Best money market account rates today, June 12, 2025 (earn up to 4.41% APY)
As interest rates begin to decline following the Federal Reserve’s recent cuts, finding a safe place to grow your savings is more important than ever. One strong contender is a money market account (MMA) — a hybrid between a savings account and a checking account that offers interest, plus features like check-writing and debit card access.
If you’re wondering where to find the best money market account rates today, here’s a complete guide to help you make an informed decision.
Top Money Market Account Rates Right Now
While the national average interest rate for MMAs is just 0.64%, many online banks and credit unions are still offering APYs over 4%, giving savers a real opportunity to grow their money safely. These elevated yields are largely a result of the Federal Reserve’s previous rate hikes, but they may not last much longer.
Here are some of the best MMA rates available today (June 12, 2025):
| Bank or Institution | APY | Key Features |
|---|---|---|
| Ally Bank | 4.35% | No monthly fees, 24/7 customer support |
| Synchrony Bank | 4.41% | No minimum balance, optional ATM card |
| CIT Bank | 4.30% | $100 minimum to open, mobile check deposits |
| Discover Bank | 4.25% | No monthly fees, mobile access |
| Sallie Mae | 4.36% | No minimum deposit, easy online access |
Note: Rates are subject to change and can vary by location or eligibility.
Why MMA Rates May Decline Soon
The period from mid-2023 through 2024 saw the Federal Reserve maintaining a relatively high federal funds rate of 5.25%–5.50%. However, as inflation cooled and economic stability returned, the Fed began cutting rates:
- September 2024: 50 basis point cut
- November 2024: 25 basis point cut
- December 2024: another 25 basis point cut
This brought the federal funds rate down to a target range of 4.25%–4.50%, and further cuts are expected throughout 2025. As a result, banks have slowly started lowering yields on interest-bearing accounts, including money market accounts.
What does this mean for savers?
If you’re considering opening a money market account, doing so soon might help you lock in a higher rate before further declines occur.
Is a Money Market Account the Right Choice for You?
Money market accounts are ideal for certain types of savers and financial goals. Before you open one, consider the following factors:
1. Liquidity
Money market accounts generally allow easier access to your funds compared to traditional savings accounts. Many come with debit cards and check-writing capabilities, though there may be limits on the number of withdrawals per month.
This makes them an excellent option for:
- Emergency funds
- Short-term savings goals
- Parking funds temporarily while still earning interest
2. Safety
Like regular savings accounts, MMAs are typically FDIC- or NCUA-insured, meaning your money is protected up to $250,000 per depositor, per institution. This gives risk-averse savers peace of mind.
3. Return vs. Risk
If you’re looking for higher yields than a basic savings account but aren’t ready to invest in the stock market, a money market account offers a balance between return and safety. However, if your savings goal is long-term (such as retirement), investing in stocks or mutual funds may offer better growth potential over time.
Frequently Asked Questions
What is the current average interest rate for a money market account?
As of June 12, 2025, the national average MMA rate is 0.64%, according to FDIC data. However, the best MMA rates today range from 4.25% to 4.41%, offered by online banks and credit unions.
Can I get 7% interest from a money market account?
Currently, no money market account offers 7% interest. Some high-yield checking accounts or promotional offers may advertise temporary 7% APYs, but they usually come with strict requirements and low balance limits. These offers are rare, short-lived, and not applicable to MMAs.
Are money market accounts better than savings accounts?
Money market accounts generally offer similar or slightly better interest rates than traditional savings accounts and provide more flexibility with access (like debit cards and checks). However, both are low-risk, interest-bearing deposit accounts, and which is better depends on your personal needs.
Final Thoughts: Should You Open an MMA Now?
With interest rates still elevated — but trending downward — opening a money market account today could be a smart move. Whether you’re saving for a short-term goal or building an emergency fund, these accounts offer a solid mix of safety, liquidity, and yield.
To get the most value:
- Compare rates across multiple banks and credit unions
- Look out for minimum balance requirements and withdrawal limits
- Prioritize institutions with no fees and easy online access
By acting now, you can take advantage of some of the best money market rates available before they potentially drop further in the coming months.