Best Money Market Account Rates as of June 12, 2025
With the Federal Reserve continuing to lower interest rates, now may be one of the last chances to lock in a high return on your savings. One of the best tools available to savers today is a money market account (MMA). These accounts offer competitive interest rates, along with features such as debit card access and limited check-writing ability.
Here’s what you should know about current money market account rates and how to choose the best one.
Top Money Market Rates Today
Despite the average national money market interest rate sitting at just 0.64%, many banks — especially online institutions — are still offering APYs over 4%. These higher rates are a carryover from the Fed’s prior rate hikes, but they may not last much longer.
Here are some of the top MMA rates available as of June 12, 2025:
| Bank | APY | Highlights |
|---|---|---|
| Synchrony Bank | 4.41% | No minimum balance, optional ATM access |
| Sallie Mae | 4.36% | No monthly maintenance fees |
| Ally Bank | 4.35% | 24/7 customer support, strong mobile tools |
| CIT Bank | 4.30% | $100 to open, mobile check deposit options |
| Discover Bank | 4.25% | Free transfers, FDIC insured |
These rates are updated regularly, and availability may vary based on location and account type.
Why Are Rates Falling?
Between July 2023 and September 2024, the Federal Reserve held its benchmark interest rate at 5.25% to 5.50% to combat inflation. However, as economic conditions improved, the Fed began easing rates in late 2024:
- September 2024: 50 basis point cut
- November 2024: 25 basis point cut
- December 2024: another 25 basis point reduction
The current federal funds rate now stands at 4.25%–4.50%. With more rate cuts expected in 2025, financial institutions have started lowering the yields on interest-bearing products, including MMAs.
If you’re looking to secure a strong return with minimal risk, now may be a great time to consider opening a money market account before rates dip further.
What Makes a Money Market Account Worthwhile?
Money market accounts combine features of both savings and checking accounts. They typically offer higher interest rates than traditional savings accounts, while also providing more convenient access to funds.
Here are some of the main advantages of MMAs:
1. Higher Yields
Many money market accounts offer APYs that exceed those of regular savings accounts — particularly from online-only banks.
2. Liquidity
Money market accounts generally allow up to six withdrawals per month. Many come with check-writing abilities or a debit card, making them ideal for emergency savings or short-term goals.
3. Security
Money market accounts are typically FDIC- or NCUA-insured, meaning your deposits are protected up to $250,000 per institution. This makes them a safe option for conservative savers.
When Is a Money Market Account a Good Fit?
Not every financial product fits every saver. Consider a money market account if:
- You need flexibility: With easier access to your funds than CDs or high-yield savings accounts, MMAs work well for people who may need to tap into their savings periodically.
- You’re building an emergency fund: Safety and liquidity make MMAs a great choice for funds you may need quickly in case of unexpected expenses.
- You want to earn better returns on cash: Money market accounts are low-risk and still offer higher returns than most brick-and-mortar savings accounts.
However, if you’re saving for a long-term goal — like retirement — you may want to look at higher-risk, higher-return investments like index funds or IRAs.
Frequently Asked Questions
What is the average MMA interest rate today?
As of June 12, 2025, the national average for a money market account is 0.64% APY, according to FDIC data. However, many online banks and credit unions are offering rates above 4.25%, with the highest around 4.41%.
Can I get 7% interest on a money market account?
No. There are currently no money market accounts offering 7% interest. Occasionally, some checking accounts may advertise a 7% return as part of a short-term promotion, but these are rare, come with conditions, and apply to limited balances.
Are money market accounts better than savings accounts?
Money market accounts generally offer slightly higher rates and more withdrawal flexibility. However, they may also have higher minimum balance requirements. The best choice depends on your financial goals and how often you’ll need access to the money.
Final Thoughts
Money market accounts are a great option for savers seeking a mix of safety, flexibility, and competitive returns. While the best MMA rates today still exceed 4%, they are likely to decline in the coming months due to the Fed’s interest rate cuts.
If you’re thinking about where to keep your savings — especially for short-term goals or emergency funds — it may be wise to open a money market account now to lock in a top rate while it lasts.
Always compare account features, fees, and minimum balance requirements before choosing the right MMA for your needs.