Money Market Calculator - Free Money Market Account Calculator
Free money market calculator and money market account calculator to calculatemoney market interest, APY, and rates. Our money market calchelps you project savings growth and compare money market options to maximize your earnings over time.
Last updated: December 15, 2024
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Starting amount to deposit
APY offered by the account
How often interest compounds
Regular monthly contributions
How long to save
Final Account Balance
After 5 years: $46,090.73
With Monthly compounding at 4.5% APY
Total Deposits
$40,000.00
Interest Earned
$6,090.73
Effective APY
4.594%
Growth Summary
Money Market Calculator Types & Features
Our free money market calculator handles all types of money market account calculations
Money Market Account Calculator
Features: APY, compound interest
Rates: 4-5% APY typical
Safety: FDIC insured
Also called: MMA account calculator
$10,000 at 4.5% APY = $2,460 interest/year
Money Market Interest Calculator
Calculation: Compound interest
Frequency: Daily compounding
Formula: A = P(1 + r/n)^(nt)
Also called: Interest calculator for money market
Daily compounding maximizes returns
Money Market APY Calculator
APY Range: 4-5% current rates
Comparison: vs savings accounts
Benefits: Higher than traditional savings
Also called: Money market calculator apy
4.5% APY vs 0.5% savings
Money Market Rate Calculator
Current Rates: 4-5% APY
Factors: Fed rates, competition
Trends: Rising with Fed rates
Also called: Money market interest rate calculator
Rates follow Fed policy
Money Market Growth Calculator
Growth: Compound interest
Time: Long-term benefits
Deposits: Regular contributions
Also called: Money market investment calculator
$500/month = $30,000 in 5 years
Money Market Savings Account Calculator
Type: High-yield savings
Access: Limited transactions
Minimum: $1,000-$10,000
Also called: High-yield savings calculator
Better than regular savings
Current Money Market Rates (2024)
High-Yield MMA
4.5-5.0%
Online banks
Traditional MMA
2.0-3.5%
Brick & mortar
Regular Savings
0.1-0.5%
Traditional banks
CDs (1-year)
4.0-5.5%
Locked rates
How Our Money Market Calculator Works
Our money market calculator uses compound interest formulas to project account growth over time. This money market calculation tool factors in your initial deposit, regular contributions, interest rate (APY), and compounding frequency to provide accurate financial projections for your savings strategy.
How to Calculate Money Market Interest
- Step 1: Enter your initial deposit amount
- Step 2: Input the current APY rate (4-5% typical)
- Step 3: Set compounding frequency (daily recommended)
- Step 4: Add monthly deposit amount (optional)
- Step 5: Choose time period for calculation
The Compound Interest Formula
A = P(1 + r/n)^(nt) + PMT × [((1 + r/n)^(nt) - 1) / (r/n)]A = Final amount
P = Principal (initial deposit)
r = Annual interest rate (decimal)
n = Number of compounding periods per year
t = Time in years
PMT = Regular payment amount
Key Calculation Components
Principal Growth
- Initial deposit compounds over entire period
- Earlier deposits have more time to grow
- Compounding frequency affects total returns
- Higher APY significantly impacts long-term growth
Regular Deposits
- Monthly contributions create annuity growth
- Each deposit compounds from its start date
- Consistent investing maximizes compound effect
- Dollar-cost averaging benefits included
Understanding APY vs APR
APY (Annual Percentage Yield) includes the effect of compounding, while APR (Annual Percentage Rate) does not. For money market accounts, APY is the more important figure because it represents your actual annual return. Daily compounding can increase your effective yield by 0.1-0.2% compared to monthly compounding.
Sources & References
- Federal Deposit Insurance Corporation (FDIC) - Money Market Account Guidelines and Insurance InformationOfficial regulations and consumer protection details
- Federal Reserve Economic Data (FRED) - Money Market Interest Rate Trends and Historical DataCurrent and historical money market rate information
- Consumer Financial Protection Bureau (CFPB) - Money Market Account Consumer GuidelinesBest practices for money market account selection
Exploring other investment options? Check out our rent vs sell calculator and covered call calculator.
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Money Market Calculation Input:
- Initial Deposit: $10,000
- APY Rate: 4.5%
- Monthly Deposit: $500
- Compounding: Monthly (12 times/year)
- Time Period: 5 years
- Account Type: High-yield money market
Money Market Calculation Results:
Total Deposits
$40,000.00
Interest Earned
$6,090.73
Final Balance
$46,090.73
Effective Annual Rate
4.59%
Money Market Calculation Summary: Your $10,000 initial deposit plus $500 monthly contributions grew to $46,090.73 over 5 years
This money market calculation shows how compound interest and regular deposits can significantly boost your savings over time.
Money Market (4.5% APY)
$46,090.73
Regular Savings (0.5% APY)
$40,000
Frequently Asked Questions
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