Money market account rates decline as average hits 0.55% on January 9, 2025

As of January 9, 2025, the average money market account rate is 0.55%, down from previous levels. The highest available rate is now 5.00%. Money market accounts are interest-bearing accounts that function like savings accounts, offering higher rates but often requiring larger minimum deposits. They are insured up to $250,000 per depositor. To open a money market account, compare rates and minimum requirements. Applications can be submitted online or in person, requiring personal information and identification.