The national average money market account rate in 2026 is approximately 0.70% APY, according to FDIC weekly data. But that average is misleading — it is dragged down by thousands of traditional banks paying 0.01%–0.10%. If you are at one of those banks, you are earning roughly 1/6th of the national average and 1/60th of what the top online banks pay.
National Average vs. Best Available Rates
| Rate benchmark | 2026 APY |
|---|---|
| National average MMA rate (FDIC) | ~0.70% |
| Big bank average (Chase, BoA, Wells) | 0.01%–0.10% |
| Online bank average (top 10) | 3.80%–4.25% |
| Best individual MMA rate | Up to 4.50% |
The spread between the national average and the top available rate is enormous. On a $25,000 balance:
| Rate | Annual interest |
|---|---|
| 0.01% (big bank) | $2.50 |
| 0.70% (national avg) | $175 |
| 4.20% (top online MMA) | $1,050 |
How the National Average Is Calculated
The FDIC surveys a sample of FDIC-insured institutions each week and calculates the national average deposit rates for various account types, including:
- Savings accounts
- Money market accounts
- Interest-bearing checking accounts
- CDs (by term)
The average is weighted by deposit volume — meaning large banks with many customers have more influence on the average than small community banks. Since the biggest banks typically pay very low rates, the national average is skewed low.
Money Market Rate History (2019–2026)
| Year | National avg MMA rate | Top MMA rate | Fed Funds Rate |
|---|---|---|---|
| 2019 | ~0.20% | ~2.25% | 2.25%–2.50% |
| 2020 | ~0.08% | ~0.60% | 0.00%–0.25% |
| 2021 | ~0.06% | ~0.50% | 0.00%–0.25% |
| 2022 | ~0.14% | ~3.00% | Rising to 4.25% |
| 2023 | ~0.65% | ~5.00%+ | 5.25%–5.50% |
| 2024 | ~0.72% | ~4.75% | Declining |
| 2025 | ~0.70% | ~4.25% | Further cuts |
| 2026 | ~0.70% | ~4.00%–4.50% | ~3.75%–4.00% |
Why Your Rate May Be Below the National Average
If you are at a big traditional bank, your MMA rate is almost certainly below 0.70% APY — possibly as low as 0.01%. These banks do not need to offer competitive rates because:
- They have large, stable deposit bases from existing customers
- Their branch networks attract deposits without needing rate incentives
- The majority of their customers do not comparison-shop for savings rates
How to Beat the National Average
To earn well above the 0.70% national average:
- Open an account at an online bank — Ally, Marcus, LendingClub, Discover, Synchrony
- Compare rates directly — check each bank’s website for the current APY
- Avoid promotional rates — look for banks with a track record of competitive ongoing rates
- Watch for rate cuts — when the Fed eases, your bank will likely reduce the APY; be prepared to compare again
A savers moving from the national average (0.70%) to a top online MMA (4.20%) on a $20,000 balance earns an additional $700 per year — simply by switching accounts.
For the interest rate forecast — where money market rates are headed — see savings and money market rate forecast. For how Federal Reserve policy drives these rates, see Federal Reserve explained. For high-yield savings accounts that typically pay more than the national average, see high-yield savings hub.
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