| North Palm Beach, Fla. -- Nov. 25, 2009 (Bankrate.com) -- The average yield for a $50,000 money market account in the United States fell 1 basis point to 1.40 percent on Wednesday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent.
The highest rate on a $50,000 money market account nationally is 1.98 percent, with an annual percentage yield of 2.00 percent. Six months ago, the average yield was 1.86 percent. The yield on a MMA is higher than the rate because the yield takes compounding into account. Of the 10,614 institutions that sell $50,000 money market accounts in the U.S., 8,254 institutions offer daily compounding, 2,360 institutions offer monthly compounding and no institutions offer quarterly compounding. For consumers, more-frequent compounding produces a higher total yield. Some $50,000 money market accounts are offered only locally; others are offered nationally. Click here to see the 100 highest yields on a variety of MMAs. To see all of the results of Bankrate.com's surveys, go to www.bankrate.com. The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states. |