3 reasons to switch your money market account now
In today's unique economic climate, a switch from your money market account may make a lot of sense. Here's why.
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
August 13, 2026 / 1:12 PM EDT / CBS News
The interest rate climate may be holding steady a bit longer. That was one of the items savers started thinking about this week after a new inflation reading showed the rate dropping in July, the second consecutive month in which it did so. With unemployment numbers concerning, however, the Federal Reserve, which many anticipated would hike interest rates when it met again in September, may instead elect to maintain the interest rate freeze it has kept in place since last December.
With interest rates elevated, returns on select savings accounts will remain competitive, too. So, if you're currently keeping your money in a traditional savings account, with an average rate of 0.38%, you should seriously consider making a switch. But that's not the only account type that may be worth reevaluation in today's economic climate. A money market account , as beneficial as it may have been in recent years, is also worth reconsideration. Below, we'll outline three reasons why a switch from this account type and into an alternative may be beneficial (and profitable) right now.
Start by seeing how much interest you could be earning with a high-yield savings account here .
3 reasons to switch your money market account now