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Compare Money Market Accounts With CDs and Savings Accounts
If you've ever wondered what the best longer-term savings option is for your money, then our account comparison chart is the resource for you. You can easily see the differences between money market accounts, traditional savings accounts and CDs to help make the most of your money.
Whether you want to see the advantages of a money market vs. savings account side by side or you're looking to compare money market vs. CD options, you can review each account's features so you can choose the right savings solution for you.
A money market account is a higher yielding savings account with Annual Percentage Yields (APYs) that may fluctuate based on market conditions. When you review money market accounts and traditional savings accounts, you’ll find that a money market account offers many of the traditional savings account features that you’re used to, including free online banking.
When you are comparing accounts, it is important to understand that a money market account is considered a higher yield savings vehicle, which typically requires a higher opening deposit than a traditional savings account. Savings accounts usually
require a lower opening deposit, but often have lower interest rates.
Find out more about a Nationwide Bank money market account today.
If you are looking for an interest-bearing savings account with greater liquidity and convenient access to your money, you may want to consider a money market vs. CD. We'll help you compare money market accounts with CDs to help you earn more on your money while giving you all the account features that you want.
Although money market accounts and CDs have many similar benefits, a money market account offers the advantages of a checking account. By providing a checkbook and ATM card to deposit and withdraw cash, a money market account gives you liquidity that CDs cannot provide due to the fixed term structure of CDs. (Some restrictions may apply.)
In our chart, you will see that a CD will lock in your rate while a money market rate can change based on market conditions. Also, you will find that a money market is an attractive option if you’re looking higher-yield short-term gains.
Find out more about our attractive deposit rates today.
Category: Savings account