Banks reduce money market account yields following recent Federal Reserve rate cuts, with select accounts still paying above 3.5% APY.
Money market account rates are declining after the Federal Reserve’s recent rate cuts, but select banks continue to offer yields as high as 4.01% APY. TotalBank’s Online Money Market Deposit Account leads with the highest rate, requiring a $2,500 minimum balance to earn the top yield.
The national average for money market accounts stands at 0.57% APY, according to the FDIC, while top-tier accounts range between 3.5% and 4% APY. Other competitive rates include Brilliant Bank at 4% APY and Zynlo at 3.9% APY, with varying minimum balance requirements.
Investors are advised to compare rates as further declines may occur amid ongoing monetary policy easing.