Money Market Savings Accounts

High-Yield Savings Accounts

A high-yield savings account is exactly what it sounds like — a savings account with a high interest rate that enables you to grow your savings. Compare the best accounts on GOBankingRates’ custom rate tables.

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Interest Rates

Sometimes you want a high interest rate; sometimes you want a low interest rate. Find out when you can make interest rates work for you — such as in a high-yield savings account — and know when to be cautious of APRs.

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Investing

To grow your money over time, you can’t just save it; you need to invest it. Investing requires taking on some risk, which could lead to greater reward as well as loss. Learn the basics today.

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CD Rates

Grow your money in a certificate of deposit today, but first search thousands of CD rates to find the best rate that meets your needs. GOBankingRates can help.

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More in Money Market Savings Account

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Understanding Money Market Savings Accounts

A money market account offers several benefits unmatched by traditional savings accounts or other deposit products. In fact, a money market account takes many of the advantages of a savings account and a certificate of deposit, combining them into a completely unique deposit account with some of the best interest rates. Of course, opening a money market account isn't the right option for everyone, so read on to find out how money markets work and how you can use them to your advantage.

What is a Money Market Account?

Money market accounts are deposit accounts that allow you to earn slightly higher rates than traditional savings accounts tend to offer, but with a few more restrictions. Typically, a money market requires that you maintain a minimum balance of anywhere from a few hundred dollars to several thousand. Often, the higher the minimum balance, the higher the interest rate offered on the account.

Additionally, there are usually restrictions on the number of withdrawals you can make from a money market account. Some only allow a few withdrawals each month, other accounts place limitations on the number of withdrawals per quarter.

These qualities are what make money market accounts a lot like a savings account/CD hybrid - time restrictions allow you to earn a higher money market interest rate, but there is still liquidity to your funds.

Choosing a Money Market

Because one of the biggest benefits of a money market account is the ability to earn a higher interest rate, it's important to ensure you really are receiving a competitive rate on your account. Not all banks and credit unions offer the same money market rates, so it's up to you to compare offers from a variety of institutions and see who can provide you the best money market account terms and rates.

Money market accounts are best for depositors who have quite a bit of savings to invest and don't need daily access to that money. If your top concern is maximizing your savings with the best money market rates available today, but you still want to maintain some liquidity, this type of account may be perfect for you.