Money market account rates reach up to 4.75% APY as of January 20, 2025

As of January 20, 2025, the national average interest rate for money market accounts is 0.66%. However, some accounts offer rates between 4.5% and 5% APY, similar to high-yield savings accounts. Money market account rates have increased significantly since 2022 due to the Federal Reserve's interest rate hikes. Rates had previously dropped to around 0.10% to 0.50% during economic downturns, including the 2008 financial crisis and the COVID-19 pandemic. When choosing a money market account, consider factors like minimum balance requirements, fees, and withdrawal limits. Some accounts offer competitive rates without restrictions, and it's important to ensure the account is federally insured.