As interest rates begin to fall following the Fed’s recent rate cuts, it’s more important than ever to ensure you’re earning 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 offer interest on your balance, but may also include a debit card and/or check-writing capabilities.

Wondering where the top money market account rates can be found today? Here’s what you need to know.

From a historical perspective, money market account interest rates have been quite high. The national average interest rate for money market accounts is just 0.64%, according to the FDIC, but the top money market account rates often pay above 4% APY or even more — similar to the rates offered on high-yield savings accounts.

Here’s a look at some of the highest 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.

Deposit account rates — including money market rates — are tied to the federal funds rate. This is an interest rate range set by the Federal Reserve and is what banks charge each other for overnight loans. When the Fed increases the federal funds rate, deposit account rates usually increase. And conversely, when the Fed lowers its rate, deposit rates fall.

Between July 2023 and September 2024, the Fed maintained a target range of 5.25%–5.50%. However, as inflation cooled and the economy improved, the Fed slashed the federal funds rate by 50 basis points in September 2024. It then cut an additional 25 bps in November, and another 25 bps in December. As a result, money market rates have begun to decline.

Further rate cuts are expected in 2025, which means now might 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 money market account rates are still elevated, these accounts are an attractive option for savers. Even so, deciding whether it’s the right time to put money in a money market account also depends on your financial goals and the broader economic conditions. Here are some key factors to consider:

• Liquidity needs: Money market accounts offer easy access to your money since they often come with check-writing capabilities or debit card access (though there may be a cap on monthly withdrawals). If you need to keep your money accessible while still earning a decent yield, a money market account could be ideal.

• Savings goals: 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 returns that are better than most traditional savings accounts.

• Risk tolerance: For conservative savers who prefer to avoid the ups and downs of the stock market, money market accounts are appealing because they are backed by FDIC insurance and can’t lose principal. However, if you’re saving for a long-term goal like retirement, riskier investments are necessary to generate higher returns that will get you to your savings target.

Given that interest rates are still elevated, now could be a good time to consider a money market account, especially if you’re seeking a balance of safety, liquidity, and better returns than traditional savings accounts. Comparing rates from different institutions will help you find the best options available.

Today, the highest money market account rate is offered by Quontic Bank. It’s MMA pays 4.75%, which is more than seven times the national average.

In today’s falling interest rate environment, it’s quite difficult to find a deposit account that pays 5%. Some promotional checking accounts have rates above 5% APY, though checking accounts aren’t a great place to store cash savings long-term. Instead, you may want to investigate market investments, which come with more risk than money market accounts and other types of deposit accounts, but also provide much higher returns, on average.

Yes. As long as you open an account with a federally insured bank or credit union, your money market account is safe from market risk. The only way your account can lose money is if you incur fees.