Money market accounts combine savings-level rates with check-writing and debit card access, making them best suited for larger balances requiring occasional transactions.
High-yield savings accounts match money market rates with far simpler access, making them the stronger pick for a dedicated emergency fund.
At the national average savings rate, $40,000 earns about $150 a year. In one of today’s top-rated high-yield accounts, the same balance earns $1,200 or more. See the current best rates, side by side.
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A money market account works like a savings account with check-writing or debit card access. High yield savings offers comparable rates with much simpler access.
The best money market rates suit larger balances needing occasional checks. A high yield savings account fits a pure emergency fund best.
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Austin Smith is a financial publisher with over two decades of experience as an investor, analyst, and advisor. He covers stocks, ETFs, Artificial intelligence and personal finance for 24/7 Wall St. Previously, he spent over a decade at The Motley Fool as a senior editor for Fool.com, portfolio advisor for Millionacres, and launched The Ascent to help reader take control of their personal finances.
His work has been featured on Fool.com, NPR, CNBC, USA Today, Yahoo Finance, MSN, AOL, Marketwatch, and many other publications. He is as an advisor to private companies, and co-hosts The AI Investor Podcast with Eric Bleeker.
When not looking for investment opportunities, he can be found skiing, running, or playing soccer with his children. Learn more about Austin's investment approach here.
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