Cash market account charges at this time, January 26, 2025 | finance news
The Federal Reserve cut its goal charge thrice in 2024. So deposit charges — together with money market account (MMA) charges — have began falling. It’s more important than ever to check MMA charges and make sure you earn as a lot as potential in your steadiness.
The national average money market account charge stands at 0.64%, in keeping with the FDIC.
Even so, some of the highest accounts are at the moment offering charges of 4% APY and up. Since these charges will not be round for much longer, contemplate opening a money market account now to take benefit of at this time’s high charges.
Right here’s a take a look at some of the highest MMA charges obtainable at this time:
See our picks for the ten best money market accounts obtainable at this time>>
Moreover, the desk under options some of the best financial savings and money market account charges obtainable at this time from our verified companions.
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The quantity of curiosity you possibly can earn from a money market account will depend on the annual share charge (APY). That is a measure of your complete earnings after one yr when contemplating the bottom rate of interest and how usually curiosity compounds (money market account curiosity usually compounds every day).
Say you put $1,000 in an MMA on the average rate of interest of 0.64% with every day compounding. On the finish of one yr, your steadiness would grow to $1,006.42 — your initial $1,000 deposit, plus simply $6.42 in curiosity.
Now let’s say you select a high-yield money market account that gives 4% APY as a substitute. On this case, your steadiness would grow to $1,040.81 over the identical period, which incorporates $40.81 in curiosity.
The more you deposit in a money market account, the more you stand to earn. If we took our similar instance of a money market account at 4% APY, however deposit $10,000, your complete steadiness after one yr can be $10,408.08, that means you’d earn $408.08 in curiosity.
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