Recently, federal reserves began to reduce the federal funding rate. As a result, deposit rates – including the rates of the money market account – began to fall. It is more important than ever to compare the MMA -e rates before making money as much as possible on balance.
AND National rate on the money market According to the FDIC, it is 0.64%. This may not be done much, but consider that three years ago it was only 0.07%. So, according to historical standards of market market, they are still quite high.
Despite this, some of the best accounts currently offer over 4% APY. Since these rates may not be much longer, consider opening an account of money you now use today’s high rates.
Here are some of the highest MMA rates available today:
View our choices for the 10 best money accounts on the market today >>
In addition, the table below contains some of the best rates on the savings and monetary markets that are available today from our proven partners.
The amount of interest you can earn in the money account depends on the market Annual percentage rate (Apy). This is a measure of your total earnings after one year when the basic interest rate and often interest joints are considered (interest rates in the money market usually agree daily).
Let’s say that you put $ 10,000 in MMA at an average interest rate of 0.64% with daily assembly. At the end of one year, your Saldo would rise to $ 10,064.20 – your starting deposit of $ 10,000, plus $ 64.20 USD interest.
Let’s say you select a high -yield account that offers 4% apy instead. In this case, your balance would rise to $ 10,408.08 in the same period, which includes $ 408.08.
Compared to a traditional savings account, a money market can come with more restrictions. For example, accounts on the money market often require a higher minimum balance to earn the best interest rate and/or avoid fees. A certain MMA -I can also limit the number of retreats you can make monthly (usually six).
Generally, there are no banks offering 7% interest rates in the money market accounts or any other type of deposit account. Accordingly, you may be able to find local banks and credit unions that have limited promotional rates in certain accounts, which could be up to 7%. However, promotional rates at this level are often applied to limited balance.
Read more: Are there 7% savings interest more?
