Money Market Account Calculator

About this calculator

A money market account (MMA) is a bank deposit account that typically pays a higher interest rate than a standard savings account while still offering easy access to funds, with interest usually quoted as an APY (annual percentage yield) that already accounts for compounding frequency. This calculator projects the account’s growth using the compound interest formula balance = P(1 + r/n)^(nt), where P is your deposit, r is the annual rate, n is the compounding frequency, and t is the term in years.

Because MMAs commonly compound daily or monthly rather than just annually, the effective growth is slightly higher than the nominal rate alone would suggest — which is exactly why APY (rather than a simple nominal rate) is the number banks advertise and the one this calculator uses to project your final balance and total interest earned. Savers use this comparison when deciding between a money market account, a regular savings account, and a CD, since MMAs typically sit between the two in both yield and liquidity.