The highest money market rate as of today is 4.89% compared to the national average rate of 0.54%.Money market accounts (MMAs) are interest-bearing deposit accounts that can be opened at a bank or credit union.MMAs are insured up to $250,000 per depositor by the FDIC at banks or the NCUA at credit unions.MMAs offer higher interest rates than typical savings accounts, but often require higher minimum deposits and balances.