Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
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High-Yield Money Market Rates Rise to 3.060% After Three Flat Reports
High-yield money market rates rose 0.023 points to 3.060% after three reports at nearly the same level. This is our first money market report since the Federal Reserve raised its benchmark rate a quarter point on September 16; standard and jumbo money market averages eased.
The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on September 16, and this is our first money market rate report collected after that decision. Rates on high-yield money market accounts rose 0.023 points to 3.060% after holding between 3.036% and 3.037% across the three prior reports. Credit union money market rates rose to 1.293% and business money market rates to 1.126%, while standard money market rates eased to 0.732% and jumbo money market rates to 2.124% from a reporting pool of about 128 institutions.
Key takeaways
- High-yield money market rates rose 0.023 points to 3.060% after holding between 3.036% and 3.037% for three straight reports.
- The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on September 16 by a 12-0 vote, its first increase since 2023; these figures were collected September 22, six days after the announcement.
- Credit union money market rates rose to 1.293% and business money market rates to 1.126%, while standard money market rates eased to 0.732% and jumbo money market rates to 2.124%.
- On a $25,000 balance, the 3.060% high-yield average pays about $765 a year, against about $183 at the standard average.
High-yield money market rates moved up after three flat reports
Money market rates by account category, national average APY since mid-April
Average APYs from MonitorBankRates.com's nightly collection, the same series this report's figures come from, updated daily.
The high-yield money market average was 3.036% on September 1 and September 10 and 3.037% on September 16; this report puts it at 3.060%, a 0.023-point rise. Credit union money market rates rose 0.014 points to 1.293%, in a category where about 44 institutions report, and business money market rates rose 0.010 points to 1.126%. Standard money market rates, the largest category with about 1,895 institutions reporting, eased 0.021 points to 0.732%.
The jumbo average swung down again on a small pool
Jumbo money market rates averaged 2.124% this week, after 2.277% on September 16 and 1.736% on September 10. About 128 institutions reported jumbo money market accounts this week, and with a pool that size the average can move by large amounts when institutions enter or leave it. Offers in our data reach 4.00% on jumbo balances.
Change since September 16, by money market category (percentage points)
This report's averages, September 16 to September 22. Green bars rose; red bars fell.
Money market rates this week: September 16 vs. September 22
| Account Category | September 16 APY | September 22 APY | Weekly Change |
|---|---|---|---|
| High-Yield Money Market ▲Online banks & competitive products | 3.037% | 3.060% | ▲ +0.023 |
| Jumbo Money Market ▼Premium & high-balance accounts | 2.277% | 2.124% | ▼ -0.153 |
| Credit Union Money Market ▲Share money market accounts | 1.279% | 1.293% | ▲ +0.014 |
| Business Money Market ▲Business & commercial accounts | 1.116% | 1.126% | ▲ +0.010 |
| Standard Money Market ▼Broad market | 0.753% | 0.732% | ▼ -0.021 |
| Compare live offers: credit union money market accounts · business money market accounts · compare money market rates | |||
| All APYs are national averages of what real licensed institutions are actually offering to depositors, not promotional teaser rates or rate aggregator estimates. This comparison runs September 16 to September 22, 2026; the September 16 figures were collected before the Federal Reserve's announcement that afternoon, and the September 22 figures after it. Category averages reflect products matching MonitorBankRates.com's money market classification; the jumbo and credit union categories draw from small reporting pools. Source: MonitorBankRates.com. | |||
The Fed's increase can reach existing money market accounts
The Federal Reserve raised its benchmark rate to 3.75% to 4.00% on Wednesday, September 16, its first increase since 2023, by a 12 to 0 vote. Money market rates are variable, so a bank can pass the increase through to accounts its customers already hold, with nothing to sign; how fast and how fully is each bank's choice, and the figures in this report were collected six days after the announcement. This week's CD report covers CD terms.
What savers earn at the 3.060% average
A $25,000 balance at the 3.060% high-yield money market average earns about $765 a year; at the 0.732% standard average it earns about $183. The savings goal calculator calculates the monthly deposit needed to reach a savings goal, and the budget calculator works savings into a full monthly budget; both use average rates computed daily from more than 8,000 banks and credit unions. What a money market account is covers the product basics, Ohio money market rates lists offers in that state, and category history is on the money market rate history page.
The bottom line on money market rates
High-yield money market accounts average 3.060% in the first money market report since the Federal Reserve raised its benchmark rate, and standard money market accounts average 0.732%. On a $25,000 balance, that is a difference of about $582 a year. Money market rates are variable, and each bank sets the timing and size of any change that follows the increase.
Data Coverage & Methodology
All APYs in this report are calculated from rates collected directly from institution websites by MonitorBankRates.com's proprietary systems, tracking what real licensed institutions are actually offering to depositors, not promotional teaser rates or rate aggregator estimates.
As of September 22, 2026, these averages were calculated from 15,412 individual rates verified at 2,400 banks and credit unions; the latest collection ran September 22, 2026. The table below shows how many institutions reported rates in each category.
| Account Category | Institutions | Rates Verified |
|---|---|---|
| High-Yield Money Market | 451 | 1,974 |
| Jumbo Money Market | 128 | 441 |
| Credit Union Money Market | 44 | 186 |
| Business Money Market | 378 | 1,805 |
| Standard Money Market | 1,895 | 9,146 |
| Total (distinct institutions) | 2,400 | 15,412 |
Category counts overlap because an institution can offer accounts in more than one category; the total row counts each institution once across the full money market universe.
This report is for general information and is not financial advice. The APY any saver receives depends on the institution, balance, and location; confirm current offers with institutions before making decisions.
