NEW YORK (CNNMoney.com) - The average money market fund yield is above four percent for the first time in nearly five years, according to data from Money Fund Report.

While that latest average -- 4.01 percent -- is still below the yield of about six percent seen in the second half of 2000, it's well above the return of only about a 0.5 percent seen in late 2003 and early 2004.

A $100,000 money fund investment would now produce $4,010 in annual income, compared to only $500 in August 2003.

Money fund rates typically pay about a half of a percentage point less than the fed funds rate set by the Federal Reserve, although the increased in money market funds rates typically lags the Fed action by about six weeks.

That fed funds rate was at 6.5 percent from May 2000 through December of that year, when the Fed started cutting rates in response to the slowing economy at that time.

The fed funds rate reached only one percent in June 2003, a level where it stayed until the Fed started raising rates a year later.

The central bank has now raised rates at 14 straight meetings, taking the fed funds rate to 4.5 percent. Another quarter percentage point rise is widely expected at the March 27-28 meeting next week, and some economists are predicting the rate could be lifted to five percent in May, which would take many money market yields to 4.5 percent by early summer.

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