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Baum, Smith & Clemens, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
2060 Detwiler Road, Suite 125, Harleysville, PA 19438
Phone: 215-368-5755
Fax: 215-368-7038
Email: info@bsccpas.com
Website: www.bsccpas.com
August 2023
August 2023 Q and A
QUESTION:
What’s the difference between high-yield savings and money market accounts?
ANSWER:
High-yield savings and money market accounts offer higher interest rates compared to traditional savings accounts.A high-yield savings account is best for funds you don’t need to access frequently. There might be limits on the number of transactions allowed per month. You can find this account at banks.
Money market accounts often come with check-writing privileges and debit cards, offering more liquidity. However, they may require higher minimum balances to avoid fees and some money market investments are not FDIC insured.
These accounts are a good place to park cash or an emergency fund. Place long-term investments in vehicles that generally offer higher rates of return. Wherever you put your money, check the financial health of the institution.
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