4 big differences between money market and high-yield savings accounts

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If you're trying to find a place to park your savings, it's important to understand these key differences.

High-yield savings accounts are typically offered by online banks and credit unions, and their rates are variable, meaning they fluctuate with market conditions.

And, it's worth noting that some money market accounts, especially those offered by online banks or larger institutions, may offer rates that are more comparable to high-yield savings accounts.High-yield savings accounts and money market accounts generally have different minimum balance requirements, and the differences can be substantial. High-yield savings accounts often have lower minimum balance requirements or even none at all, making them accessible to a broader range of savers.

Money market accounts, on the other hand, typically come with check-writing capabilities and may provide a debit card for ATM withdrawals. The added flexibility that comes with check-writing and ATM access can make money market accounts more convenient if you need to access your funds frequently. However, like high-yield savings accounts, money market accounts also have limitations imposed by federal regulations, restricting the number of transactions you can make each month.

 

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