The Federal Reserve held interest rates steady again at its July meeting, resisting pressure to cut rates despite growing signs of an economic slowdown. The federal funds rate still remains at a high level when looking over the past decade—between 4.

Money market accounts and high-yield savings accounts are two similar savings vehicles, but with some important distinctions. Both come with variable interest rates, unlike certificates of deposit (CDs), which have fixed interest rates. Both also typically offer higher interest rates than standard savings accounts.

Earning the 4.25% APY with a Quontic Bank Money Market Account also requires just $100 to open. Once opened, account balances from as low as $0.01 and up continues earning the top-tier rate regardless of the account balance. This makes the account one of the most strings-free, yet highest earning options available today.