Lauren Smith, WalletHub Staff Writer
@laurenellesmith
The interest rate on money market accounts is 0.62% on average as of August 2023, and rates range from below 1% to just over 5%. Money market rates are variable and tend to be higher than traditional savings account rates but may be lower than returns from riskier investments like stocks or bonds.
Money market account rates reached a high of 16% in the 1980s due to inflation and have averaged 0.15% from 2013 to 2023. In addition to financial institution policies and market conditions, rates vary depending on the account's balance and how often interest compounds.
You can find notable examples of money market accounts with relatively high annual percentage yields (APYs) below.
Money Market Accounts with High APYs
| Account | Opening Balance Requirement | APY |
| $0 | 4.75% | |
| $0 | 4.40% | |
| $1,000 | 5.20% | |
| $2,500 | 4.20% | |
| $0 | 4.75%* |
*Intro rate for the first year. After that, 3.75%+ APY.
Note the annual percentage yield (APY) for an account includes the effect of compounding and reflects the total earnings you can expect over the course of a year.
You can compare the best money market accounts here at WalletHub to find the right fit for your financial needs.
People also ask
Where can I get 10% interest on my money?
Currently, there aren't any banks offering a 10% interest money market accounts. The highest money market rate is Vio Bank Cornerstone Money Market Savings Account with an APY of 4.10% on any balance. However, there are a more options to consider:
- Amalgamated Bank Money Market Account - 0.60% APY for balances from $10,000.
- CFG Bank Online High Yield Money Market Account - 4.00% APY for balances from $1,000.
- VirtualBank eMoney Market Special Account - 3.75% APY.
- Quontic Bank Money Market Account - 4.25% APY.
- Zynlo Bank Money Market Account - 4.25% APY for balances up to $250,000.
What banks are paying highest money market rates?
Currently, the highest money market rate is Vio Bank Cornerstone Money Market Savings Account with an APY of 5.30% on any balance. However, there are a more options to consider:
Highest Money Market Rates Available
| Account | APY |
|---|---|
| Amalgamated Bank Money Market Account | 0.60% for balances from $10,000. |
| CFG Bank Online High Yield Money Market Account | 4.00% for balances from $1,000. |
| VirtualBank eMoney Market Special Account | 3.75% |
| Quontic Bank Money Market Account | 4.25% |
| Zynlo Bank Money Market Account | 4.25% for balances up to $250,000. |
Which bank gives 7% interest on savings account?
Currently, there aren't any banks offering a 7% interest savings accounts. The best savings account is Digital Federal Credit Union Primary Savings Account with an APY of 6.17% for balances up to $1,000. However, there are a more options to consider:
Best Savings Accounts Available
| Account | APY |
|---|---|
| My Banking Direct High Yield Savings Account | 4.20% |
| Brio Direct High Yield Savings Account | 4.20% for balances from $25 |
| Newtek Bank Personal High Yield Savings | 4.35% |
| TAB Bank High-Yield Savings Account | 3.80% |
Did we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.