Consumers looking to earn high interest on their savings while retaining easy access to their cash are often torn between high-yield savings accounts and money market funds. "They're both very, very safe and offer liquidity," said Greg McBride, chief financial analyst at Bankrate.The purpose of each is similar.
They generally serve as repositories for emergency funds or savings earmarked for the short term, perhaps to buy a car, home or vacation, said Kamila Elliott, a certified financial planner and CEO of Collective Wealth Partners, based in Atlanta. That's because money market funds and high-yield savings accounts are stable and allow for easy access — two essential traits when saving money you can't afford to lose and might need in a pinch, said Elliott, a member of theHere's a look at more stories on how to manage, grow and protect your money for the years ahead.Plus, their yields are often higher than those of a traditional bank savings accoun