Best Money Market Account Rates Today: Earn Up to 5.00% APY

As of December 31, 2024, the national average rate for money market accounts (MMAs) stands at 0.64% according to the FDIC. However, several banks and credit unions offer significantly higher APYs, providing savers with an opportunity to earn more on their deposits. Here are some of the best money market account rates available today, along with their features and requirements:

1. Brilliant Bank – 5.35% APY
* Minimum opening deposit: $1,000
* Minimum ongoing balance: Any amount
* Monthly fee: None with $2,000 balance; otherwise $10/month
* ATM card available: Yes
* Debit card available: Yes
* Withdrawals allowed per month: Unlimited
* Checking accounts available: Yes
2. MYSB Direct – 5.25% APY
* Minimum opening deposit: Any amount
* Minimum ongoing balance: $5,000
* Monthly fee: None with $5,000 balance; otherwise $10/month
* ATM card available: Yes
* Debit card available: Yes
* Withdrawals allowed per month: 10
* Checking accounts available: No
3. Republic Bank of Chicago – 5.21% APY
* Minimum opening deposit: $2,500
* Minimum ongoing balance: Any amount
* Monthly fee: None with a $2,500 balance; otherwise, $25/month
* ATM card available: No
* Debit card available: No
* Withdrawals allowed per month: Unlimited
* Checking accounts available: Yes
4. UFB Direct – 5.15% APY
* Minimum opening deposit: $0
* Minimum ongoing balance: Any amount
* Monthly fee: None with a $5,000 balance; otherwise, $10/month
* ATM card available: Yes
* Debit card available: Yes
* Withdrawals allowed per month: Unlimited
* Checking accounts available: No
5. Merchants Bank of Indiana – 5.00% APY
* Minimum opening deposit: $50
* Minimum ongoing balance: Any amount
* Monthly fee: None
* ATM card available: No
* Debit card available: No
* Withdrawals allowed per month: 6, with a fee of $2 each after that
* Checking accounts available: Not available online
6. BluPeak Credit Union – 5.00% APY
* Minimum opening deposit: $100
* Minimum ongoing balance: Any amount
* Monthly fee: None
* ATM card available: Yes
* Debit card available: Yes
* Withdrawals allowed per month: Unlimited
* Checking accounts available: Yes
* Membership: Based out of San Diego, anyone nationwide can join BluPeak by making a $25 donation to KPBS.

When choosing a money market account, consider the APY, minimum deposit, and monthly fee, as well as the availability of ATM and debit cards, and the number of withdrawals allowed per month. Additionally, ensure that the bank or credit union is FDIC-insured or NCUA-insured to protect your deposits.

In conclusion, while the national average rate for money market accounts is relatively low, several banks and credit unions offer significantly higher APYs, providing savers with an opportunity to earn more on their deposits. By comparing the features and requirements of various money market accounts, savers can find the best option to suit their needs and maximize their earnings.