At a glance: Money market vs. savings Money market accounts and savings accounts are well-known savings tools, but each has its unique benefits. The differences between a money market account and a savings acco
There are many different savings vehicles to choose from, but two of the most common aremoney market accountsandsavings accounts. There are similarities between the two—both pay interest, have fixed balances, and are pretty easy to deposit money into or withdraw it out. Either account type cou...
A money market account is another type of savings account offered by banks and credit unions. Functionally the same as a traditional savings account, money market accounts allow you to earn interest on an FDIC-insured deposit with the ability to withdraw your funds via check, debit ca...
A money market account is similar to a savings account in that both earn interest and are subject to transaction limits. However, a money market account usually offers a higher interest rate and comes with check-writing privileges and a debit card, unlike most savings accounts....
Money market accounts (MMAs). MMAs earn interest like savings accounts but have a variable Annual Percentage Yield (APY). The APY is typically higher than a traditional savings account. Some MMAs may have a limit on the number of transactions you can make per month, making this a better opt...
Interest rate vs APY: Which is important to know for savings accounts? While financial institutions are required to show rates as APY, they can also show the corresponding interest rate. When it comes to your savings account, it’s more important to know the APY, because knowing the rate th...
If you’re just looking for a spot to park your extra cash and let it earn interest, a savings account is likely a great choice (though you can explore other savings options too, likemoney market accounts (MMAs)andCDs). Often, the answer is that it makes sense to have at least one ...
Choosing between a certificate of deposit (CD) and an individual retirement account (IRA) boils down to your plans for the money. CDs offer stability for short-term goals with fixed APYs while IRAs allow you to invest in the stock market for long-term retirement savings. Learn how to use ...
Savings vs. Checking Account A savings account is a financial instrument that lets you safely deposit money, where it can earn interest and the money will be available when you need it. Even if you don't earn interest and pay fees, a savings account lets you safeguard your money while all...
A checking account is for everyday use, while a savings account has less flexibility but higher interest. Get one or both, based on your needs.