Maximize Savings with High-Yield Money Market Accounts

Money market accounts offer higher interest rates than regular savings, with some paying over four percent APY. The national average is just 0.39 percent, but deals up to 4.25 percent are available from online banks and credit unions. Rates have fluctuated due to Federal Reserve moves, but savers can benefit from current high yields. A $10,000 investment at 4 percent APY with monthly compounding would yield $407 in interest after one year. However, be aware of minimum balance requirements, fees, and withdrawal limits. Rates are variable and may decrease after recent Fed cuts, making it a good time to compare options and secure a high-yield account for your savings.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.