What Is the Typical Money Market Account Interest Rate in 2025?
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
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Currently, the best money market rate is APY at First Internet Bank of Indiana. While the typical money market account interest rate at traditional banks is much lower — often just 0.01% to 0.15% — online banks frequently offer rates between 3.66% and 4.42%. Here’s how today’s rates compare and what they mean for your savings.
Today’s Money Market Rates, From High to Low
The FDIC national average for money market accounts is 0.59% APY. Here is a table showing examples of high, mid-tier and low money market account rates.
| Rate Tier | APY | Bank |
|---|---|---|
| High rate | Up | First Internet Bank of Indiana |
| High rate | Up to | ZYNLO Bank |
| High rate | Up to | CFG Bank |
| Mid-tier rate | Up to | Huntington Bank |
| Mid-tier rate | Up to | Sallie Mae Bank |
| Low rate | Up to | First Citizens Bank |
| Low rate | Fifth Third Bank |
Why Do Money Market Rates Vary So Much?
Rates vary for a number of reasons. Some of those reasons include:
- Increase in the Fed’s rates: When the Federal rate increases, money market rates also typically increase.Â
- Promotional rates for new customers: Banks offer rate increases for their money market accounts to attract new customers.
- Balance tiers: Some banks offer different rates based on the account balance. As the balance increases, the rate typically increases.Â
- Keeping up with the competition: In a competitive banking market, banks may offer higher rates to be more in line with competitors.Â
- Online banks: Usually, online banks offer higher money market account rates than traditional banks since they have less overhead.Â
Best Places To Find High-Yield Money Market Accounts
Here’s a look at top high-yield money market accounts from both online banks and credit unions offering competitive rates.
Online Banks Offering Top Rates
| Bank | APY | Minimum Deposit |
|---|---|---|
| ZYNLO Bank | $0 | |
| CFG Bank | $1,000 | |
| Quontic Bank | $100 | |
| Sallie Mae Bank | $0 | |
| Ally Bank | None | |
| Discover® Bank, Member FDIC | Up to | None |
Credit Unions and Community Banks With High Rates
| Bank | APY | Minimum Deposit |
|---|---|---|
| Community America Credit Union | Up to 3.50% | None |
| Community First Credit Union | Up to | $750,000 |
| Desert Financial Credit Union | Up to | $2,000 |
How To Maximize Your Earnings
If you plan to open a money market account, you want it to grow as fast as it can. Here are some ways to boost your earnings:
- Shop around: Don’t settle for a mediocre low rate at a traditional big bank. Instead, look at online banks since they have higher rates.Â
- Avoid maintenance fees: Avoid bank accounts with monthly maintenance fees. These fees cut into your earnings.Â
- Monitor rate changes: Since APYs are typically variable, it’s important to stay informed about interest rate shifts — and be ready to switch accounts if better rates become available.
- Maintain the required balance: You will likely pay a fee if your balance drops below the required minimum.Â
How Much Will You Earn With a Money Market Account?
Your earnings depend on the APY and how often interest compounds — this table shows how much you could make over a year with different rates.
| Amount | APY | Interest Earned | Total Amount |
|---|---|---|---|
| $10,000 | 0.50%Â | $50 | $10,050 |
| $10,000 | 2.00% | $200 | $10,200 |
| $10.000 | 4.50% | $450 | $10,450 |
| $10,000 | 5.00% | $500 | $10,500 |
Pro Tip
The more frequently your interest compounds, the more you can earn over time. With daily compounding, you earn interest on your interest every day, boosting your total return compared to monthly or quarterly compounding.
Money Market Account vs. Other Savings Options
How do money market accounts stack up against other savings options? This chart compares them to other top savings account options so you can see the differences at a glance.
| Account Type | Average APY | Minimum Deposit | Access | Liquidity | Best For |
|---|---|---|---|---|---|
| Money market account | 0.01% to 4.42% | $0 to $2,000 | Can write checks and access funds with debit cards | High | People who want to grow their money but also want check writing capabilities |
| High-yield savings accounts | 3.50% to 4.50% | $0 to $100 | Can withdraw a limited amount | High | Savers seeking higher APYs and liquidity |
| CDs | 4.20% to 5.00% | $500 to $1,000 | Funds are locked for the term | Low | Anyone wanting to save at a higher rate and don’t need immediate cash |
| Treasury bills | 4.30% | $100 | None until maturity | Low | Conservative growth |
Final Takeaway: Shop Smart and Don’t Settle
If you’re looking for a money market account, there are few things you should keep in mind:Â
- Always shop around for the best rateÂ
- Look for interest-compounding accounts
- Online banks tend to have higher APYs than traditional banks
Money Market Account FAQ
Before opening a money market account, get the facts on how interest rates work, how often they change and how much you can really earn.- What is a money market account?
- A money market account is a hybrid between savings and checking accounts. You have check writing privileges but also earn interest on your balances.
- Is a money market account a savings account?
- A money market account can be considered a hybrid between a checking and savings account. You have the ability to write checks like a checking account, but you can also save money like a savings account.
- How often do money market account interest rates change?
- Money market account rates can change frequently — either weekly or monthly.
- What is the average interest rate on a money market account?
- Average money market rates have a huge range between 0.01% to 4.25%. Rates are dependent on the bank.
- Where can I get 5% interest on my money?
- You can get 5.00% on a Varo savings account for balances up to $5,000.
- You can also find high rates at Axos Bank. Savings accounts at this financial institution have a 4.46% APY.
- How much will $10,000 make in a money market account?
- This will depend on the APY. For example, for a money market account that has $10,000 with an APY of 5%, you can earn $500 in a year.
- Which bank is giving 7% interest on savings accounts?
- Currently, there are no banks giving 7% interest on savings accounts.
Daria Uhlig contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 10, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
- FDIC. "National Rates and Rate Caps."
- FDIC. "Deposit Accounts."
- Federal Reserve. "Regulation D."
- Consumer Financial Protection Bureau. "Appendix A to Part 1030 — Annual Percentage Yield Calculation."
