\\u003cp\\u003eWhile both savings and money market savings accounts are FDIC-insured, there are three main differences between the two accounts. \\u003cstrong\\u003eThe first difference\\u003c/strong\\u003e is the minimum-balance requirement:\\u003c/p\\u003e\
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\\u003cli\\u003eFor a Regular Savings account, the minimum to open is $50 and the minimum balance to earn interest and APY is $200.\\u003csup\\u003e\\u003c/sup\\u003e\\u003c/li\\u003e\
\\u003cli\\u003eFor a Relationship Savings account, the minimum to open is $50 and the minimum balance to earn interest and APY is $100.\\u003csup\\u003e\\u003c/sup\\u003e\\u003c/li\\u003e\
\\u003cli\\u003eFor a Minor Savings account, there\\u0026rsquo;s no minimum to open.\\u003c/li\\u003e\
\\u003cli\\u003eOur money market savings account requires a $500 minimum to open and the balance requirement is $500 to earn interest and APY.\\u003csup\\u003e\\u003c/sup\\u003e\\u003c/li\\u003e\
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\\u003cp\\u003e\\u003cstrong\\u003eThe second difference\\u003c/strong\\u003e is in interest earned. Money market savings accounts have a higher minimum balance requirement but will earn a higher interest rate than a traditional savings account. View our \\u003ca href=\\"/rates/checking-and-savings-rates/\\"\\u003ecurrent rates\\u003c/a\\u003e for savings accounts and money market savings accounts.\\u003c/p\\u003e\
\\u003cp\\u003e\\u003cstrong\\u003eThe final difference\\u003c/strong\\u003e is free checks are provided to access your funds with money market savings accounts. Checks are not available with traditional savings accounts.\\u003c/p\\u003e