Frequently asked questions
Money Markets vs. Savings and CDs
What’s the difference between a money market and a savings account?
The main difference between a money market account and savings account is the amount of interest you earn on your money. Typically, you can earn more interest with a money market account.
What’s the difference between a money market vs. a CD?
A money market account pays you interest on your balance but also gives you access to your money when you need it.
A CD has a higher minimum opening deposit of $500 and may have a higher APY than a money market account. During the CD term, you cannot withdraw funds without incurring a CD early withdrawal penalty.