Best Money Market Accounts of September 2021

If you don’t think a money market account is a good fit for you, here are some other options worth considering.

Savings account: A savings account is another type of deposit account that offers similar APYs to money market accounts but has more restrictions on accessing funds. You’re limited to six savings account withdrawals per month if you’d like to avoid fees, and most savings accounts lack check-writing capabilities or debit cards. But savings accounts also have lower minimum balance requirements than money market accounts and some may not have minimum balance requirements at all.

CD: A CD is another type of deposit account (CD stands for “Certificate of Deposit”). These can have APYs comparable to or even higher than money market account rates. In exchange for these higher rates, you have to pay a penalty if you withdraw your funds before the full length of the CD term. CD terms can range from a month to 10 years, with most falling in the six-month to five-year range. They can be a great place for savings you don’t intend to use anytime soon, but you have to consider what interest rates are doing. CD rates are typically locked in for the full term length, which is great when rates are dropping but bad when they are climbing.

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