The FDIC national average money market account rate is approximately 0.63% APY, according to its August 17, 2026 release. But that average is misleading — it is dragged down by thousands of traditional banks paying 0.01%–0.25%. If you are at one of those banks, you are earning a small fraction of what the top online banks pay.
National Average vs. Best Available Rates
| Rate benchmark | Sept 2026 APY (confirm current) |
|---|---|
| National average MMA rate (FDIC, Aug 2026) | ~0.63% |
| Big bank average (Chase, BoA, Wells) | 0.01%–0.25% |
| Online bank average (top tier) | 3.25%–3.90% |
| Best individual MMA rate (Zynlo Bank) | 3.90% |
The spread between the national average and the top available rate is large. On a $25,000 balance:
| Rate | Annual interest |
|---|---|
| 0.01% (big bank) | $2.50 |
| 0.63% (national avg) | $157.50 |
| 3.90% (top online MMA, Zynlo) | $975.00 |
How the National Average Is Calculated
The FDIC surveys FDIC-insured institutions and calculates 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 | ~0.68% | ~3.80%–4.25% | Further cuts to 3.50%–3.75% by year-end |
| Sept 2026 | ~0.63% | ~3.90% (Zynlo Bank) | 3.50%–3.75% (held through five consecutive 2026 FOMC meetings, Jan–July) |
2019-2025 figures are historical reference points and are not independently re-verified this update; the 2026 row was verified against FDIC and bank-website data as of September 16, 2026.
Why Your Rate May Be Below the National Average
If you are at a big traditional bank, your MMA rate is almost certainly below 0.63% 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 0.63% national average as of September 2026:
- Open an account at an online bank — leading options included Zynlo Bank (3.90%), Quontic Bank and CFG Bank (3.80%), Vio Bank (3.55%), and Sallie Mae (3.50%)
- 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, and note when a headline rate includes a temporary boost
- Watch for rate cuts — when the Fed eases, your bank will likely reduce the APY; be prepared to compare again
Note: Discover Bank is no longer accepting new money market applications — it merged into Capital One, N.A. on May 18, 2025. See the Discover Bank status guide.
A saver moving from the national average (0.63%) to a top online MMA (3.90%) on a $20,000 balance earns an additional roughly $654 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.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy