As of today, the highest money market rate is 4.89%, compared to a national average rate of 0.54%, according to Curinos.<\/p>\n
Here are today’s money market account rates:<\/p>\n
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A money market account<\/a>, or MMA, is an interest-bearing deposit account you can open at a bank or credit union. These are insured up to $250,000 per depositor by the Federal Deposit Insurance Corp. (FDIC) at banks, or the National Credit Union Administration (NCUA) at credit unions. The insurance protects your balance if your bank fails.<\/p>\n As with other savings accounts, your money in an MMA will grow as it earns interest, and you can add or withdraw funds at any time. You may also be able to write checks or use a debit card. However, depending on the bank, you could be limited to six transactions per statement period.<\/p>\n Money market accounts may offer higher interest rates than typical savings accounts. In exchange, they often require higher minimum deposits and balances<\/a>.<\/p>\nHow To Open a Money Market Account<\/h2>\n