Fill in your deposit details above and press Calculate My Earnings to see your results.
A money market account (MMA) is a type of deposit account offered by banks and credit unions. It earns interest like a savings account but often comes with check-writing access or a debit card for limited transactions.
Interest is calculated as compound interest, meaning your earnings are added to your balance and then earn interest themselves. The more often interest compounds — daily, monthly, or quarterly — the more you end up with over time.
Most MMAs are FDIC-insured (or NCUA-insured at credit unions) up to $250,000 per depositor, making them one of the safest places to keep cash while still earning a competitive return.
The key things that affect your earnings are: (1) the APY, (2) how often interest compounds, (3) how long you leave money in the account, and (4) whether you make additional deposits over time.
| Account Type | Typical APY Range | Notes |
|---|---|---|
| Traditional Savings | 0.01% – 0.5% | Big bank rates |
| Money Market Account | 0.5% – 5.5%+ | Varies widely by bank |
| High-Yield Savings | 4% – 5.5%+ | Often online banks |
| CD (1-Year) | 4% – 5.5%+ | Fixed term, no early access |
| Treasury Bills (1-Year) | 4.5% – 5.5% | Government-backed |
| Checking Account | 0.01% – 1% | Primarily for spending |
Rates change with the federal funds rate set by the US Federal Reserve. When the Fed raises rates, MMA yields typically rise too — and vice versa.
| Feature | MMA | Savings Account |
|---|---|---|
| Typical APY | Higher | Lower (traditional banks) |
| Check Writing | Often yes | No |
| Debit Card | Sometimes | Rarely |
| Min Balance | Often required | Usually lower |
| FDIC Insured | Yes ($250K) | Yes ($250K) |
| Withdrawal Limits | Varies by bank | Varies by bank |
| Best For | Larger balances | Emergency fund, small savings |
When choosing between the two, compare the actual APY at your bank. A high-yield savings account at an online bank often beats a traditional bank's MMA rate by several percentage points.
Shows how much your deposit grows at different APY rates over 5 years with no additional contributions.
| Opening Deposit | 1% APY | 2% APY | 3% APY | 4% APY | 5% APY Competitive rate |
6% APY |
|---|
Formula: P × (1 + r/12)60 — monthly compounding, 5 years. Currency shown as $.
How much more you earn based on how often interest compounds. Note: when comparing APYs, the APY already accounts for compounding.
| APY Rate | Annually | Quarterly | Monthly | Daily Most advantageous |
Continuous |
|---|
Starting with $10,000 for exactly 5 years. Continuous = P × ert.
How adding a regular monthly deposit changes your final balance and total interest earned.
| Monthly Deposit | Total Deposited | Interest Earned | Final Balance | Return on Deposits |
|---|
Monthly compounding, 10 years, 4.5% APY. Values in $.
How a single $10,000 deposit grows each year at a competitive 4.5% APY, compounded monthly.
| Year | Starting Balance | Interest Earned (year) | Ending Balance | Total Interest to Date |
|---|
$10,000 starting balance, 4.5% APY, monthly compounding. No additional deposits.
Approximate savings rate ranges by country/region. Rates vary by bank and change with central bank policy. Always verify current rates directly with your bank.
| Country / Region | Currency | Central Bank Rate (approx) | Typical HY Savings APY | Deposit Insurance Limit |
|---|---|---|---|---|
| United States | USD | 4.25% – 5.50% | 4.5% – 5.5%+ | $250,000 (FDIC) |
| United Kingdom | GBP | 4.75% – 5.25% | 4.5% – 5.2% | £85,000 (FSCS) |
| Eurozone | EUR | 3.5% – 4.0% | 3.0% – 4.0% | €100,000 (DGS) |
| Canada | CAD | 4.5% – 5.0% | 4.0% – 5.0% | C$100,000 (CDIC) |
| Australia | AUD | 4.10% – 4.35% | 4.5% – 5.5% | A$250,000 (FCS) |
| India | INR | 6.25% – 6.50% | 6.5% – 7.5% | ₹5,00,000 (DICGC) |
| Japan | JPY | 0.1% – 0.25% | 0.02% – 0.30% | ¥10,000,000 (DIC) |
| Singapore | SGD | 3.5% – 4.0% | 3.0% – 4.0% | S$75,000 (SDIC) |
| Brazil | BRL | 10.5% – 13.5% | 9% – 13% | R$250,000 (FGC) |
| South Africa | ZAR | 7.75% – 8.25% | 7.0% – 9.0% | Varies (no universal scheme) |
| UAE | AED | 5.0% – 5.5% | 3.5% – 5.0% | AED 1M (DCRP) |
| Switzerland | CHF | 1.0% – 1.75% | 0.75% – 1.5% | CHF 100,000 (ESA) |
Rates are approximate and based on general market conditions. They change frequently. Always verify with your bank or a current rate comparison tool before making financial decisions.
How much of your interest you actually keep after taxes, based on your tax bracket and APY rate.
| APY Rate | Gross Interest | 10% Tax Bracket | 22% Tax Bracket | 24% Tax Bracket | 32% Tax Bracket Higher earner |
37% Tax Bracket |
|---|
Gross interest = P × (1 + r/12)60 − P. After-tax = Gross × (1 − tax rate). Values in $. Consult a tax advisor for your exact situation.