Learn the way a lot you could possibly earn with right now’s cash market account charges. The Federal Reserve lower its goal fee thrice in 2024 and just lately lower charges for the primary time in 2025. So deposit charges — together with cash market account (MMA) charges — have began falling. It’s extra vital than ever to match 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%, in line with the FDIC.
Even so, a few 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, think about opening a cash market account now to benefit from right now’s excessive charges.
Right here’s a have a look at a few of the prime MMA charges accessible right now:
Moreover, the desk under options a few of the finest financial savings and cash market account charges accessible right now from our verified companions.
The quantity of curiosity you’ll be able to earn from a cash market account is dependent upon the annual proportion fee (APY). It is a measure of your whole earnings after one 12 months when contemplating the bottom rate of interest and the way usually curiosity compounds (cash market account curiosity usually compounds every day).
Say you set $1,000 in an MMA on the common rate of interest of 0.59% with every day compounding. On the finish of 1 12 months, 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 gives 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 identical instance of a cash market account at 4% APY, however deposit $10,000, your whole steadiness after one 12 months can be $10,408.08, which means you’d earn $408.08 in curiosity.
