The current average money market rate is 0.54%, while the highest rate is up to 4.89%.
Money market accounts typically pay higher interest rates than other deposit accounts.
MMAs at banks are insured by the Federal Deposit Insurance Corp. (FDIC), while MMAs at credit unions are insured by the National Credit Union Administration (NCUA).
Before opening a money market account, compare options with different banks or credit unions to choose the best fit.