Money market account rates decline as average hits 0.54% on January 30, 2025

As of January 30, 2025, the average money market account rate is 0.54%, down from previous levels. The highest available rate is now 4.89%. Money market accounts are interest-bearing accounts that function like savings accounts, offering higher rates but often requiring larger minimum deposits. These accounts are insured up to $250,000 and provide easy access to funds, typically allowing checks and debit card use, with some transaction limits.