Money Market vs Savings

Choosing the right savings account is important. After all, it could have a lasting impact on your finances. That’s why Santander Bank doesn’t take a “one size fits all” approach and provides several different types of savings accounts.

Is a Money Market Account a Savings Account?

First things first – a money market account is a type of savings account. We even include "savings" in the name of our money market accounts as a reminder. When we’re comparing the difference between the two, we’re looking at the more traditional savings account, like the Santander® Savings account, vs money market accounts, like the Santander® Money Market Savings account or the Santander® Premier Plus Money Market Savings account. When comparing the options, be sure not to confuse money market accounts with money market mutual funds, which are not a savings account but instead a type of non-deposit investment that is not insured by the FDIC.

Difference Between Money Market and Savings Accounts

Because traditional savings accounts and money market accounts are both savings accounts, they do have a few similarities. Both are:


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

Interest Bearing

Rates may vary, but both accounts earn interest


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

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 balance requirement.

Savings vs Money Market Account Liquidity

Another distinguishing factor of money market accounts is how you can access them. With a traditional savings account, you can generally only access your funds by withdrawing at a bank branch, or by making transfers to different accounts online or in the Santander Mobile Banking App. However, with a money market account, you have additional options to access funds, including writing checks from a money market account, or accessing your funds through an ATM using a debit card or ATM card linked to your account.

Be careful when withdrawing money from any savings account or money market account. Per Federal law, there is a limit of six transactions or withdrawals per service fee period for savings accounts. Any more than six withdrawals, there may be transaction fees or penalties.

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.