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Yahoo
09-07-2025
- Business
- Yahoo
Best money market account rates today, July 9, 2025 (secure up to 4.41% APY)
Find out which banks are offering the best MMA rates right now. As interest rates continue to fall following the Fed's recent rate cuts, it's more important than ever to ensure you're earning a competitive rate on your savings. One option you may want to consider is a money market account (MMA). These accounts are similar to savings accounts — they offer interest on your balance, but may also include a debit card and/or check-writing capabilities. Wondering where the top money market account rates can be found today? Here's what you need to know. From a historical perspective, money market account interest rates have been quite high. The national average interest rate for money market accounts is just 0.62%, according to the FDIC, but the top money market account rates often pay above 4% APY or even more — similar to the rates offered on high-yield savings accounts. Here's a look at some of the highest MMA rates available today:Additionally, the table below features some of the best savings and money market account rates available today from our verified partners. Deposit account rates — including money market rates — are tied to the federal funds rate. This is an interest rate range set by the Federal Reserve and is what banks charge each other for overnight loans. When the Fed increases the federal funds rate, deposit account rates usually increase. And conversely, when the Fed lowers its rate, deposit rates fall. Between July 2023 and September 2024, the Fed maintained a target range of 5.25%–5.50%. However, as inflation cooled and the economy improved, the Fed slashed the federal funds rate by 50 basis points in September 2024. It then cut an additional 25 bps in November, and another 25 bps in December. As a result, money market rates have begun to decline. Further rate cuts are expected in 2025, which means now might be the last chance for savers to take advantage of today's higher rates. Read more: Can you lose money in a money market account? Considering that money market account rates are still elevated, these accounts are an attractive option for savers. Even so, deciding whether it's the right time to put money in a money market account also depends on your financial goals and the broader economic conditions. Here are some key factors to consider: Liquidity needs: Money market accounts offer easy access to your money since they often come with check-writing capabilities or debit card access (though there may be a cap on monthly withdrawals). If you need to keep your money accessible while still earning a decent yield, a money market account could be ideal. Savings goals: If you have short-term savings goals or want to build an emergency fund, a money market account can provide a safer place for your cash, with returns that are better than most traditional savings accounts. Risk tolerance: For conservative savers who prefer to avoid the ups and downs of the stock market, money market accounts are appealing because they are backed by FDIC insurance and can't lose principal. However, if you're saving for a long-term goal like retirement, riskier investments are necessary to generate higher returns that will get you to your savings target. Given that interest rates are still elevated, now could be a good time to consider a money market account, especially if you're seeking a balance of safety, liquidity, and better returns than traditional savings accounts. Comparing rates from different institutions will help you find the best options available. Today, the highest money market account rate is offered by TotalBank. It's MMA pays 4.41%, which is more than seven times the national average. In today's falling interest rate environment, it's quite difficult to find a deposit account that pays 5%. Some promotional checking accounts have rates above 5% APY, though checking accounts aren't a great place to store cash savings long-term. Instead, you may want to investigate market investments, which come with more risk than money market accounts and other types of deposit accounts, but also provide much higher returns, on average. Yes. As long as you open an account with a federally insured bank or credit union, your money market account is safe from market risk. The only way your account can lose money is if you incur fees.
Bloomberg
09-07-2025
- Business
- Bloomberg
Philippines Seen Resilient to Tariffs But Faces Risks, S&P Says
The Philippine economy is likely to be resilient to higher US levies but faces the risk of lower foreign investments amid the global uncertainty, according to S&P Global Ratings. 'The Philippine economy is expected to be resilient to tariffs due to its low reliance on exports,' Nikita Anand, director for financial institutions ratings at S&P, said at a webinar on Wednesday. The Southeast Asian nation's easier monetary policy may also help shield one of Asia's fastest-growing economies from volatile external demand, according to S&P.
Yahoo
08-07-2025
- Business
- Yahoo
Best money market account rates today, July 8, 2025 (Earn up to 4.41% APY)
Find out which banks are offering the top rates. Money market accounts (MMAs) can be a great place to store your cash if you're looking for a relatively high interest rate along with liquidity and flexibility. Unlike traditional savings accounts, MMAs typically offer better returns, and they may also provide check-writing privileges and debit card access. This makes these accounts ideal for holding long-term savings that you want to grow over time, but can still access when needed for certain purchases or bills. The national average interest rate for money market accounts is just 0.62%, according to the FDIC. However, the best money market account rates often pay above 4% APY — similar to the rates offered on high-yield savings accounts. Here is a look at today's highest money market account rates: Interested in earning the best possible interest rate on your savings balance? Here is a look at some of the best savings and money market account rates available today from our verified partners. This embedded content is not available in your region. Money market account rates have fluctuated significantly in recent years, largely due to changes in the Federal Reserve's target interest rate, known as the federal funds rate. In the wake of the 2008 financial crisis, for example, interest rates were kept extremely low to stimulate the economy. The Fed slashed the federal funds rate to near zero, which led to very low MMA rates. During this time, money market account rates were typically around 0.10% to 0.50%, with many accounts offering rates on the lower end of that range. Eventually, the Fed began raising interest rates gradually as the economy improved. This led to higher yields on savings products, including MMAs. However, in 2020, the COVID-19 pandemic led to a brief but sharp recession, and the Fed once again cut its benchmark rate to near zero to combat the economic fallout. This resulted in a sharp decline in MMA rates. But starting in 2022, the Fed embarked on a series of aggressive interest rate hikes to combat inflation. This led to historically high deposit rates across the board. By late 2023, money market account rates had risen substantially, with many accounts offering 4.00% or higher. Throughout 2024, MMA interest rates remained elevated, and it was possible to find accounts that paid well above 5% APY. Today, rates remain high by historical standards, though they've begun a downward trajectory following the Fed's most recent rate cuts later in late 2024. Today, online banks and credit unions tend to offer the highest rates. When comparing money market accounts, it's important to look beyond just the interest rate. Other factors, such as minimum balance requirements, fees, and withdrawal limits, can impact the total value you get from the account. For example, it's common for money market accounts to require a large minimum balance in order to earn the highest advertised rate — as much as $5,000 or more in some cases. Other accounts may charge monthly maintenance fees that can eat into your interest earnings. However, there are several MMAs available that offer competitive rates without any balance requirements, fees, or other restrictions. That's why it's important to shop around and compare accounts before making a decision. Additionally, ensure that the account you choose is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which guarantees deposits up to $250,000 per institution, per depositor. Most money market accounts are federally insured, but it's important to double-check in the rare case the financial institution fails. Read more: Are money market accounts safe? By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Today, money market account rates are still quite high by historical standards. The best accounts provide over 4% APY, with the highest rate available today at 4.51% APY. The amount $10,000 will earn in a money market account depends on the annual percentage yield (APY) offered by the account, as well as how long you keep your money in the account. Let's say you choose to deposit $10,000 in a money market account that earns 4% APY with monthly compounding interest. After one year, you would earn $407.44 in interest, for a total balance of $10,407.44. Money market accounts are generally safe and flexible savings options, but like any other financial product, they come with some downsides, too. For instance, some MMAs require a high minimum balance to open the account or to earn the advertised APY. Failing to maintain that minimum balance can result in penalties or reduced interest rates. Additionally, money market rates are variable, which means they can change at any time at the bank's discretions. If interest rates drop, so will your account APY, which can make future earnings unpredictable compared to fixed-rate products like CDs. This embedded content is not available in your region.
Yahoo
07-07-2025
- Business
- Yahoo
Best money market account rates today, July 7, 2025 (Earn up to 4.41% APY)
Find out which banks are offering the top rates. Money market accounts (MMAs) can be a great place to store your cash if you're looking for a relatively high interest rate along with liquidity and flexibility. Unlike traditional savings accounts, MMAs typically offer better returns, and they may also provide check-writing privileges and debit card access. This makes these accounts ideal for holding long-term savings that you want to grow over time, but can still access when needed for certain purchases or bills. Even though rates have been falling over the past several months, it's still possible to find money market accounts that pay more than 4% APY. Here is a look at some of today's best money market account rates: Interested in earning the best possible interest rate on your savings balance? Here is a look at some of the best savings and money market account rates available today from our verified partners. Money market account rates have fluctuated significantly in recent years, largely due to changes in the Federal Reserve's target interest rate. In the wake of the 2008 financial crisis, for example, interest rates were kept extremely low to stimulate the economy. The Fed slashed the federal funds rate to near zero, which led to very low MMA rates. During this time, money market account rates were typically around 0.10% to 0.50%, with many accounts offering rates on the lower end of that range. Eventually, the Fed began raising interest rates gradually as the economy improved. This led to higher yields on savings products, including MMAs. However, in 2020, the COVID-19 pandemic led to a brief but sharp recession, and the Fed once again cut its benchmark rate to near zero to combat the economic fallout. This resulted in a sharp decline in MMA rates. But starting in 2022, the Fed embarked on a series of aggressive interest rate hikes to combat inflation. This led to historically high deposit rates across the board. By late 2023, money market account rates had risen substantially, with many accounts offering 4% or higher. However, the Fed finally began cutting rates in late 2024. As of 2025, MMA rates remain high by historical standards, though they've begun a downward trajectory following the Fed's most recent rate cuts. Today, online banks and credit unions tend to offer the highest rates. When comparing money market accounts, it's important to look beyond just the interest rate. Other factors, such as minimum balance requirements, fees, and withdrawal limits, can impact the total value you get from the account. For example, it's common for money market accounts to require a large minimum balance in order to earn the highest advertised rate — as much as $5,000 or more in some cases. Other accounts may charge monthly maintenance fees that can eat into your interest earnings. However, there are several MMAs available that offer competitive rates without any balance requirements, fees, or other restrictions. That's why it's important to shop around and compare accounts before making a decision. Additionally, ensure that the account you choose is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which guarantees deposits up to $250,000 per institution, per depositor. Most money market accounts are federally insured, but it's important to double-check in the rare case the financial insitution fails. Read more: Money market account vs. high-yield savings account: Which is best for you? The national average interest rate for money market accounts is just 0.64%, according to the FDIC. However, the best money market account rates often pay around 4% to 4.50% APY — similar to the rates offered on high-yield savings accounts. The amount you will earn on $50,000 in a money market account depends on the annual percentage rate (APY) and the time period you leave the money in the account. For example, if you deposit $50,000 into a money market account that pays 4.5% APY and left it in your account for one year, you'd earn $2,303 in interest. There are currently no money market accounts that pay 5% APY. However, some high-yield savings accounts from online banks do. You can also check with your local bank or credit union to find out if they offer a 5% APY account that fits your needs.
Forbes
06-07-2025
- Business
- Forbes
Say It Repeatedly, The Fed Isn't Nor Can It Be ‘Independent'
Facade of the Marriner S Eccles building of the United States Federal Reserve, on a bright and sunny ... More day in Washington, DC, United States, July 24, 2017. (Photo by Smith Collection/Gado/Getty Images) The Fed can never be independent. Economists should spare readers of any further commentary calling for what can't be. Long before the Fed existed, and just the same to this day, there were and are all manner of private, profit-motivated sources of credit ready to liquefy financial institutions enduring near-term liquidity problems despite quality assets. Those entities, including combinations of actual banks, also acted and act as regulators par excellence precisely because no private entity lends blithely. Which speaks to the Fed's superfluity. Though created to lend to 'solvent banks,' no solvent bank would ever need the Fed. See the previous paragraph. Which means the Fed exists to suffocate the message of the market. Fed officials are appointed by politicians, frequently after months and years spent courting those politicians. Considering Ben Bernanke alone, eager to prove he was a 'Republican' as a way of currying favor with Republicans who might whisper to then President George W. Bush about his alleged attributes, Bernanke courted countless Republicans in addition to Bush on the way to a spot at the top of Fed. No doubt others, including yours truly, have for years pointed to numerous instances of fighting between politicians (this includes presidents) and central banks as evidence that central banks are 'independent' in name only, but if anything, the commentary was similarly superfluous. The Fed is an outsourced creation of Congress whose officials are appointed by presidents and confirmed by Congress. Of course it's political, and the opposite of independent. After which, see its superfluity yet again relative to market entities that have long and capably filled central bank functions of providing near-term liquidity to the solvent, along with regulation to ensure sound operation based on those loans. Which is just a comment that the Fed is excess by political design, whereby it does what market actors won't do, and have never done. Despite this, economic figures in academia like Alexander Salter continue to write wistfully about so-called central bank independence. That they're writing about it explains the impossibility. What's political in creation quite simply can't be. Yet even if it was? It wouldn't matter. Economists are still economists, which means they're not independent of the myriad fallacies that stalk their profession. The Fed employs more economists than any other entity in the world, and economists believe economic growth causes inflation. Quite the opposite, but 'independent' economists at the Fed expose the central bank to even greater superfluity with their view that credit, which is a productive effect of growth (we borrow money for what it can be exchanged for), must be shrunken when – yes – the economy is growing. That's evidence of a central bank in thrall to a fallacy, and ready to further suffocate actual market signals. And it's not the only one. While money in circulation is always and everywhere a mirror of economic activity, Salter caucuses with a growing crowd of PhDs that believes central banks can and must centrally plan so-called 'money supply' so that they can by extension centrally plan rates of unemployment, national income, and the screaming falsehood that is GDP. These individuals in thrall to monstrous fallacy rooted in central planning describe themselves as 'market monetarists.' That they doth protest too much with their self-description insults understatement. The Fed on auto-pilot? Salter et al have paid lip service to the latter too, but then who writes the code to operate the proverbial robot? The same economists who believe in the same fallacious economic notions? Well, yes. The Fed was created to do for the U.S. political class what market actors would not. Which means the Fed exists to intervene politically where market actors would not. The Fed isn't independent, and can't be.
