The differences between a savings account and a money market account are largely arcane. Some savings accounts are limited by US federal regulations to six outbound
transfers per month (the bank may allow additional access for a fee). Money market accounts are technically not bound by those limitations and offer more ways to access deposits by issuing checks and debit cards. Prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured
banks (or NCUA-insured, for credit unions). Consumers who maximize their use of online savings and money market accounts access these accounts through ACH transfers
that are easily set up on the online bank’s website so the additional ways to access deposits that money market accounts offer are rarely valuable.