But if you’re wondering, “Is a money market account a savings account?” the answer is no. You can think of thebenefits of a money market accountas a savings-checking hybrid. This is an important piece of the money market account vs. savings account story. On the savings side, with ...
Amoney market accountis a type of savings account that usually offers a higher interest rate and easier access to your money than a regular savings account. You can open a money market account with your local bank, an online bank or a credit union. Quick note: Money market accounts are ve...
Savings accounts may offer lower interest rates than money market accounts and other investments because financial institutions are limited in what they can do with the funds. Banks generally lend this money to others for car loans,lines of credit, and credit cards so the banks can make money o...
On the surface, money market accounts and savings accounts may seem to compete with one another for the depositor’s dollars, but that isn’t nearly true. Each has a place in your finances, but under different circumstances and for different purposes. When to use money market accounts: In r...
Money market accounts are suited for individuals who want to earn more interest than they would with a savings account with short-term goals in mind. As such, an MMA may be a good idea to save for a specific purchase, such as a vacation or adown paymentfor a car. This account can al...
A money market account is a type of deposit account offered by banks and credit unions. Like a traditional savings account, money market accounts—also called money market deposit accounts or money market savings accounts—can help you grow your savings over time. “Money market accounts...
Money Market vs. Savings Choosing the right savings account is important. After all, it could have a lasting impact on your finances and wealth management goals. That’s why Santander Bank doesn’t take a “one size fits all” approach and provides several differenttypes of savings accounts, ...
Putting your money into a money market account is a good savings strategy. But if you're thinking of branching out from saving to investing, read our guide on the best ways to invest $30,000. Bottom Line A money market account is a great product to safely grow your money. It offers ...
Large minimum deposit requirements:Money market accounts may require a larger deposit thantraditional savings accountseither to open the account or to earn the top APY. Lower yields than other bank products:Certificates of deposit (CDs) may pay a more competitive yield. Investors who are okay with...
A money market account is a type of savings account, but it also has some checking features. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website...