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- The average money market account earns 0.18% APY, according to the FDIC.
- The actual interest rate on a money market account may depend on the account balance and bank.
- Like any other savings account, money market interest rates change over time.
Your money market account's interest rate will vary based on several factors, including the balance, which bank you use, and the current interest rate market.
Money market interest rates vs. high-yield savings interest rates
Money market accounts will typically have higher interest rates than the average savings account's interest rate. But, among banks that have both high-yield savings accounts and money market options, high-yield savings accounts often come out on top.
|Bank||Current money market interest rate||Current high-yield savings interest rate|
|Discover (Member FDIC)|
|PenFed Credit Union|
Average money market interest rates by account balance
Your account's balance will influence your interest rate.
According to data from S&P Global, the higher your balance, the higher your interest rate. Here are the average interest rates across six different account balances:
|Account balance||Average APY|
Some money market accounts could have a minimum account balance, so make sure that the account you're considering fits your balance.
Average money market rate by bank
Each bank sets different rates for its money market accounts. Money market accounts are offered at both brick and mortar banks and online banks. Here are current money market interest rates offered by several popular banks.
|Bank||Money market interest rate|
Some banks offer higher interest rates for people with several accounts at one bank. Check with your bank to see if a special relationship rate could apply to your money market account.
Average money market account rate over time
Money market accounts' interest rates may fluctuate over time. Money market rates tend to change with the overall economy and interest rates set by the Federal Reserve.
According to data from the FDIC, the average money market interest rate has generally decreased since 2009.
In 2022, the Federal Reserve has raised interest rates several times. As a result, the average money market account has slowly gone up again. The average money market interest rate is currently 0.18% APY for accounts with balances under $100,000, according to data from the FDIC.