High-Yield Savings vs. Money Market

Both accounts pay interest tied to short-term rates, but they are not identical.

High-yield savings

• Typically the highest APY.
• Online-only institutions keep overhead low.
• Usually no check-writing.

Money market accounts

• Often include check-writing and a debit card.
• Sometimes require a higher minimum.
• Slightly lower APY on average.

When markets are choppy

Liquidity matters. If you might need cash on short notice, the check-writing of a money market account can be worth the small yield gap.