Money market account yields reach 4.01% as Fed cuts pressure deposit rates

Top U.S. money market account rates remain near 4% APY as of May 13, 2026, but yields are expected to decline further after the Federal Reserve’s three rate cuts in 2025. TotalBank is offering the highest cited rate at 4.01% APY, more than seven times the FDIC national average of 0.57%. Money market account yields typically track the federal funds rate, which the Fed held at 5.25% to 5.50% from July 2023 through September 2024 before cutting rates as inflation cooled. The pullback has already reduced deposit rates across banks and credit unions. The highest money market rates now cluster around 3.5% to 4%, broadly comparable with high-yield savings accounts. Federally insured money market accounts carry no market risk, though fees can reduce balances. Investors seeking yields near 5% may need to consider market-based products, which carry greater risk than insured deposits.