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Today’s Top Money Market Account Rates For June 12, 2025 – Rates Hit 4.89%
- The current average money market rate is 0.53%, with the highest rate reaching 4.89%, as reported by Curinos.
- Money market accounts (MMAs) offered by banks and credit unions function like savings accounts, where deposited money earns interest and allows for withdrawals with some restrictions.
- MMAs generally offer higher interest rates than traditional savings accounts and may provide debit cards and check-writing capabilities for easy access to cash.
- Funds in MMAs at banks are FDIC-insured, while those at credit unions are insured by NCUA, with coverage up to $250,000 per account type.
- When considering a money market account, compare various options for minimum balance requirements, fees, withdrawal limits, and APYs to find the most suitable choice.
- To open an MMA, applicants need to provide personal details, such as identification, address, and Social Security number, and make an initial deposit after approval.
- Money market accounts combine features of both savings and checking accounts, offering a balance of high-interest savings and accessible cash reserves.
- Eligible for Web Story: true
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