Calculate how much interest you might earn on your money market account and see a schedule of interest payments.
How to use the calculator
You can use our money market account calculator to work out projected growth on your money market account. Here's how to use it:
Initial deposit: Enter the amount of money you plan to deposit into the money market account when you first open it.
Interest rate (APY): Enter the annual percentage yield for the money market account. This is the effective annual rate, which takes into account the effect of compounding. Note that some accounts use a tiered interest rate structure, so double-check which rate applies to your balance.
Time period: Enter how long you plan to keep the money in the account, in years and months.
Regular contributions: Optionally, enter any regular deposits you plan to make into the account (e.g. monthly, weekly, or yearly).
After you've entered all the details, hit the Calculate button to see a full breakdown including a month-by-month interest schedule and growth projection.
Learning about money market accounts
We've gone through how to use the calculator, now let's take a look at money market accounts themselves and what the basics are.
A money market account (MMA) is a type of savings account that typically earns interest based on compound interest and money market interest rates. These accounts are typically offered by financial institutions such as banks and credit unions. Because they provide a balance of accessibility and potential earnings, they're worth considering if you're in a position where you want to earn interest while maintaining easy access to your funds.
Money market accounts often come with features like check-writing privileges and debit card access, setting them apart from standard savings accounts. However, they may require higher minimum balances and have limits on the number of certain types of withdrawals you can make per month.
Interest rates on money market accounts tend to be higher than regular savings accounts but lower than certificates of deposit (CDs). The rates are usually variable, meaning they can go up or down based on market conditions and the federal funds rate set by the Federal Reserve.
Key features of money market accounts: Higher interest rates than regular savings, FDIC/NCUA insurance protection (up to $250,000), limited check-writing ability, potential minimum balance requirements, and variable interest rates tied to market conditions.
Recommended resources
We do not offer money market accounts on this website — our focus is on providing high-quality financial calculators. For expert advice and recommendations on money market account options, we therefore recommend checking out the following reputable resources:
Note that although the links above are to reputable external websites, we have no control over their content.