Best money market account rates today, June 2, 2025 (Earn up to 4.41% APY)

Money market accounts (MMAs) are a popular choice for individuals looking to earn a relatively high interest rate on their savings while maintaining liquidity and flexibility. Unlike traditional savings accounts, MMAs typically offer better returns and may also provide check-writing privileges and debit card access, making them ideal for long-term savings that you want to grow over time but still have access to when needed.

While interest rates on MMAs have been falling in recent months, there are still opportunities to find accounts offering more than 4% APY. It’s essential to compare different banks to find the best rates available.

The fluctuation in MMA rates can be attributed to changes in the Federal Reserve’s target interest rate. Following the 2008 financial crisis, interest rates were kept low to stimulate the economy, resulting in very low MMA rates ranging from 0.10% to 0.50%. As the economy improved, interest rates gradually rose, leading to higher yields on savings products, including MMAs.

However, the COVID-19 pandemic in 2020 prompted the Fed to cut its benchmark rate to near zero, causing a sharp decline in MMA rates. Subsequently, the Fed began a series of interest rate hikes in 2022 to combat inflation, resulting in historically high deposit rates. By late 2023, many MMAs were offering rates of 4% or higher.

As of 2025, MMA rates remain relatively high, although they have started to decrease following the Fed’s recent rate cuts. Online banks and credit unions typically offer the highest rates, making it essential to shop around and compare accounts before making a decision.

When comparing MMAs, it’s crucial to consider factors beyond the interest rate, such as minimum balance requirements, fees, and withdrawal limits. Some accounts may require a large minimum balance or charge monthly maintenance fees, impacting your overall earnings. It’s also important to ensure that the account is insured by the FDIC or NCUA to protect your deposits in case of a financial institution failure.

The national average interest rate for MMAs is around 0.64%, but the best rates can reach 4% to 4.50% APY. Earning potential on a $50,000 investment in a money market account depends on the APY and the duration of the investment. For example, a 4.5% APY MMA would earn $2,303 in interest over one year on a $50,000 deposit.

While there are currently no MMAs offering 5% APY, some high-yield savings accounts from online banks do. It’s worth exploring different options with local banks or credit unions to find the best account that meets your needs. Remember to consider all factors before making a decision to maximize your savings potential.