Quontic Bank Money Market
Quontic bank offers a high 5.00% APY with no monthly or overdraft fees.
- 5.00% APY
- Interest compounds daily
- $0 monthly fee
When choosing an account to stash your savings, you’ve got options. Two options include deposit accounts like money market accounts (MMAs) and high-yield savings accounts (HYSAs.)
While both accounts can help expand your savings, they have their differences.
Money market | Traditional savings | |
---|---|---|
Best for | Those who want checks, a debit card and flexible access to their money while they save. | Those who want an account with little to no minimum deposit or monthly balance requirements. |
Check writing | Yes | No |
ATM access | Yes | Varies by account |
FDIC or NCUA insurance | Yes | Yes |
Minimum deposit | $1,000+ | $0–$1,000 |
Six-transaction limit | Yes | Yes |
A money market account is a deposit account that is often considered a hybrid between a checking and a savings. MMAs have attributes of both bank accounts — namely, they typically pay higher APYs like a savings account, but with the bonus of having easier access to your money.
With MMAs, you can often use a debit card or write a check, unlike with savings accounts. Know that even though you have the flexibility to withdraw, banks may still limit you to six withdrawals per month.
MMAs are also insured under the FDIC up to $250,000 per depositor, per institution, per ownership category. The average money market rates are currently at 0.64%, but the best money market accounts can pay as much as 5.05% APY.(1)
Quontic Bank Money Market
Quontic bank offers a high 5.00% APY with no monthly or overdraft fees.
High-yield savings accounts are another solid deposit account to store your savings. HYSAs, as the name suggests, are savings accounts that offer depositors higher interest rates than standard savings.
The average for regular savings accounts is currently 0.46%, while the best high-yield savings accounts can pay up to 5.00% — similar to money markets. (1)
High-yield savings accounts also offer deposit insurance through the FDIC. While you can transfer or withdraw funds, your bank may limit you to six withdrawals per statement cycle.
SoFi Checking and Savings
With SoFi Checking and Savings get paid up to two days early. Set up direct deposit to automatically get your paycheck up to two days early every time you get paid.
Both MMAs and HYSAs are great choices for savings products, but they aren’t created equal.
Money markets have more spending flexibility, like a debit card for purchases and the ability to write checks.
High-yield savings accounts don’t have this flexibility, as withdrawals usually have to be made in cash or via electronic transfer (ACH). Some HYSAs may offer you an ATM card, but it isn’t the same as a debit card. ATM cards can’t be used for purchases — only to check your balance or withdraw cash via ATMs.
Additionally, MMAs often have higher minimum balance requirements and tiered interest rate schedules. These features mean your interest rate may fluctuate depending on the balance in the account. You also may be subject to paying minimum balance fees if you fall below the required balance.
High-yield savings usually have lower balance requirements, if any at all. They also have few fees overall.
Money markets can be a solid option, but they may not fit all situations. They make the most sense when:
High-yield savings accounts are a popular choice, but they make more sense than a money market account when:
We’ve established that both MMAs and HYSAs have their perks. But in case they aren’t for you, here are some alternative savings and investment options.
At the end of the day, both accounts are great options for achieving your savings goals.
Money market accounts and high-yield savings accounts are great savings accounts, offering a safe place to store and insure your funds and earn interest at the same time.
If you have a large sum or need the ability to withdraw your funds quickly for purchases, an MMA may be your best bet. But, if you want the flexibility of lower fees and balance requirements and don’t need your savings immediately, you might consider a HYSA.
The Upgrade high-yield savings account offers one of the highest APYs available. The only catch is you need to have a $1,000 balance to earn.
A sinking fund is money that you set aside for an expected upcoming expense, such as Christmas, vacations or car maintenance.
The LendingClub High-Yield Savings account has one of the highest APYs available, no monthly fees and an optional ATM card.
Deciding whether one, the other or both make the most sense for your financial situation.
The banks that offer the best vacation and travel savings accounts are SoFi, Upgrade, Bread, Bask, Varo, Marcus, Barclays and more.
If you struggle to save, you could benefit from a savings account or CD that won’t allow you to withdraw funds.
Uninterrupted compound interest accounts pay interest on your initial balance and the interest you continually earn if you don’t withdraw.
How to choose the best savings account for your situation.
Some of the top banks with the highest interest rates are Customers Bank, TAB Bank, Cloud, UFB, Bread, Bask, Upgrade, Varo and more.