Money market account rates decline as average hits 0.55% on January 13, 2025

As of January 13, 2025, the average money market account rate is 0.55%, with the highest rate available at 5.00%. This marks a decrease in rates compared to previous months. Money market accounts are interest-bearing accounts that offer higher rates than regular savings accounts. They allow limited transactions and provide easy access to funds, often with checks and debit cards. To open a money market account, individuals should compare rates and minimum deposit requirements. Applications can be submitted online or at bank branches, requiring personal information and identification.