The average money market interest rate

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  • The average money market account earns 0.14% 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.

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A money market account functions like a savings account — it earns a small amount of interest and can help money grow, and has monthly limits on withdrawals.

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.

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:

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. 

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 0.14% APY for accounts with balances under $100,000, according to data from the FDIC.

Liz Knueven

Personal Finance Reporter

Liz was a reporter at Insider, primarily covering personal-finance topics. 
Before joining Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma. 
She earned her bachelor’s degree in writing from The Savannah College of Art and Design. She lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.

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