The Federal Reserve cut its target rate three times in 2024. So deposit rates — including money market account (MMA) 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 0.64%, according to the FDIC.

Even so, some of the top accounts are currently offering rates of 4% APY and up. Since these rates may not be around much longer, consider opening a money market account now to take advantage of today’s high rates.

Today, the best money market account rate is offered by TotalBank. Account holders can earn 4.47% APY with a $25,000 minimum opening deposit.

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.

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 $1,006.42 — your initial $1,000 deposit, plus just $6.42 in interest.

Now let’s say you choose a high-yield money market account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest.

The more you deposit in a money market account, the more you stand to earn. If we took our same example of a money market account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you’d earn $408.08 in interest. ​​