The Federal Reserve reduced the federal fund rate three times by 2024 by a total reduction in a percentage point. As a result, the tank interest rates (including the rates of the monetary market account) have fallen.

It is more important than ever to compare MMA rates and secure -you win as much as possible in your balance.

Although monetary market account rates are high according to historical standards, the MMA’s national average rate is only 0.64%, according to the FDIC. Good news: high -performance monetary market accounts offer more than 4% APY, more than six times the national average.

That is why it is important to buy before opening a monetary market account. Interest rates vary widely, but there are several banks (in particular, Banks online) and credit cooperatives with highly competitive offers.

Here is a look at some of the most important rates of MMA available today:

Check out our options for the 10 best accounts in the Monetary Market available today >>

In addition, the following table has some of the best rates for savings and monetary market available today for our verified members.

Online banks work exclusively through the web. This significantly reduces their general costs, so they can transmit these savings to customers in the form of high tank rates and low rates. If you are looking for the best rates in the monetary market account, Banks online They are a great place to start.

That said, online banks are not the only place where you can find savings accounts with 4% to 5% APY rates. Credit unions They are non -profit financial cooperatives and are also known for providing competitive rates and less rates. Many credit cooperatives have certain requirements that must be met to become a member, although they allow anyone to join.

Read -Ne More: Are the online banks really safe?

Monetary market accounts can be an ideal option for short -term savings goals, such as creating an emergency fund or setting up money for a nearby expense. They generally offer higher interest rates than regular savings accounts and provide easier access to your money compared to other options, such as deposit certificates (CD).

The monetary market accounts are also considered low -risk and are secured with the FDIC to $ 250,000 standard per depositor, by institution. This makes them more secure than MONETARY MARKET FUNDSwhich may be subjected to market risk.

However, keep in mind that many accounts in the monetary market require a minimum balance to open the account and win the highest announced rate. If you cannot keep this balance, you could incorporate rates or lose the best rates.

And, although you can generally access your funds as needed, MMAs may limit the number of transactions you can make each month. If you need frequent access to your money, it may be a consideration.

Read -Ne More: Is there a penalty to withdraw from your monetary market account?

When a monetary market account makes sense:

• You want to gain more interest than a regular savings account without blocking your money on a CD.

• You can keep your balance minimum to prevent fees.

• You want to keep the funds easily accessible to emergency or short -term expenses.

Currently, the average average market account rate is 0.64%. However, several high -performance accounts pay 4% or more. If you consider opening a monetary market account, secure -buy and compare the rates.

There is no account or investment that guarantees a 12%return. However, if your goal is to get a strong performance of your money and grow your wealth significantly, invest in market values ​​such as shares, mutual funds, stock market is the best strategy to do so. The securities market returns approximately 10% per year, on average.

If you are not sure where to start, it may be helpful to talk to a financial advisor about your financial goals and priorities. Alternatively, you can register with a Robo-Advisor, which is an automated and profitable option for managing your portfolio.

Read -Ne More: Robo-Advisor: How to start investing right away