The average money market rate today is 0.53%, with the highest rate being 4.89% from Curinos.
A money market account is an interest-bearing deposit account that can be opened at a bank or credit union, insured up to $250,000 by the FDIC at banks or the NCUA at credit unions.
Money market accounts offer higher interest rates than typical savings accounts but may have higher minimum deposit and balance requirements.
To open a money market account, compare rates, ensure you can meet minimum requirements, consider fees and features, then submit an application with personal information and make the required initial deposit.