Best money market account rates reach 4.85% APY on January 14, 2025

As of January 14, 2025, the best money market account rates reach up to 4.85% APY, significantly higher than the national average of 0.66%. This marks a continuation of elevated rates following recent Federal Reserve interest rate hikes. Historically, money market account rates have varied widely, dropping to as low as 0.10% during economic downturns. However, aggressive rate increases since 2022 have led to higher yields, with many accounts now offering rates of 4.00% or more. When selecting a money market account, consider factors beyond interest rates, such as minimum balance requirements and fees. Some accounts offer competitive rates without restrictions, and it's essential to ensure the account is federally insured.