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Yahoo
15 hours ago
- Business
- Yahoo
Best money market account rates today, June 27, 2025 (up to 4.41% APY return)
Find out which banks are offering the best MMA rates right now. The Federal Reserve cut the federal funds rate three times in 2024 for a total reduction of one percentage point. As a result, deposit interest rates — including money market account rates — have been falling. It's more important than ever to compare MMA rates and ensure you earn as much as possible on your balance. Although money market account rates are elevated by historical standards, the national average rate for MMAs is just 0.62%, according to the FDIC. The good news: Top high-yield money market accounts offer well over 4% APY — more than six times the national average. That's why it's important to shop around before opening a money market account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers. Here's a look at some of the top 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. Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they're able to pass those savings onto customers in the form of high deposit rates and low fees. If you're searching for the best money market account rates, online banks are a great place to start. That said, online banks aren't the only place you can find savings accounts with rates of 4% to 5% APY. Credit unions are not-for-profit financial cooperatives, and are also know for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join. Read more: Are online banks really safe? Money market accounts can be a great option for short-term savings goals, like building an emergency fund or setting aside money for an upcoming expense. They generally offer higher interest rates than regular savings accounts, and they provide easier access to your money compared to some other options like certificates of deposit (CDs). Money market accounts are also considered low-risk, and they are FDIC-insured up to the standard $250,000 per depositor, per institution. This makes them safer than money market funds, which can be subject to market risk. However, keep in mind that many money market accounts require a minimum balance to open the account and earn the highest advertised rate. If you can't maintain this balance, you might incur fees or miss out on the best rates. And although you can generally access your funds as needed, MMAs may limit the number of transactions you can make each month. If you need frequent access to your money, this might be a consideration. Read more: Is there a penalty for withdrawing from your money market account? When a money market account makes sense: You want to earn more interest than a regular savings account without locking up your money in a CD. You can maintain the minimum balance to avoid fees. You want to keep funds easily accessible for emergencies or near-term expenses. Currently, the average money market account rate is 0.63%. However, several high-yield accounts pay upwards of 4% or more. If you're considering opening a money market account, be sure to shop around and compare rates. There is no one account or investment that guarantees a 12% return. However, if your goal is to earn a strong return on your money and grow your wealth significantly, investing in market securities such as stocks, mutual funds, exchange-traded funds is the best strategy for doing so. The stock market returns about 10% per year, on average. If you aren't sure where to start, it can be helpful to speak with a financial advisor about your financial goals and priorities. Alternatively, you can sign up with a robo-advisor, which is an automated, cost-effective option for managing your portfolio. Read more: Robo-advisor: How to start investing right away
Forbes
3 days ago
- Business
- Forbes
High-Yield Savings Account Rates Today: June 25, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts are the same compared to one week ago. You can now earn as much as 5.84% on your savings. Searching for an account where you can save for a rainy day or retirement? Here's a look at some of the best savings rates you can find today. Related: Find the Best High-Yield Savings Accounts Of 2025 Traditional savings accounts, called "statement savings accounts" within the banking industry, were notorious for paying meager interest in the aftermath of the Great Recession. Rates have been on the rise in recent years, and you can earn even more if you know where to look. For instance, online banks and credit unions often pay much higher rates than brick-and-mortar banks. The highest yield on a standard savings account with a $2,500 minimum deposit amount within the last week has been 5.84%, according to data from Curinos. If you spot a basic savings account with a comparable rate, you've done well for yourself. Today's average APY for a traditional savings account is 0.22%, Curinos says. APY, or annual percentage yield, accurately represents the actual amount your account will earn during one year. It factors in compound interest, which is the interest that builds up on the interest in your account. High-yield savings accounts often pay substantially more interest than conventional savings accounts. But the thing to know is you may have to jump through some hoops to earn that higher rate, such as becoming a member of a credit union or putting down a large deposit. On high-yield accounts requiring a minimum deposit of $10,000, today's best interest rate is 4.88%. That's about the same as last week. The average APY for those accounts is now 0.23% APY, unchanged from a week ago. On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate available today is 3.94%. You'll be in good shape if you can find an account offering a rate close to that. The current average is 0.24% APY for a high-yield account with a $25,000 minimum deposit. Whether you're looking for a traditional savings account, high-yield savings account or MMA, you'll want to keep a few things in mind. A high interest rate is important, but it's not the only factor when picking an account to hold your savings. Another major consideration is whether the account has a minimum deposit - and whether you can meet that requirement. You'll also want to watch out for fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you make too many withdrawals) and other pesky charges that can eat into your interest earnings. And before you apply for an account, be sure you explore the reputation and safety of the bank or credit union. Check the reviews, see what people have to say about customer service and find out how the financial institution responds to consumer questions. Only consider accounts insured by the FDIC or, in the case of credit unions, the NCUA. Those federal agencies provide up to $250,000 in insurance per depositor and per bank for each account ownership category. Interest rates on savings accounts typically fluctuate in response to other rate changes throughout the economy. Savings rates are primarily influenced by the Federal Reserve's rate moves, and the central bank has finally begun reducing its benchmark federal funds rate as inflation has fallen closer to its 2% goal. Financial institutions usually adjust borrowing and savings rates soon after the Fed changes rates. The Fed votes to adjust rates eight times per year during meetings of the Federal Open Market Committee (FOMC). Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts —such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation. Frequently Asked Questions (FAQs) The best high-yield savings account pays 5.84% now, according to Curinos data, so you'll want to aim for an account that delivers a yield in that ballpark. But rates aren't everything. You want an account that charges few fees, offers great customer service and has a track record of being a stable institution. Savings yields are variable and can change depending on economic conditions or a bank's particular financial need. Usually rates are influenced by the federal funds rate, meaning that a bank tends to raise or lower its rates along with the Fed. Online banks and credit unions tend to offer the best yields because they can pass along savings from low overhead while also striving to attract new customers.
Yahoo
5 days ago
- Business
- Yahoo
Best high-yield savings interest rates today, June 23, 2025 (Earn up to 4.31% APY)
Today's savings account rates still hover well above the national average. The Federal Reserve cut the federal funds rate three times in 2024, which means deposit account rates are also on the decline. It's more important than ever to ensure you're earning the highest rate possible on your savings, and a high-yield savings account could be the solution. These accounts pay more interest than the typical savings account — as much as 4% APY and higher in some cases. Not sure where to find the best savings interest rates today? Read on to find out which banks have the best offers. In general, high-yield savings accounts offer better interest rates than traditional savings accounts. Still, rates vary widely across financial institutions. That's why it's important to shop around and compare rates before opening an account. As of June 23, 2025, the highest savings account rate available from our partners is 4.31% APY. This rate is offered by VIO Bank and there is no minimum opening deposit required. As you'll see, the majority of top savings rates come from online banks. These institutions have much lower overhead costs than traditional banks, so they can pass those savings on to customers in the form of higher rates and lower fees. Here is a look at some of the best savings rates available today from our verified partners: This embedded content is not available in your region. A high-yield savings account can be a good fit if you're looking for a secure place to store your money and earn a competitive interest rate while maintaining liquidity. Traditional savings accounts and certificates of deposit (CDs) have some of the highest interest rates we've seen in more than a decade, thanks to recent interest rate hikes by the Federal Reserve. Even so, the national average for these rates is fairly low compared to the top offers available. For example, the average savings account rate is just 0.38%, while 1-year CDs pay 1.62%, on average, according to the FDIC. The Fed is also expected to lower its target rate again in 2025, which means now might be the last chance for savers to take advantage of today's high rates. Taking the time to compare accounts and rates from various financial institutions will help you secure the best deal available. However, interest rates aren't the only factor to consider when choosing a savings account. For example, some banks may require that you maintain a minimum balance to earn the highest advertised rate and avoid monthly fees. Other factors to evaluate include customer service options and hours, ATM and branch access, digital banking tools, and the overall financial stability of the institution. Additionally, before opening a savings account, be sure that it's insured by the Federal Deposit Insurance Corporation (FDIC) — or the National Credit Union Administration (NCUA) if it's held by a credit union — so your money is protected in case the institution fails. Read more: How to open a savings account: A step-by-step guide
Forbes
5 days ago
- Business
- Forbes
CD Rates Today: June 23, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Today's highest CD rate is 4.94% for a jumbo 6-month CD. CD rates from online banks are commonly twice as high as the national average rates. CD ladders let you leverage high rates without locking up all of your money long-term. Today's best interest rates on CDs (certificates of deposit) are as high as 4.94%. Rates vary by term and often fluctuate, and they are expected to fall as the Federal Reserve lowers interest rates. A CD is a kind of savings account with a fixed interest rate for a given term. You can access your principal and interest payments once the CD term expires; if you withdraw money before that time, you'll incur an early withdrawal penalty . Traditionally, the longer a CD term, the higher the yield, but that dynamic hasn't held in recent years. Make sure you select a CD that matches up with when you'll need the money. Three-month CDs are a good option for short-term savings goals. The current average rate on a three-month CD sits at 1.3%, but the highest rate is 4.62%. The average rate is unchanged from a week ago. If you're interested in a short-term CD with high yields, consider a six-month CD . The best rate today is 4.94%. The current average APR for a six-month CD is 1.77%, about the same as last week. For a one-year CD, one of the most popular CD terms, the highest interest rate available is 4.64%. Last week, the rate was lower at 5.02%. The average APY, or annual percentage yield, on that CD now stands at 1.83%, unchanged from a week ago. If you can hold out for two years, 2-year CDs today are being offered at interest rates as high as 4.52%. That's the same as this time last week. The average APY for the CD is 1.66%, flat to last week's average. Today's highest rate on a three-year CD is 4.26%, so you'll want to shop around for that rate or something near it. The average APY stands at 1.58%. On a five-year CD , the highest rate today is 4.26%. APYs are averaging 1.59%, similar to last week. The longer the term, the higher the early withdrawal penalty. It's not unusual to lose one full year's worth of interest or more if you break open a five-year CD early. Be absolutely certain you understand the penalty before you make your investment. The best rate today on jumbo CDs is 4.94% for a 6-month term. As with non-jumbo, various term lengths are available. The average APY for the 6-month CD is currently 1.82%. Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there's no universally agreed-upon definition regarding what qualifies as a "jumbo" CD. Some banks and credit unions slap the label "jumbo" on CDs you can open with $50,000, $25,000 or even less. Related: CD Interest Rates Forecast: How Good Will They Get? CD rates are rarely the same between any two banks, so you should comparison shop when looking for a new account. You may decide to stick with your current bank because it's convenient or join a new bank to take advantage of higher rates. To find the right CD, look at the specific term you're interested in with a few different banks. Traditional, brick-and-mortar banks tend to offer lower CD rates, in general, than online banks without any branches. For example: Other top CD rates by banks include: CDs are a relatively simple savings tool: You open an account with a deposit (your principal), let your money sit for a predetermined period of months or years while you enjoy the magic of compounding interest . Many CDs (as well as share certificates offered by credit unions) require a minimum deposit (typically less than $10,000 unless it's a jumbo CD) to open your account. Some financial institutions allow you to fund an account with as little as a penny. But banks and credit unions typically won't allow you to add to your deposit once the term begins and the clock starts ticking. And they're serious about not letting you crack open your CD or share certificate too soon. Early withdrawal penalties can be so tough that they'll eat into your principal, not just take back some of your interest. CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts . And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They're one of the safest places to put your money. Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected. The Federal Deposit Insurance Corp. provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the National Credit Union Administration insures your money up to the same limit. Traditional brick-and-mortar banks have far greater operating expenses than banks that only exist online. That's why online banks are usually able to offer more attractive APYs on CDs – they have lower overhead costs, so they can afford to pay higher interest rates to customers. Related: CD Interest Rates Forecast: How Good Will They Get? Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation. Frequently Asked Questions (FAQs) You build a CD ladder by saving your money in multiple CDs with cascading term lengths. For instance, you might buy a one-year CD, a two-year CD, a three-year CD, a four-year CD and a five-year CD. As each of the shorter-term CDs matures, you replace it with a new five-year CD. Follow this plan and you'll have one better-yielding five-year CD maturing each year. If you're ever having a bad year, you could take some of the cash from the expiring CD and use it to pay bills instead of pouring it all into a fresh CD. Comparison shop to track down the best CD rates . Banks and credit unions compete by offering alluring yields to land your business, so shopping around is a must before you purchase any bank CD or credit union share certificate. CDs usually come with zero fees, meaning your money won't be nibbled at by the monthly maintenance fees that are typical with many savings, checking and money market accounts. You will likely be charged an early withdrawal penalty if you end your CD term early. Make sure you won't need access to your cash in the meantime.
Yahoo
21-06-2025
- Business
- Yahoo
Best money market account rates today, June 20, 2025 (up to 4.41% APY return)
Find out which banks are offering the best MMA rates right now. The Federal Reserve cut the federal funds rate three times in 2024 for a total reduction of one percentage point. As a result, deposit interest rates — including money market account rates — have been falling. It's more important than ever to compare MMA rates and ensure you earn as much as possible on your balance. Although money market account rates are elevated by historical standards, the national average rate for MMAs is just 0.62%, according to the FDIC. The good news: Top high-yield money market accounts offer well over 4% APY — more than six times the national average. That's why it's important to shop around before opening a money market account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers. Here's a look at some of the top 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. Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they're able to pass those savings onto customers in the form of high deposit rates and low fees. If you're searching for the best money market account rates, online banks are a great place to start. That said, online banks aren't the only place you can find savings accounts with rates of 4% to 5% APY. Credit unions are not-for-profit financial cooperatives, and are also know for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join. Read more: Are online banks really safe? Money market accounts can be a great option for short-term savings goals, like building an emergency fund or setting aside money for an upcoming expense. They generally offer higher interest rates than regular savings accounts, and they provide easier access to your money compared to some other options like certificates of deposit (CDs). Money market accounts are also considered low-risk, and they are FDIC-insured up to the standard $250,000 per depositor, per institution. This makes them safer than money market funds, which can be subject to market risk. However, keep in mind that many money market accounts require a minimum balance to open the account and earn the highest advertised rate. If you can't maintain this balance, you might incur fees or miss out on the best rates. And although you can generally access your funds as needed, MMAs may limit the number of transactions you can make each month. If you need frequent access to your money, this might be a consideration. Read more: Is there a penalty for withdrawing from your money market account? When a money market account makes sense: You want to earn more interest than a regular savings account without locking up your money in a CD. You can maintain the minimum balance to avoid fees. You want to keep funds easily accessible for emergencies or near-term expenses. Currently, the average money market account rate is 0.63%. However, several high-yield accounts pay upwards of 4% or more. If you're considering opening a money market account, be sure to shop around and compare rates. There is no one account or investment that guarantees a 12% return. However, if your goal is to earn a strong return on your money and grow your wealth significantly, investing in market securities such as stocks, mutual funds, exchange-traded funds is the best strategy for doing so. The stock market returns about 10% per year, on average. If you aren't sure where to start, it can be helpful to speak with a financial advisor about your financial goals and priorities. Alternatively, you can sign up with a robo-advisor, which is an automated, cost-effective option for managing your portfolio. Read more: Robo-advisor: How to start investing right away
