The FDIC national average money market account rate was 0.63% APY in its October 19, 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 | APY (confirm current) |
|---|---|
| National average MMA rate (FDIC, Oct. 19, 2026) | 0.63% |
| Vio Bank Cornerstone Money Market Savings (Oct. 15, 2026) | 3.40% |
| Sallie Mae Money Market (Oct. 15, 2026) | 3.60% |
| Best individual MMA rate we read (Zynlo Bank, Oct. 15, 2026) | 4.05% |
The spread between the national average and the top available rate is large. On a $25,000 balance:
| Rate | Annual interest |
|---|---|
| 0.01% | $2.50 |
| 0.63% (national avg) | $157.50 |
| 4.05% (top online MMA we read, Zynlo) | $1,012.50 |
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 Rates Now
| Date | National avg MMA rate | Top MMA rate we read | Fed Funds target range |
|---|---|---|---|
| Oct. 2026 | 0.63% (FDIC, Oct. 19) | 4.05% (Zynlo Bank, Oct. 15) | 3.75%–4.00% (held at 3.50%–3.75% Jan–July; raised 0.25 on Sept. 16) |
The FDIC publishes its national rates monthly; earlier-year figures are available from the FDIC’s Previous Rates page. This page does not repeat 2019-2025 figures because we could not confirm them.
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 may pay little because:
- They may have large, stable deposit bases from existing customers
- Their branch networks may attract deposits without rate incentives
- Many customers may not comparison-shop for rates
How to Beat the National Average
To earn well above the 0.63% national average (FDIC, October 19, 2026):
- Open an account at an online bank — options we checked on October 15, 2026 included Zynlo Bank (4.05%), Sallie Mae (3.60%) and Vio Bank (3.40%)
- 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 (4.05%) on a $20,000 balance earns an additional roughly $684 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 savings accounts guide.
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