savingcalculators

Money Market vs Savings Account

Use this money market vs savings calculator to compare a money market account vs a savings account side by side. Enter the APY and monthly fees on each — the winner usually comes down to the fee waiver, not the headline APY.

$
months
%
$
%
$
MMA final balance$0.00
Savings final balance$0.00
Winner—
Difference$0.00
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How this calculator works

Both account types use the same compound-interest math when APY is quoted. The real difference shows up in fees, minimums and check-writing privileges.

final = P × (1 + APY)t − (monthly fee × months)
P
Opening deposit
APY
Annual Percentage Yield (the bank's quoted compounded rate)
t
Time in years (months ÷ 12)

An MMA typically pays a higher APY but charges a fee unless you maintain a minimum balance — sometimes $10,000 or more. A high-yield savings account usually has no minimum but caps your withdrawals; under Regulation D (relaxed in 2020), banks may still limit savings to 6 transfers per month.

Source: Account-type definitions and disclosures — CFPB bank accounts & services. APY computation — Truth-in-Savings Act, 12 CFR § 1030 (Regulation DD).

FAQ

Money market vs savings account — which is better?
Depends on your balance. With $10,000+ that you can keep parked, an MMA usually wins on APY by 0.10–0.50 points and adds limited check-writing privileges. With under $10,000 or any need to dip frequently, an HYSA wins because there's no minimum-balance fee. Both are FDIC-insured at the same $250,000 limit.
Are money market accounts FDIC insured?
Yes. Money market accounts (MMAs) at FDIC-insured banks are covered up to $250,000 per depositor, per ownership category. Don't confuse them with money market mutual funds — those are NOT FDIC-insured.
Why is the MMA APY usually higher?
MMAs require a higher minimum deposit ($1,000–$10,000+) and limit withdrawals, so banks can lend the money out for slightly longer durations. They reward you with a higher APY for the reduced flexibility. As of 2026, a top MMA pays roughly 0.10–0.50 percentage points more than a top HYSA.
Can I write checks against an MMA?
Most MMAs allow limited check writing and a debit card — typically 6 withdrawals or transfers per month. Standard savings accounts usually don't include checks. If you need ATM access plus a higher yield, an MMA is often the right pick.
Should I move from savings to a money market account?
Only if (a) the MMA's APY beats your savings APY by more than the cost of any monthly fee, and (b) you can comfortably maintain the minimum balance. Run both numbers through the calculator above — sometimes a 'higher yield' MMA actually pays less than a no-minimum HYSA after the $12–15/month fee is subtracted.
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