The highest money market rate as of today is 5.00%, while the national average rate is 0.56%.Money market accounts (MMA) are interest-bearing deposit accounts that can be opened at banks or credit unions, insured up to $250,000 per depositor.MMAs offer higher interest rates compared to regular savings accounts, but may require higher minimum deposits and balances.When opening an MMA, it's important to compare rates, minimum balance requirements, fees, and withdrawal limits to find the best option.