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When was the last time you took a close look at the interest you’ve been earning with a traditional savings account? If it was anytime recently and you had a hard time finding it, it’s easy to see why. The average interest rate on a traditional savings account sits at just 0.38% now, according to new data released by the FDIC. That’s actually lower than it was, after the average rate was 0.39% in March. Needless to say, then, keeping any sizable amount of money in this account is a savings mistake worth avoiding. And with multiple, high-rate alternatives to choose from, it can easily be rectified.
This is an important step to take now, though, especially if there’s a five-figure amount such as $15,000 at play. By transferring these funds into a money market accountfor example, you’ll be able to maintain the flexibility of a traditional savings account while earning an exponentially higher rate, thus outpacing inflation and boosting your principal at the same time. With a money market account, in particular, you’ll even be able to write checks, streamlining your banking needs in a way that other accounts won’t permit. Before jumping in, however, it helps to know the interest-earning potential a $15,000 money market account offers right now. Below, we’ll do the math.
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Here’s how much interest a $15,000 money market account can earn now
Calculating the interest-earning capacity of a money market account will require some speculation on behalf of the saver, as the account comes with a variable interest rate that will rise or fall based on market conditions. Still, with today’s interest rates unlikely to drop substantially in the near future, savers can still obtain an approximate idea of what they stand to earn. Here’s how much interest a $15,000 money market account can earn now, calculated against today’s top rate, four different time periods and the assumption that the rate is constant:
- $15,000 money market account at 3.90% after three months: $144.16
- $15,000 money market account at 3.90% after six months: $289.70
- $15,000 money market account at 3.90% after nine months: $436.65
- $15,000 money market account at 3.90% after one year: $585.00
Savers can earn somewhere between $144 and $585 with a money market account of this size if they act now. And, if rates were to increase over the next year, they’d earn even more. That said, rates here can also decline over this same period, as they have since the Federal Reserve started reducing rates again in 2024. Some volatility will need to be priced in in both directions, then, to more accurately gauge long-term interest earnings. If you can contend with those changes, however, this could be the effective and lucrative savings account type to open now.
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How to earn more interest with your money market account
While savers won’t be able to control the interest rate climate and, thus, should get accustomed to seeing their money market account rate rise and fall over time, they can earn more interest on the account by doing something simple – routinely contributing more money to the account in regular intervals. This can not only offset some inevitable rate declines over time but, thanks to compounding interestwill help boost the earnings the account can accumulate. And thanks to the account operating much like a traditional savings account, savers will be able to contribute with ease in a way that they won’t be able to with alternative account types like certificates of deposit (CDs).
The bottom line
A $15,000 money market account that’s simply maintained over the next year (and not withdrawn from) can earn savers hundreds of dollars in interest. And, if they contribute additional funds during that time, or if rates rise in the interim, they stand to earn even more. Consider shopping around, then, to see how high your money market account rate offers are now and look to act quickly to take advantage of today’s competitive rates while they’re still readily available.