How much will $50,000 make in a money market account?

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Banks and credit unions offer a financial product known as money market accounts, which are currently providing attractive interest rates of approximately 2%. This rate of return is significantly higher than traditional savings accounts, making them an attractive option for those seeking to grow their savings.

With a money market account, individuals can earn interest on their deposits while still maintaining access to their funds. This makes it a convenient and flexible savings option for those who need to keep their money liquid.

For example, if an individual deposits $50,000 into a money market account with a 2% interest rate, they would earn $1,000 in interest over the course of a year. This can be a significant boost to their savings, especially when compared to the minimal interest earned in a traditional savings account.

To find the best current rates for money market accounts, it's important to compare offers from different banks and credit unions. SmartAsset's online money market account comparison tool is a useful resource for individuals looking to make an informed decision about where to invest their savings.