If you’re looking to boost the earnings on your savings, a money market account (MMA) could provide a competitive return to help your balance grow faster. Plus, you can easily access your funds, as many money market accounts come with a debit card and/or paper checks.

However, not all banks offer high rates, which is why it’s important to shop around and find the most competitive money market rates available. Read on to learn more about where to find the best MMA rates right now.

What are the best money market account rates today?

From a historical perspective, money market account interest rates have been quite high. The national average interest rate for money market accounts is just 0.60%, according to the FDIC, but the top money market account rates often pay above 4% APY or even more — similar to the rates offered on high-yield savings accounts.

Here’s a look at some of the top MMA rates available today:

• TotalBank Online Money Market Deposit Account: 5.01% APY (on balances of $2,500 and up)

• Zynlo Money Market Account: 5.00% APY

• VIO Cornerstone Money Market Savings Account: 4.90% APY

• Brilliant Bank Surge Money Market Account: up to 4.85%

• Quontic Bank Money Market Account: 4.75% APY

• First Foundation Bank Online Money Market Account: 4.75% APY

• Prime Alliance Bank Personal Money Market Account: 4.50% APY

• UFB Direct Portfolio Money Market Account: 4.31% APY

See our picks for the 10 best money market accounts available today>>

Additionally, the table below features some of the best savings and money market account rates available today from our verified partners.

Money market account interest rate predictions for 2024

Following several years of near-zero interest rates, the Federal Reserve began raising the federal funds rate in 2022 to combat rapidly rising inflation. As a result, money market interest rates skyrocketed, reaching a 15-year high.

However, as inflation cooled and the economy improved, the Fed slashed its target rate by 50 basis points in September. Then in November, it cut its rate by another 25 basis points.

Although the federal funds rate doesn’t directly impact deposit rates, they are correlated. So, when Fed lowers its rate, money market interest rates eventually fall as well. That means now is likely the last chance to take advantage of historically high money market rates.

Read more: Are money market accounts safe?

How to open a money market account

The requirements involved in opening a money market account vary by financial institution. However, if you’re ready to open an account, you can follow these general steps:

• Research and compare accounts: One of the most important factors to consider when shopping around for a money market account is the interest rate. Look for competitive interest rates, as this will directly impact your earnings. However, it’s also important to compare monthly maintenance fees, withdrawal limits, and minimum balance requirements since these can also impact your returns.

• Choose a financial institution: You’ll need to decide whether you prefer a traditional bank, credit union, or online bank. Keep in mind that online banks tend to offer the highest interest rates, but credit unions may have more personal service. You should also verify that the institution is insured by the FDIC (Federal Deposit Insurance Corporation) for banks or NCUA (National Credit Union Administration) for credit unions to ensure that your funds are protected in the rare instance the institution fails.

• Gather required documentation: You’ll need to provide a government-issued ID such as a driver’s license, passport, or Social Security card. You should also be prepared to provide some personal information, including your address, phone number, and date of birth. Some banks may require proof of address in the form of a utility bill, lease agreement, or other document.

• Complete the application: Many financial institutions allow you to do this online, though you may prefer to visit a branch (if one exists) for in-person assistance.

• Fund the account: Many money market accounts have minimum deposit requirements that you need to meet. You can transfer money electronically from another bank account, mail a check, or deposit cash directly at a branch, depending on the bank’s policies.

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