For example, if you put $10,000 into a money market account and earned $500 in interest, you’d only pay tax on the $500. What advantage does a money market account offer over a savings account?

Still, money market account rates are competitive, so it's smart to shop around online for both account types to see which one is truly able to offer you the greatest return. Shop for CDs online now .

The national average money market account interest rate is 0.46 as of July 22, 2024. However, like savings accounts, the best money market accounts currently pay upwards of 5 percent.

Unlike a money market account, which is a deposit account, a money market fund is a type of mutual fund invested in low-risk cash, cash-equivalent or debt-based securities.

Money Market Account vs. Checking: When to Choose Each Account When a Money Market Account is Ideal. A money market account could be best if: You want to earn an attractive APY while maintaining ...

CD vs. money market account: Usability. CDs and money market accounts serve different purposes. Money market accounts are great for building an emergency fund.Your cash is liquid and convenient to ...

Current Money Market Rates Right now, the average money market rate sits at 0.55%, but the best rate today is 5.00%. Here are today’s money market account rates: MMA rates today Average Money ...

Money market accounts are an attractive banking option for many reasons. Most come with debit card access and check-writing privileges, and you’ll get a higher annual percentage yield (APY) than ...

According to Federal Deposit Insurance Corporation (FDIC) data, money market account rates averaged 0.09% in June 2022, but as of June 2024, rates averaged 0.67%.

Money market account: MMAs generally offer higher interest rates than checking accounts, with rates ranging from 0.5% to over 3%, depending on your provider and account balance.

A money market account often comes with features associated with a checking account such as a debit card or a checkbook, while a savings account does not typically offer those kinds of spending ...