Generally, a high-yield money market account pays a higher APY than a checking account because banks can assume that your money will be in there for a longer period. Yes, you could withdraw from a money market account – just like you could in a checking account – but a money market account has built-in restrictions because its transactions are restricted under Regulation D. Unlike a checking account, money market accounts were generally limited to six “convenient” transfers and withdrawals per month. But in April 2020, the Fed deleted the six transfers and withdrawals via an interim final rule. Savings accounts may have a higher APY than money market accounts. One potential reason is that savings accounts generally don’t offer an additional withdrawal option, such as check-writing privileges, that some money market accounts have. Other times it might just be because that bank doesn’t have a money market account or it simply is offering a higher yield on its savings account than another bank’s money market account.