High-Yield Money Market Account Rates Today Offer Competitive Apys
The national average money market account rate stands at 0.64%, according to the FDIC, while top accounts offer rates over 4%. Money market account rates have increased significantly since 2022, with some accounts providing as much as 4.51% APY. This surge in interest rates is largely due to the Federal Reserve's decision to cut the federal funds rate in 2024.
- The shift towards high-yield money market accounts reflects a growing trend among consumers seeking better returns on their deposits, potentially changing the competitive landscape for traditional savings accounts.
- What role will these high-yield MMA rates play in shaping consumer attitudes towards saving and investing in the coming years?