Money Market Account Calculator
A money market account (MMA) is an insured deposit account that usually pays more than standard savings and may include check-writing. Enter the APY and your deposits to project the balance.
Enter your figures below. Results update as you type.
Account balance$18,985.49
- Your deposits 91%
- Interest earned 9%
- Total deposited
- $17,200.00
- Interest earned
- $1,785.49
| Year | Deposited | Interest | Balance |
|---|---|---|---|
| 1 | $12,400.00 | $471.40 | $12,871.40 |
| 2 | $14,800.00 | $1,064.83 | $15,864.83 |
| 3 | $17,200.00 | $1,785.49 | $18,985.49 |
- Balance
- Your deposits
How the MMA calculation works
Balance = deposit x (1 + APY)^years, plus the growth of each monthly deposit
Banks quote MMAs by APY, which already includes compounding, so no compounding frequency is needed. Rates are variable and can change after you open the account.
Frequently asked questions
Is a money market account the same as a money market fund?
No. A money market account is a bank deposit covered by FDIC or NCUA insurance up to the legal limit. A money market fund is an investment product and is not insured.
How is interest calculated on a money market account?
Interest usually accrues daily on your balance and is paid into the account monthly. $25,000 at 4.25% APY earns about $1,062 over a year, or roughly $87 a month.
Are money market accounts FDIC insured?
Yes. Money market accounts at banks are insured by the FDIC, and those at credit unions by the NCUA, up to $250,000 per depositor, per institution. Money market funds sold by investment firms are a different product and are not insured.
Is a money market account better than a savings account?
They are similar. Money market accounts often pay slightly more and may come with checks or a debit card, but they tend to require a higher minimum balance. Compare the APY and the fees.
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