The top rate on a money market account today is 5.25%, which is a little higher than the current top annual percentage yield (APY) on a high-yield savings account. The latter has a top rate of 5.17%. So if you're looking for the absolute best place to stash your savꦕings until you need it, right now t🦋he top money market account is the better option.

Top Rates for Money Market Accounts

Top Rates for Savings Accounts

Traditionally, 澳洲幸运5官方开奖结果体彩网:money market accounts were known for requiring higher minimum balances and offering higher interest rates than 澳洲幸运5官方开奖结果体彩网:high-yield savings accounts. But nowadays, that isn't always the casᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚe. Both accounts offer competitive rates and high-yield savings accounts usually pay more as a group.

For example, the top money market account rate may currently be higher overall, but the range of rates for the top 15 savings accounts, from about a hundred that Investopedia tracks every day, is narrower and collectively higher. Namely, while the 澳洲幸运5官方开奖结果体彩网:top 15 money market account rates range from 4.15% to 5.25% APY, the 澳洲幸运5官方开奖结果体彩网:top𒅌 15 high-yield savings account rates range from 4.81% to 5.17% APY. So if you don't care for the features or requirements of the top money market account, you'll have a greater number of high-paying options in our high-yield savings account ranking.

Where Are Savings Rates Headed This Year?

Today's savings rates are the highest we have seen in more than 15 years. They have reached record levels thanks to the Federal Reserve's mission to tame inflation. The federal funds rate has been increased 10 times over the last 15 months, and it may not be done yet. The Fed meets again this week, and at the same time, the Consumer Price Index (CPI) report is released on Wednesday. While it's widely expected that the Fed will pause rate hikes on Wednesday, the inflation report may give us some indication as to whether we could see another rate hike at the Fed's July meeting.

If the Fed does hold on rates this Wednesday, rates on the best money market and high-yield savings accounts may also hold steady. Regardless, the top rate offered by a money market account is almost nine times the national average rate of 0.59% APY, while the top rate on a high-yield savings account is almost 13 times better than the 0.40% APY national average. So it makes sense to not only act soon, but to shop around for a leading rate from our rankings.

Rate Collection Methodology Disclosure

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer money market, savings accounts, and CDs to customers nationwide, and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,00🦋0.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.