<ul data-eligibleForWebStory="true">The average money market rate today is 0.53%, with the best rate at 4.89%.Money market accounts are interest-bearing deposit accounts similar to savings accounts, insured by the FDIC or NCUA.Compared to regular savings accounts, money market accounts typically offer higher interest rates but require higher minimum deposits.When opening a money market account, compare options, minimum balance requirements, monthly fees, withdrawal limits, and APYs for the best fit.