Best Money Market Rates For June 2024 (Up to 5.48%)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

The Best Money Market Rates

Compare the best money market rates from 475 banks and credit unions. Then, you’ll be able to find the perfect account for your short-term savings goals and long-term investments. The table is sorted from the highest money market rates to the lowest.

As of June 18, 2024, the best money market rate is 5.48% APY with First Internet Bank. The minimum account opening deposit is $1,000,000.00.

Money Market Rates

Disclaimer: Interest rates change daily, and we’re doing our best to keep you updated. Please double-check with your bank or credit union!

Top 5 Highest Money Market Interest Rates

  1. First Internet Bank– 5.48% APY
  2. Brilliant Bank– 5.35%
  3. Vio Bank– 5.30%
  4. Hanover Bank – 5.27%
  5. Ponce Bank– 5.26%

What is a Money Market Account?

A money market account is a type of savings account offered by banks and credit unions that typically pays a higher interest rate than a regular savings account. MMAs are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), providing peace of mind for depositors.

The Best Money Market Rates Today

Key Features of Money Market Accounts

  1. Higher Interest Rates: MMAs often offer higher interest rates compared to standard savings accounts, making them an attractive option for savers.
  2. Limited Check-Writing and Debit Card Access: Many money market accounts come with check-writing privileges and a debit card, offering more flexibility than traditional savings accounts.
  3. Minimum Balance Requirements: To earn the best interest rates, MMAs usually require a higher minimum balance than other savings accounts.
  4. FDIC or NCUA Insurance: Deposits in MMAs are insured up to $250,000 per depositor, per institution, providing a secure place for your money.

Benefits of Money Market Accounts

  • Competitive Interest Rates: Earn more on your deposits with interest rates that often exceed those of regular savings accounts.
  • Flexibility: Access your funds through checks and debit card transactions while still earning interest.
  • Safety: Enjoy the security of FDIC or NCUA insurance, protecting your money up to $250,000.
The Average Money Market Rate

Money Market Account Calculator

Compound interest can significantly affect the amount you can save over time. Our calculator lets you see how different money market rates and deposits at varying times of the month can affect your savings plan! You’ll better understand what’s possible when growing your wealth with just a few inputs.

How to Choose the Best Money Market Account

  1. Compare Interest Rates: Look for accounts with the highest APY to maximize your earnings.
  2. Check Minimum Balance Requirements: Ensure you can meet the minimum balance needed to earn the best rates.
  3. Review Fees: Be aware of any monthly maintenance fees or transaction fees that could affect your earnings.
  4. Consider Access and Flexibility: Choose an account that offers the right balance of access to your funds and interest-earning potential.
Current Money Market Account Interest Rates

Conclusion

Money market accounts offer a blend of higher interest rates, security, and flexibility, making them a great choice for savers who want to earn more on their deposits while still having access to their money. By comparing rates and terms from various financial institutions, you can find the best money market account to meet your needs and help grow your savings.

Get Savings Advice

Get help licensed financial professional. This service is free of charge.

Contact Us
First
Last

Frequently Asked Questions

What is the average interest rate on a money market?

The average interest rate for money market accounts hovers around 4.00%, although this rate can increase significantly if you’re willing to maintain a higher minimum balance. Jumbo money market accounts, for instance, can offer rates well above the average.

Are money market rates fixed?

Unlike certificates of deposit (CDs), money market rates are not fixed. They are variable and can change over time, usually in response to changes in the overall economy.

What bank has the best money market rates?

Regarding all-around value, Raisin has earned recognition for offering some of the best jumbo money market rates. Their combination of excellent rates, remarkable customer service, and digital accessibility makes them a standout choice for many investors.

Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

Scroll to Top