Money market accounts and certificates of deposit are both types of federally insured savings accounts that earn interest.
CDs generally offer the highest interest rates, but they also require you to set aside your savings for a specified period. Make a withdrawal and you get hit with a penalty. If you need more flexibility, pick a money market account.
High-yield savings accounts, particularly those offered by online banks, generally have above-average interest rates. It makes sense to go with a savings account if you find one that offers better rates than a money market account and don’t want to tie up your cash in a CD.
And both money markets and CDs sometimes have higher minimum balance requirements than basic or high-yield savings accounts. A savings account can still give you a good return if you don’t have much to deposit.
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