Earn More Interest on Your Savings
Money market deposit accounts and savings accounts provide safe, easily accessible places to store cash.


As the Federal Reserve boosts short-term interest rates, yields on bank deposit accounts and money market mutual funds have been ticking up.
Unlike money funds, which are investment accounts that contain high-quality, short-term securities (see kiplinger.com/links/moneymarket), money market deposit accounts (MMDAs) have Federal Deposit Insurance Corp. coverage. That means if the bank holding your MMDA goes belly-up, you won’t lose your cash (up to the insured limit of $250,000 per depositor per bank in each account ownership category). MMDAs and savings accounts both provide safe, easily accessible places to store cash. And lately, top rates on MMDAs and savings accounts have also been close, says Nick Clements, cofounder of personal finance site MagnifyMoney.com.
If the ability to withdraw money directly from savings is important to you, an MMDA has the edge over a savings account. MMDAs commonly come with a debit or ATM card. (The Synchrony High Yield Savings account, however, yields a respectable 1.75% and comes with an ATM card; plus, fees that out-of-network U.S. ATM operators charge are refunded up to $5 per month.)

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Among top-yielding MMDAs, the online Redneck Bank Mega Money Market account comes with a debit card and has consistently offered strong rates over the past few years. It now yields 2% on up to $50,000 (0.5% yield on the portion of the balance higher than that cap).
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.
-
The Best FSA or HSA-Eligible Amazon Prime Day Deals You Can Shop Now
Double down on savings by taking advantage of these early Prime Day deals that are FSA or HSA eligible. Save on fitness trackers, air purifiers, baby gear and more.
-
Stock Market Today: It's 'All Sectors Go' Ahead of Independence Day
The resilience trade continues to work, even for sectors and stocks with specific uncertainties.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online Bargains
Feature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?
insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know So Far, Plus Early Deals
Amazon Prime Here are the key Amazon Prime Day dates and details you need to know, plus some of our favorite early deals to shop ahead of the sale.
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.