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Money Market vs Savings Accounts

As consumers who are striving for financial success without the pressure of consumer debt, it is important to understand the different saving options. Therefore, this post is dedicated to understanding the pros & cons of money market vs savings accounts.

American Consumer Credit Counseling explains the difference.

American Consumer Credit Counseling explains the difference.

Money Market vs Savings Accounts – Pros & Cons

Pros & Cons of Money Market Accounts

Pros :

  • It combines the benefits of savings and checking accounts.
  • Check writing ability.
  • Higher interest rate than normal savings account.
  • Federally insured.
  • Ability to invest that money in low-risk assets such as treasury notes, certificates of deposit, municipal bonds etc.


  • Requires account holders to maintain a higher balance in exchange for the higher interest rate.
  • Transactions permitted are limited such as the number of checks written and transfers made.
  • Some may require you to wait a few days (up to seven) for withdrawals.

Pros & Cons of Savings Accounts


  • Savings accounts are interest bearing.
  • If the institution that you have your savings account is a member FDIC bank, your funds are insured up to a maximum limit allowed by law.
  • Ability to link your checking accounts through online banking for ease of fund transfer.
  • Ease of accessibility.


  • Although you are able to earn interest, they offer relatively lower rates.
  • There are no tax benefits for putting your money into a savings account. In fact, if you accumulate a big enough balance, you will pay taxes on the interest you earn each year.
  • Some banks may charge fees on the savings account.

Based on the above facts, the fundamental difference between the accounts is the interest rates offered and the behavior of each of the accounts. The money market savings account has similar behavior traits to a checking account making it easier for consumers to engage in transactions.

The point to note, however, is that some form of an interest-earning account is a must have to ensure financial stability and to stay in line with your successful debt management program.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session us today.


Dilini is a Marketing Communications & Programs Associate at ACCC. To anyone, managing finances can be a real challenge! Any tips and tricks to help get through this are great! Dilini will share her experiences, tips, and tricks along the way through the Talking Cents blog. Stay tuned!

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