Effective January 1st, 2025, the Alerus Money Market interest rate will adjust to 4.51% (4.60% APY). As of December 31st, the 1-year yield on the Alerus Money Market is 5.30%. Alerus benchmarks and sets this rate on a quarterly basis, however, the rate is subject to change at any time.
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.