Find out which banks are offering the top rates. Money market accounts (MMAs) can be a great place to store your cash if you're looking for a relatively high interest rate along with liquidity and flexibility.

Unlike traditional savings accounts, MMAs typically offer better returns, and they may also provide check-writing privileges and debit card access. This makes these accounts ideal for holding long-term savings that you want to grow over time, but can still access when needed for certain purchases or bills.

Even though rates have been falling over the past several months, it's still possible to find money market accounts that pay more than 4% APY.

Here is a look at some of today's best money market account rates:

TotalBank Online Money Market Deposit Account: 4.01% APY ($2,500 minimum balance required to earn highest rate)

Quontic Bank: 4% APY

Brilliant Bank Surge Money Market Account: 4% APY ($1,000 minimum balance required to earn highest rate)

Northern Bank Direct Mon­ey Mar­ket Pre­mier Account: 4% APY

Zynlo Money Market Account: 3.9% APY

Redneck Bank Mega Money Market: 3.85% APY

EverBank Yield Pledge Money Market Account: 3.8% APY

HUSTL Digital Credit Union Money Market: 3.8%

First Foundation Bank Online Money Market Account: 3.75% APY ($1,000 minimum balance required to earn highest rate)

Prime Alliance Bank Personal Money Market Account: 3.75% APY

Money market account rates have fluctuated significantly in recent years, largely due to changes in the Federal Reserve's target interest rate.

In the wake of the 2008 financial crisis, for example, interest rates were kept extremely low to stimulate the economy. The Fed slashed the federal funds rate to near zero, which led to very low MMA rates. During this time, money market account rates were typically around 0.10% to 0.50%, with many accounts offering rates on the lower end of that range.

Eventually, the Fed began raising interest rates gradually as the economy improved. This led to higher yields on savings products, including MMAs. However, in 2020, the COVID-19 pandemic led to a brief but sharp recession, and the Fed once again cut its benchmark rate to near zero to combat the economic fallout. This resulted in a sharp decline in MMA rates.

But starting in 2022, the Fed embarked on a series of aggressive interest rate hikes to combat inflation. This led to historically high deposit rates across the board. By late 2023, money market account rates had risen substantially, with many accounts offering 4% or higher. However, the Fed finally began cutting rates in late 2024 and continues slashing rates throughout 2025.

As of 2026, MMA rates remain high by historical standards, though they've begun a downward trajectory following the Fed's most recent rate cuts. Today, online banks and credit unions tend to offer the highest rates.

When comparing money market accounts, it's important to look beyond just the interest rate. Other factors, such as minimum balance requirements, fees, and withdrawal limits, can impact the total value you get from the account.

For example, it's common for money market accounts to require a large minimum balance in order to earn the highest advertised rate — as much as $5,000 or more in some cases. Other accounts may charge monthly maintenance fees that can eat into your interest earnings.

However, there are several MMAs available that offer competitive rates without any balance requirements, fees, or other restrictions. That's why it's important to shop around and compare accounts before making a decision.

Additionally, ensure that the account you choose is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which guarantees deposits up to $250,000 per institution, per depositor. Most money market accounts are federally insured, but it's important to double-check in the rare case the financial institution fails.

Read more: Money market account vs. high-yield savings account: Which is best for you?

The national average interest rate for money market accounts is just 0.56%, according to the FDIC. However, the best money market account rates often pay around 4% APY — similar to the rates offered on high-yield savings accounts.

The amount you will earn on $50,000 in a money market account depends on the annual percentage rate (APY) and the time period you leave the money in the account. For example, if you deposit $50,000 into a money market account that pays 4.5% APY and left it in your account for one year, you'd earn $2,303 in interest.

There are currently no money market accounts that pay 5% APY. However, some high-yield savings accounts from online banks can pay upwards of 4%. You can also check with your local bank or credit union to find out if they offer a 5% APY account that fits your needs.

If you want to earn more interest on your savings but keep the same level of protection that a checking or savings account offers, consider moving your deposits to a money market account (MMA).

These deposit accounts (not to be confused with money market funds) are offered by banks and credit unions, which means they're usually insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA) up to $250,000 per depositor, per institution.

Read more: Money market account vs. money market fund

FDIC insurance protects you from losing the funds in your deposit accounts — including money market accounts — if your bank fails. This insurance covers up to $250,000 of your principal deposits and accrued interest in each account category at any given bank.

It's possible to have more than $250,000 in insured money market account deposits per bank if you spread the funds across multiple account ownership categories. For example, you'll have a total of $750,000 worth of coverage if you place $250,000 each into an individual account, a joint account, and a trust.

If your bank does fail — like First Republic Bank and Silicon Valley Bank both did in 2023 — the FDIC will intervene to protect your deposits in one of two ways:

Bank sale: Arrange for a healthy bank to buy your bank and take over management of your account(s).

Direct payment: Pay you by check, up to the insured limit on each account, typically within two business days of the failure.

For balances above the covered amount, you may not get the money back. If the bank fails, you'll receive a claim against the estate of the closed bank and a Receiver's Certificate as proof of the claim. After the insured deposits are reimbursed, you might get payment for your uninsured deposits as the bank's assets are liquidated over the following years.

Credit unions also offer insurance on MMAs and other deposit accounts, but the coverage is provided by the National Credit Union Share Insurance Fund, which is administered by the NCUA.

Like FDIC insurance, NCUA insurance covers your MMA deposits up to $250,000 per account category if the credit union fails. These are the other ways FDIC and NCUA insurance are similar:

Insurance covers your principal and accrued interest.

If the credit union fails, it will be purchased by another credit union or you'll receive a check for your insured balance.

Checks are typically issued within a few business days of failure.

For MMA balances that aren't insured by the credit union, it could take months or years to get the money back while the credit union's assets are liquidated, and you may receive some or all of your deposit amount that wasn't covered. The good news is that no credit union member has ever lost a single penny of insured savings.

You can talk to your bank or credit union to confirm that your MMA is insured. If you want further confirmation — perhaps because you're vetting a new financial institution — you can use these tools to look up each account:

Bank accounts: Use the FDIC's Electronic Deposit Insurance Estimator or call 877-275-3342 (877-ASK-FDIC).

Credit union accounts: Use the NCUA's Share Insurance Estimator.

FDIC insurance does not cover MMAs against all losses. However, your bank likely has other coverage and protections for special circumstances that could affect your deposits, including:

Banker's blanket bond: Covers bank funds that are stolen or lost due to fire, flood, earthquake, or embezzlement.

Electronic Funds Transfer Act: Allows you to dispute incorrect or unauthorized electronic transactions, such as ATM withdrawals and debit card purchases. Your liability is limited to $50 if you report an incident of fraud within two days.

It's possible to have more than $250,000 of your cash deposits covered by insurance. If you want to deposit larger amounts, the key is to spread the money around strategically. Here are some ways to do that:

Deposit the funds across multiple account categories, such as single and jointly held money market accounts.

Open MMAs at multiple banks or credit unions.

Use free services such as MaxSafe or Impacts Deposit Corp, which spread your deposits across multiple banks to get you more insurance.

Open an MMA at a bank that belongs to the Depositors Insurance Fund, since these banks insure unlimited deposits.

Keep in mind that MMAs aren't the best place to deposit large sums of money since you can earn higher interest rates on other types of deposit accounts. For funds that will be deposited for a year or more, consider other FDIC-insured accounts, such as a certificate of deposit. To earn even bigger returns, you may want to invest some of the money in a mutual fund or retirement account.

With interest rates on the decline, many banking customers are doing anything they can to continue earning high returns on their deposits.

One potential option is a jumbo money market account (MMA). These accounts require a higher minimum deposit than traditional MMAs (usually $100,000 and up). And in return for that larger balance, jumbo money market accounts often pay higher interest rates.

Due to the high deposit requirements, jumbo MMAs may not be the best option for everyone. However, it’s one way to maximize your interest earnings if you have a large amount of cash.

A money market account is a deposit account typically offered by banks, credit unions, online brokerages, and other financial institutions. These accounts tend to pay higher interest rates than traditional checking and savings accounts and come with checks and/or a debit card for easy access to your funds.

However, MMAs often have higher minimum balance requirements in order to earn the highest rate and avoid monthly fees. These accounts also typically limit the number of withdrawals you can make in a month.

Jumbo money market accounts, which are somewhat rare, typically offer even higher rates in exchange for keeping a larger amount of money on deposit. For instance, America First Credit Union and First Internet Bank require a minimum balance of $1 million to earn the highest interest rate. You can still earn a decent rate with lower balances, but it won’t be as high.

There is no universal amount you’re expected to keep in a jumbo money market account — the typical threshold can be anywhere from $100,000 to $1 million. In some cases, traditional money market accounts pay tiered rates, where you can earn a higher interest rate by keeping a larger balance on deposit as well.

Money market account rates constantly change, and jumbo MMA rates are no exception. However, we’ve highlighted a few of the best jumbo MMA rates currently available:

Like all banking products, jumbo MMAs have pros and cons. Carefully consider these before opening an account.

Higher interest rates: One of the best features of jumbo money market accounts is that they often pay higher interest rates compared to traditional checking and savings accounts, allowing your balance to grow faster. However, it’s important to compare your options before opening an account, as not all jumbo MMAs offer competitive rates.

Liquidity: Money market accounts — including jumbo MMAs — allow you to withdraw or transfer your funds just about any time and often come with checks or a debit card for easy access. This may be an attractive feature if you don’t want to lock in your money for an extended period of time to earn a higher return, like you would with a CD, bond, or other type of investment.

Exclusive perks: Since you’re required to deposit a large amount of money to open a jumbo MMA, the accounts often come with added benefits. You may enjoy perks such as reduced fees or dedicated customer service.

High balance requirements: Some money market accounts, especially jumbo MMAs, can have high minimum deposit or balance requirements, which can be difficult for the average customer to meet.

Monthly fees: If your balance drops below the minimum, you may be charged a hefty monthly maintenance fee, which will eat into your interest earnings. You could also face other penalties, such as losing out on interest earnings for that month.

A portion of funds may be uninsured: The FDIC insures bank deposits up to $250,000 per depositor, per institution, per ownership category (the NCUA offers similar insurance for credit union deposits). If the financial institution fails, you’re guaranteed to get your money back — up to the federal limit. But because jumbo money market accounts often require a much larger balance in order to earn the best rate, a significant portion of your money could be uninsured.

Read more: How to insure deposits over $250,000

If you have a substantial amount of cash savings that you want to keep safe while earning some interest, a jumbo MMA can be a good option. They typically offer higher interest rates compared to standard savings accounts, while allowing you to access your money as needed.

That said, jumbo money market accounts are hard to find. Plus, their rates may not be so competitive when compared to some standard high-yield money market accounts. For example, among the best MMA rates available today, you could earn as much as 4% APY with no minimum balance required.

>;cpos:7;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\\" class=\\"link yahoo-link\\">See our picks for the 10 best high-yield money market accounts available today>>

Also, considering that a portion of your balance could be uninsured if you deposit more than $250,000 into a jumbo MMA, you may want to consider spreading your money across multiple high-yield accounts, including savings accounts, CDs, and even some investments.

For example, a CD allows you to lock in your interest rate for several months or years. This can be particularly beneficial when interest rates are falling. However, you usually can’t make additional deposits or withdraw money from a CD until it reaches the maturity date.

Stocks, bonds, and exchange-traded funds (ETFs) are more liquid options that can offer high returns. You can freely deposit and withdraw from accounts holding these investments, and their long-term returns can be higher than jumbo MMAs. However, they are often volatile, meaning your investment can go through periods of declining value. Sometimes, those periods can last months or even years.

While alternatives to jumbo MMAs exist, none are without drawbacks. As always, you must carefully weigh the pros and cons and how they fit into your larger financial strategy and goals.

Learn more:

Money market account vs. CD: Which is the best for savings?

Money market account vs. high-yield savings account: Which account is best for you?

Money market account vs. money market fund: What's the difference?

If you have a lump sum of cash sitting in a checking or traditional savings account, you could be missing out on higher interest rates.

Putting your money into a money market account or investing in a money market fund can be low-risk ways to get more from your money and hedge against inflation. However, though they have very similar names, money market accounts are very different from money market funds.

In this breakdown of money market accounts vs. money market funds, learn how these savings vehicles differ in terms of returns, account minimums, benefits, and risks.

A money market account is a type of deposit account available from many banks and credit unions. They usually pay a higher rate of interest than typical savings or checking accounts. Here’s a look at the average rates on these common deposit accounts as of March 2024, according to the FDIC:

Interest checking: 0.07%

Savings account: 0.47%

Money market account: 0.67%

Read more: The best money market rates available today

Unlike savings accounts, money market accounts give you check-writing privileges, so you can occasionally use your account to pay bills or transfer money. They may also come with a debit card.

As deposit accounts, money market accounts opened with federally insured banks or credit unions are protected against bank closures. Your deposits are backed, up to a maximum of $250,000, by either Federal Deposit Insurance Corporation (FDIC) coverage or the National Credit Union Share Insurance Fund (NCUSIF).

Though the names are similar, money market funds are quite different from money market accounts. Money market funds are not deposit accounts; they're a type of mutual fund, an investment fund that pools money from multiple investors to invest in a basket of securities, such as stocks or bonds.

Money market funds invest in short-term, liquid securities, such as commercial paper (unsecured corporate debt) or certificates of deposit (CDs). To invest in a money market fund, you must have an eligible investment account with an investment firm or online broker.

Money market funds tend to be lower-risk investments than other mutual funds, and they're typically used to store cash or as an alternative to traditional stocks. As an investment fund, money market funds can have higher returns than money market accounts, but they also

involve more risk.

As a type of investment, money market funds are protected by Securities Investor Protection Corporation (SIPC), a government corporation that protects investors who have money with financially troubled brokerages. SIPC protects up to $500,000 ($250,000 maximum for cash).

When deciding between money market funds vs. money market accounts, understanding the key factors that differentiate them can help you choose what to do with your excess cash:

Availability: Money market accounts can be opened through a bank or credit union, while money market funds are only available from investment firms. To invest in a money market fund, you'll need a brokerage or retirement account.

Insurance: Money market accounts are backed by FDIC or NCUSIF insurance, but money market funds are not. Money market funds are investments, not bank accounts, so they are protected by SIPC.

Returns: In general, money market funds have higher returns than the APYs on money market accounts.

Initial investment: Money market accounts usually require larger initial deposits than money market funds. While you can often invest in a money market fund with about $2,000, money market accounts often require $6,000 or more to earn the highest advertised rate and/or avoid fees.

Risk: With a money market account, interest rates may fluctuate, but your account won't lose value. By contrast, money market funds have some risk; you could lose money if market conditions change.

Fees: Money market accounts usually come with monthly fees, which may be waived if you meet certain balance requirements. Money market funds involve expense ratios, which are a percentage of the assets invested that go toward the investment firm's administrative and management expenses.

Taxes: Some money market funds are tax-exempt, such as those made up of municipal bonds. But the interest you earn in a money market account is taxable as income.

Whether a money market fund is better than a money market account depends on your goals and risk tolerance. Money market funds are relatively low-risk investments, but there is some risk of losing money. However, they usually provide higher returns than money market accounts and usually have lower account minimums.

If you can’t stomach taking on any risk, a money market account could be a good alternative. You'll earn a higher APY than you'd get with a traditional savings account without the risk of market changes affecting your account value.

Money market funds typically provide higher returns than deposit accounts, but there are some downsides to keep in mind:

Risk: Money market funds can lose money if the underlying securities in the fund drop in value.

High investment minimums: Unlike high-yield savings accounts, which can often be opened with as little as $5, money market funds have higher investment minimums. You'll usually need at least $2,000 to invest in a money market fund.

Fees: Money market funds involve expense ratios, which range from 0.10% to 0.76% of your invested assets. Depending on your balance, the fees could be substantial.

Money market accounts can be useful account options if you have excess cash you need for a short-term goal, such as an upcoming major purchase or dream vacation. Money market accounts usually have higher APYs than savings accounts and come with check-writing capabilities and/or a debit card.