A Federal Reserve meeting earlier in June that left elevated interest rates on pause, combined with the potential for rates to rise even further later in 2026, has left many savers wondering about their next move. And while there are certain account types to avoid and critical mistakes to circumvent, there are plenty of high-rate accounts still worth serious consideration right now. A money market account is one of the better options to explore.

Money market accounts have high interest rates that can help grow your money faster and more effectively, with none of the risk that investing presents in today's uncertain economy. But that elevated rate isn't the only feature for savers to take advantage of in today's inflationary economic climate. Below, we'll detail three other features worth knowing right now.

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3 money market account features for savers to take advantage of now

Not sure if a money market account makes sense for you? Here are three valuable, timely features to consider now:

A high rate that can easily rise further

Money market accounts come with top interest rates just under 4% now, making them exponentially more profitable than the average 0.38% rate you may currently be earning with a traditional savings account. And that high rate can easily rise further this year, considering its variable structure and the growing possibility of an interest rate hike from the Federal Reserve if inflation doesn't decline again. 

Savers won't need to do anything extra to take advantage of that rising rate, either, as banks will adjust it independently. Even $100 deposited into this account type now will lead to a return of around $4, making it an obvious choice for those who want to earn one of today's high rates without having to give up access to their funds.

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Flexible access to your funds

Certificate of deposit (CD) accounts come with interest rates around five to 25 basis points higher than the top money market accounts do, but that slightly higher rate will require something the money market account will not – limited access to your money. Withdrawing money from your CD prematurely will lead to an early withdrawal penalty being issued. 

Your money market account, however, won't come with this restriction, and you'll be able to make deposits and withdrawals as you've already been accustomed to with your traditional account. This flexibility is always important, but especially so now, with higher borrowing costs, elevated debt levels and other factors already straining your financial health.

Streamlined banking with a single account

Another feature that the money market account has that the CD doesn't is the ability to write checks out of the account. This check-writing feature is unique to money market accounts, and it can further streamline your banking needs. So if you don't want to divide your funds among multiple accounts to exploit the advantages each offers, you won't have to, as you can effectively combine your banking needs with this account type, all while still earning a competitive rate.

The bottom line

With a high, variable interest rate that can easily rise further, flexible access to your funds and the capability to streamline your banking needs all with a single account, a money market account makes sense for many savers now. Just be sure to weigh your banking needs and goals versus what is achievable with a CD or high-yield savings account, too, to ensure that this is truly the right account for you now. And be sure to keep your funds in a traditional account to a minimum now, as you're not keeping pace with inflation by storing it there versus in one of these three alternatives instead.