Effective December 1st, 2024, the Alerus Money Market interest rate will adjust to 4.58% (4.68% APY). As of November 30th, the 1-year yield on the Alerus Money Market is 5.36%. Alerus benchmarks and sets this rate on a quarterly basis, however, the rate is subject to change at any time. Notification of any change is provided ten business days before the effective date. If you have any questions, please contact your Alerus Retirement and Benefits Service Team.
As the Federal Reserve lowers their Fed Funds Rate, it has the effect of lowering short-term rates in the financial markets. Money markets, savings accounts, and short-term Treasury bills typically follow the changes the Federal Reserve makes to short-term rates.