Best money market account rates reach 4.85% APY on January 15, 2025

As of January 15, 2025, the best money market account rates reach up to 4.85% APY. This is significantly higher than the national average of 0.66%. These accounts offer interest and may include debit card or check-writing features. Interest rates for money market accounts are declining following recent cuts by the Federal Reserve. The Fed reduced the federal funds rate by 50 basis points in September and 25 basis points in November and December 2023. Despite the downward trend, money market accounts remain appealing for savers seeking better returns than traditional savings accounts. Comparing rates from various institutions can help find the best options.