Right now, the average money market rate sits at 0.53%, but the best rate today is 4.89%, according to Curinos.<\/p>\n
Here are today’s money market account rates:<\/p>\n
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A money market account<\/a><\/span> (MMA) is a type of interest-bearing deposit account offered by banks and credit unions that works like other savings accounts: You deposit money into the account and earn interest on your balance. You can withdraw funds whenever you need to, but you may be restricted to six transactions per statement period.<\/p>\n Money market accounts typically pay higher interest rates than other deposit accounts, including traditional savings accounts. And unlike typical savings accounts, they often offer debit cards, check-writing capabilities or both, providing convenient access to cash. Money market accounts often have higher deposit and balance requirements<\/a><\/span> than many bank accounts.<\/p>\n MMAs at banks are insured by the Federal Deposit Insurance Corp. (FDIC), while MMAs at credit unions are insured by the National Credit Union Administration (NCUA). In both cases, depositors are covered for up to $250,000 per account type, protecting your money in the event of bank failure.<\/p>\nHow To Open a Money Market Account<\/h2>\n