Learn how a lot you could possibly earn with as we speak’s cash market account charges. The Federal Reserve reduce its goal fee thrice in 2024 and just lately reduce charges for the second time in 2025. So deposit charges — together with cash market account (MMA) charges — have began falling. It’s extra essential than ever to check MMA charges and make sure you earn as a lot as doable in your steadiness.
The nationwide common cash market account fee stands at 0.59%, based on the FDIC.
Even so, a number of the prime accounts are at the moment providing charges of 4% APY and up. Since these charges will not be round for much longer, contemplate opening a cash market account now to reap the benefits of as we speak’s excessive charges.
Right here’s a take a look at a number of the prime MMA charges accessible as we speak:
Moreover, the desk under options a number of the finest financial savings and cash market account charges accessible as we speak from our verified companions.
The quantity of curiosity you possibly can earn from a cash market account is determined by the annual share fee (APY). This can be a measure of your complete earnings after one yr when contemplating the bottom rate of interest and the way usually curiosity compounds (cash market account curiosity usually compounds each day).
Say you set $1,000 in an MMA on the common rate of interest of 0.59% with each day compounding. On the finish of 1 yr, your steadiness would develop to $1,005.92 — your preliminary $1,000 deposit, plus $5.92 in curiosity.
Now let’s say you select a high-yield cash market account that provides 4% APY as a substitute. On this case, your steadiness would develop to $1,040.81 over the identical interval, which incorporates $40.81 in curiosity.
The extra you deposit in a cash market account, the extra you stand to earn. If we took our similar instance of a cash market account at 4% APY, however deposit $10,000, your complete steadiness after one yr could be $10,408.08, which means you’d earn $408.08 in curiosity.
