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- The average money market account earns 0.23% Annual Percentage Yield (APY), in response to the FDIC.
- The exact interest rate on a money market account may rely on the account stability and monetary establishment.
- Money market interest costs can change over time.
A money market account capabilities like a monetary financial savings account — it earns a small amount of interest and may assist money develop, and has month-to-month limits on withdrawals.
Your money market account’s interest rate will vary based mostly totally on a variety of parts, along with the soundness, which monetary establishment you make the most of, and the current interest rate market.
Money market interest costs vs. high-yield monetary financial savings interest costs
Money market accounts will typically have elevated interest costs than the average savings account’s interest rate. But, amongst banks which have every high-yield savings accounts and money market selections, high-yield monetary financial savings accounts usually come out on excessive.
| Bank | Current money market interest rate (APY) | Current high-yield monetary financial savings interest rate (APY) |
| Ally | ||
| Synchrony | ||
| CIT Bank | ||
| Discover (Member FDIC) | ||
| PenFed Credit Union |
Average money market interest costs by account stability
Your account’s stability will have an effect on your interest rate.
According to info from S&P Global, the higher your stability, the higher your interest rate. Here are the average interest costs all through six fully totally different account balances:
| Account stability | Average APY |
| $2,500 | 0.17% |
| $10,000 | 0.20% |
| $25,000 | 0.24% |
| $50,000 | 0.28% |
| $100,000 | 0.33% |
| $250,000 | 0.37% |
Some money market accounts might have a minimal account stability, so assure that the account you’re considering fits your stability.
Average money market rate by monetary establishment
Each monetary establishment models fully totally different costs for its money market accounts. Money market accounts are equipped at every brick and mortar banks and on-line banks. Here are current money market interest costs equipped by a variety of commonplace banks.
| Bank | Money market interest rate |
Some banks present elevated interest costs for people with a variety of accounts at one monetary establishment. Check alongside together with your monetary establishment to see if a specific relationship rate might apply to your money market account.
Average money market account rate over time
Money market accounts’ interest costs may fluctuate over time. Money market costs tend to differ with the overall monetary system and interest costs set by the Federal Reserve.
According to data from the FDIC, the average money market interest rate has often decreased since 2009.
In 2022, the Federal Reserve has raised interest costs a variety of situations. As a finish outcome, the average money market account has slowly gone up as soon as extra. The average money market interest rate is presently 0.23% APY for accounts with balances beneath $100,000, in response to info from the FDIC.
