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Money Market Interest Rates Today: June 13, 2025 – Rates At 4.89%
- The highest money market rate today is 4.89%, exceeding the national average of 0.53% according to Curinos.
- Money market accounts (MMAs) are interest-bearing deposit accounts offered by banks and credit unions where deposits earn interest. They allow withdrawals but may have transaction limitations.
- MMAs typically offer higher interest rates compared to savings accounts and may provide debit cards or check-writing privileges for easier cash access. They often require higher deposits and balances.
- MMAs at banks are insured by the FDIC, while those at credit unions are insured by the NCUA, up to $250,000 per account type in the event of bank failure.
- Prior to opening a money market account, compare options across different financial institutions, considering rates, requirements, fees, and withdrawal limits to find a suitable account.
- Applications for MMAs can usually be submitted online or in-branch, requiring basic information such as name, address, Social Security number, employment details, and income, along with a government-issued ID.
- Money market accounts combine features of both savings and checking accounts, offering interest accumulation akin to savings accounts and some transaction capabilities like checking accounts.
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