Money market account rates are directly tied to the federal funds rate — when the Fed moves, MMA rates generally follow with a lag. After the Federal Reserve raised rates aggressively in 2022–2023 to fight inflation, it began cutting in late 2024 and has continued cutting through 2025 and into 2026. As of September 2026, the federal funds target range is 3.50-3.75%, well below the 2023-2024 cycle peak, and top MMA rates have declined accordingly.
A note on forecasting: This page previously included specific numeric predictions for where rates would be at various points in 2026. Those predictions could not be verified as fact and some no longer matched reality (the actual September 2026 fed funds rate came in lower than the scenario ranges originally described here). Interest rate forecasting is inherently uncertain — no one, including this site, can reliably predict future Fed decisions. Below is the confirmed current state of rates plus a framework for thinking about the decision, not a forecast.
Where MMA Rates Stand as of September 2026
| Rate tier | Typical APY (Sept 2026) |
|---|---|
| Top online MMA | ~3.80%-3.90% |
| Average online bank MMA | ~3.00%-3.55% |
| FDIC national average savings rate | 0.38% (Aug 2026) |
| Big bank MMA | ~0.01%-0.50% |
| Federal funds rate (target range) | 3.50%-3.75% |
Confirmed via treasury.gov, FDIC, and bank rate trackers, September 2026. Rates change frequently — confirm current figures before relying on this table.
Rate History: How We Got Here
The Federal Reserve raised its benchmark rate sharply in 2022-2023 to fight inflation, reaching a cycle peak of 5.25%-5.50% in 2023. Top MMA rates rose in tandem, reaching their own multi-year highs during that period. As inflation moderated, the Fed began cutting rates in late 2024 and continued through 2025 and 2026, bringing the target range down to 3.50-3.75% by September 2026. MMA rates have declined in step, though not always at exactly the same pace or magnitude as the Fed funds rate — the spread between the two has varied over the cycle.
For the authoritative historical federal funds rate, see the Federal Reserve’s H.15 release. For historical deposit rate data, see the FDIC’s national rates archive.
What Could Happen Next (Not a Prediction)
Future Fed decisions depend on incoming economic data (inflation, employment, growth) that cannot be known in advance. Rather than predicting a specific path, here’s how to think about the two main scenarios:
If the Fed cuts rates further: MMA rates would likely decline further, following the pattern seen since 2024. Savers who want to lock in today’s rate for a period could consider a CD.
If the Fed holds or raises rates: MMA rates would likely stabilize or rise. Staying in a variable-rate MMA would let you capture any increase automatically.
Check the Federal Reserve’s own meeting calendar and published projections at federalreserve.gov/monetarypolicy/fomccalendars.htm for the current outlook, rather than relying on any fixed prediction (including ones on this page from an earlier date).
Should You Lock In a CD Now?
If you are concerned about rates falling further, a CD can protect your yield for a fixed term. Compare the current CD rate for your target term against the current MMA rate before deciding — see the best CD rates by term guide for current figures, since as of September 2026 some banks pay noticeably less on longer CD terms than shorter ones, which is unusual and worth checking before committing.
Worked example (illustrative, using representative September 2026 rates): You have $30,000 in an MMA at 3.75% APY (~$1,125/year at that rate). You move $15,000 to a 12-month CD at 4.00% APY ($600/year guaranteed) and keep $15,000 in the MMA. If the MMA drops to 3.25% during the year, you’d earn roughly $600 + $488 = $1,088 on the $30,000 — versus roughly $975 if you had kept everything in the MMA and the rate dropped. The exact numbers depend on actual current rates, which you should confirm before making this decision.
What to Do With Your MMA in 2026
- Compare rates now: Is your current MMA rate competitive with the leaders (roughly 3.55%-3.90% as of September 2026)? If not, compare alternatives.
- Consider a CD ladder: Spread money across 6-month, 12-month, and 24-month CDs if you want rate protection — check current rates for each term first, since the yield curve shape can be unusual.
- Stay alert: Set a calendar reminder to check your MMA rate quarterly and compare it against the current top rates.
- Do not stay at a big bank out of inertia: The gap between big bank MMA rates (~0.01%–0.50%) and leading online bank rates (roughly 3.5%+) remains large. Switching takes one afternoon.
For the current national average money market rates, see national average money market rates. For how Federal Reserve rate decisions drive these changes, see Federal Reserve explained. For the highest-yielding savings options in the current rate environment, 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