in September and another 25 basis points in November. So ******** rates — including money market account rates — have started falling. It’s more important than ever to compare MMA rates and ensure you earn as much as possible on your balance.

The national average money market account rate stands at 0.60%, according to the FDIC.

Even so, some of the top accounts are currently offering upwards of 5% APY. Since these rates may not be around much longer, consider opening a money market account now to take advantage of today’s high rates.

Here’s a look at some of the top MMA rates available today:

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

Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.

This embedded content is not available in your region.

The amount of interest you can earn from a money market account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (money market account interest typically compounds daily).

Say you put $1,000 in an MMA at the average interest rate of 0.64% with daily compounding. At the end of one year, your balance would grow to $1,006.02 — your initial $1,000 ********, plus just $6.02 in interest.

Now let’s say you choose a high-yield money market account that offers 5% APY instead. In this case, your balance would grow to $1,051.27 over the same *******, which includes $51.27 in interest.

The more you ******** in a money market account, the more you stand to earn. If we took our same example of a money market account at 5% APY, but ******** $10,000, your total balance after one year would be $10,512.67, meaning you’d earn $512.67 in interest. ​​

This embedded content is not available in your region.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Money #market #account #rates #today #December #account #APY

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up