Top Savings and Money Market Accounts Offering Up to 6% APY in November 2024

Money market account (MMA) rates have risen significantly due to the Federal Reserve's rate hikes between March 2022 and July 2023, but recent rate cuts have started to lower deposit rates. Despite this, some high-yield MMAs still offer up to 5% APY, far exceeding the national average of 0.64%. Online banks and credit unions often provide the most competitive rates due to lower overhead costs and not-for-profit structures, respectively. MMAs are FDIC-insured and offer higher interest rates than regular savings accounts, making them suitable for short-term savings goals, though they may require maintaining a minimum balance and limit monthly transactions.