With recent shifts in Federal Reserve policy, interest rates for Money Market Accounts (MMAs) have experienced significant changes. Here’s a breakdown of the current landscape and how you can maximize your earnings.

💡 Why MMA Rates Are Changing

March 2022 – July 2023: The Federal Reserve raised rates 11 times, driving MMA rates higher.

September & November 2023: The Fed cut rates by 75 basis points (50 + 25), causing MMA rates to decline.

These fluctuations highlight the importance of securing high rates while they’re still available.

💸 Current National Average MMA Rate

0.60% APY (according to the FDIC)

While this is the average, many banks offer significantly higher rates, some exceeding 5% APY.

🔥 Top MMA Rates Available Today

Here are some of the best options currently on the market:

Zynlo Money Market Account: 5.00% APY

TotalBank Online Money Market: 4.86% APY (on balances of $2,500+)

Brilliant Bank Surge Money Market: Up to 4.85% APY

VIO Cornerstone Money Market Savings: 4.77% APY

Quontic Bank Money Market: 4.75% APY

First Foundation Bank Online MMA: 4.75% APY

Prime Alliance Bank Personal MMA: 4.50% APY

UFB Direct Portfolio MMA: 4.31% APY

📊 How Much Interest Can You Earn?

Your earnings depend on the APY and how much you deposit. Here’s an example:

Example 1: National Average Rate (0.60% APY) on $1,000

Balance after 1 year: $1,006.02

Interest earned: $6.02

Example 2: High-Yield Rate (5% APY) on $1,000

Balance after 1 year: $1,051.27

Interest earned: $51.27

Example 3: High-Yield Rate (5% APY) on $10,000

Balance after 1 year: $10,512.67

Interest earned: $512.67

📘 Key Takeaways

1️⃣ Act Quickly: Rates are falling as the Fed cuts its benchmark rate. Lock in higher rates while they last.

2️⃣ Compare Options: Don’t settle for the national average. Look for high-yield MMAs offering 4% to 5% APY.

3️⃣ Higher Deposits = Higher Earnings: The more you deposit, the more interest you’ll earn, thanks to compound interest.

If you're looking to grow your savings with minimal risk, now’s the time to secure a high-yield money market account.

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