What is the difference between a money market account and CD?

Money market accounts (MMAs) and certificates of deposit (CDs) are types of federally insured savings accounts that earn interest. But their rates and ease of access differ. CDs tend to have higher rates than money market accounts and give no access to your money until a term ends.

Do I need a CD or money market account?

On the other hand, if you want to save money and earn interest while keeping those funds easily accessible, a money market account could be the better fit. Knowing what you need a CD or money market account to do for you can help you decide which one belongs in your savings plan.

What is a money market account (MMA) & a certificate of deposit (CD)?

Money market accounts (MMAs) and certificates of deposit (CDs) each provide a boost to your savings by offering competitive rates but differ in how liquid — the ability to be converted into cash easily at any time — they are.