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What is Bankrate's top money market rate?

Bankrate’s top money market rates are much higher than today's national average APY of 0.47 percent. The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.

Are money market account rates going up?

The Federal Reserve held rates steady at its last meeting on May 1. Even without a 12th rate increase in the current cycle, money market account rates are already at their highest levels in more than a decade. The money market account national average APY is at 0.47 percent as of June 8, 2024, according to Bankrate’s most recent survey of banks.

What is the average APY for a money market account?

The money market account national average APY is at 0.47 percent as of June 8, 2024, according to Bankrate’s most recent survey of banks. Top money market account yields – generally at FDIC-insured online banks – are more than 11 times this. The Federal Reserve is forecasting three possible rate cuts in 2024.

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