What’s a good money market account rate considered to be this September?

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August 31, 2026 / 3:11 PM EDT / CBS News

The interest rate climate could soon be heating up again.

With the current chances of an interest rate hike over 60% for when the Federal Reserve meets in September, both borrowers and savers may want to consider making some strategic moves now. For savers, that could mean exploring select account types which will allow them to take advantage of new, elevated rates. Keeping their funds in a traditional savings account, which currently comes with an average rate of just 0.38%, is no longer the right approach. Not only are savers failing to keep up with inflation by keeping money there, they're essentially losing money by not making the switch into a high rate alternative.

A money market account, however, can help rectify that dilemma and get you back on the right track. These accounts come with high interest rates that are well-positioned to increase in the fall thanks to their variable nature. If the central bank raise its rate, rates (and returns) on this account will tick up, too. At…

Original source: https://www.cbsnews.com/moneywatch/