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Money Market vs. Savings

Personal money market accounts and personal saving accounts have many differences, but they have a few things in common, too. Both types of accounts are:


Up to $250,000, per depositor, per category of account ownership, and per institution. For more information visit the FDIC website.

Interest Bearing

Interest rates on savings and money market savings are subject to change at any time without notice. Rates between account types may vary, but both accounts earn interest.

Limited Transactions

You can only make 6 transfers or withdrawals per service fee period, unless they are made in-person at a branch or at an ATM1

Rates and Requirements

One of the main differences between money market and savings accounts is the interest rate. A money market account typically offers a higher interest rate than a traditional savings account. However, in return for that higher interest rate, there may be stricter requirements for opening an account, such as a higher opening deposit and monthly minimum balance requirement.

Now that you know the basics of money market vs savings accounts, discover the unique differences of savings accounts available from Santander Bank. Compare savings accounts now to find the right fit for your needs.
1 We limit withdrawals and transfers out of your savings and money market savings accounts. You can withdraw or transfer funds from a savings or money market savings account a total of six (6) times per Service Fee Period (such as by automatic or pre-authorized transfers using telephone, online banking, mobile banking, overdraft protection, payments to third parties, wire transfers, checks, and drafts). If you repeatedly exceed these limits, we may close or convert your account to a personal checking account, which may be a non-interest-bearing checking account.