Saving money: Choosing between a savings and money market account

📆 31.07.2019 1:21:00
📰 CNBC

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The most important things to do when picking an account is to look at the interest rate you'll be getting, and note any restrictions on the account — including minimum deposits and your ability to remove funds. investinyou (In partnership with acorns.)

You've heard of savings accounts and money market accounts. Which one should you choose?

But here's the catch — money market accounts often require higher minimum balances and deposits – something like $5,000, $10,000 or even $25,000.

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