Money market account rates decline as highest rate hits 4.89% on February 6, 2025

As of February 6, 2025, the highest money market account rate is 4.89%, down from previous rates. The national average for these accounts is now 0.54%. Money market accounts are interest-bearing accounts that offer higher rates than regular savings accounts. They allow limited transactions and require higher minimum deposits. These accounts are insured up to $250,000 and provide easy access to funds through checks and debit cards. Customers should compare rates and terms before opening an account.