High-yield savings accounts and money market accounts both beat traditional savings rates, but they differ in access, rates, and fees.

High-yield savings accounts, usually from online banks, offer the highest insured rates but require electronic transfers that take a day or two.

Money market accounts pay interest too but add debit card and check access, making them better for funds you may need to spend instantly.

On rates, high-yield savings usually wins by a small margin, while money market accounts more often carry minimum balance requirements.

For most emergency funds, high-yield savings is the better default, while money market accounts suit money you dip into regularly.