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Money Market Interest Rates Today: June 11, 2025 – Rates At 4.89%
- The current average money market rate is 0.53%, with the highest rate reaching up to 4.89% according to Curinos.
- A money market account (MMA) is an interest-bearing deposit account available at banks or credit unions, insured up to $250,000 per depositor by the FDIC at banks or the NCUA at credit unions.
- Money in an MMA grows with interest, allows for deposits and withdrawals at any time, and may offer check writing or debit card features, with some banks limiting transactions per statement period.
- MMAs can provide higher interest rates than standard savings accounts, but often require higher minimum deposits and balances.
- To open an MMA, compare offerings based on yield, ensuring they align with your minimum deposit capabilities, while also considering fees, withdrawal limits, and other account features.
- When ready to open an account, submit an application online or at a bank branch, providing personal information, government-issued ID, and making at least the minimum required opening deposit.
- MMAs operate similarly to savings accounts in some aspects and checking accounts in others.
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