Overview
- A high-yield savings account (HYSA) offers a competitive variable rate and full liquidity. Many HYSAs have no minimum balance requirement, though terms vary by institution. It is the simplest option for accessible savings.
- A money market account (MMA) combines a competitive rate with check-writing and debit card access, and ATM access, in addition to online transfers. It suits savers who want transactional flexibility alongside a competitive yield.
- A certificate of deposit (CD) locks in a fixed rate for a defined term. It is built for savers who want rate certainty and can commit their funds for a set period.
- EverBank offers all three accounts, each with no monthly maintenance fee.
All three account types are FDIC-insured and can earn meaningfully more than a standard savings account. Where they differ is in the questions that matter most for rate-conscious savers: how accessible are your funds, how is your rate structured, and what conditions come with the yield?
This comparison walks through each product, then puts them side by side so you can choose the vehicle that best fits your savings goals.
What is a high-yield savings account?
A HYSA pays a higher interest rate than a traditional savings account. These accounts are typically offered by online banks and digital-first institutions that operate with lower overhead and pass those savings on to depositors.
The rate, expressed as an annual percentage yield (APY), is often variable. Banks can change the rate at anytime (as opposed to investments that can rise and fall with the markets). Money in a HYSA is fully accessible through online transfers at any time. With the EverBank Performance® Savings, there is also no penalty for withdrawals.
For most rate-conscious savers, a HYSA is a default high-yield option: a competitive rate, full liquidity, and a low barrier to entry.
What is a money market account?
An MMA is a savings product that pairs a competitive interest rate with the easy access to funds typically associated with transactional accounts. Account holders can generally access funds through checks, debit cards, ATM withdrawals, and online transfers.
Like a HYSA, the rate is variable. Some MMAs offer tiered rates, meaning the APY may differ based on the account balance, often with higher APYs at larger balance levels. Some money market accounts also have higher minimum balance requirements than standard HYSAs.
The advantage of an MMA over a HYSA is transactional access: funds can be spent directly through checks, a debit card, or ATM withdrawals, rather than being limited to online transfers.
What is a certificate of deposit?
A CD locks in funds for a fixed term, from as short as 3 months to as long as 5 years, in exchange for a fixed interest rate that will not change for the duration of the term. Rate predictability is the defining characteristic of a CD: you know exactly what you will earn, regardless of market rates during your term.
The trade-off is liquidity: withdrawing funds before the CD maturity date typically triggers an early withdrawal penalty. CDs work best for money that will not be needed during the chosen term. Emergency funds, for example, are generally not a good fit for a CD.
Money market vs. CD vs. HYSA: a side-by-side comparison
Here is how the three products compare on the features that matter most when choosing them.
| Feature | High-yield savings | Money market | Certificate of deposit |
|---|---|---|---|
| Rate type | Variable | Variable | Fixed for the full term |
| Liquidity | Fully accessible via online transfers any time, no penalty | Fully accessible via debit cards, checks, ATM access and online transfers, no penalty | Typically not accessible until maturity without an early withdrawal penalty |
| Minimum to open | Varies by institution; often $0 | Varies by institution | Often $1,000 or more |
| Compounding | Typically daily | Typically daily | Typically daily |
| Rate certainty | No, banks can change the rate at anytime | No, banks can change the rate at anytime | Yes, fixed for the full term |
| Best for | Accessible savings, emergency fund, goal saving | Savings with easier transactional access (checks, debit card, ATM) | Defined-term savings, rate certainty |
| FDIC-insuredx | Yes | Yes | Yes |
EverBank options across all three
Here’s a quick overview of all three corresponding products from EverBank.
| Feature | EverBank Performance® Savings | EverBank Performance® Money Market | EverBank Performance® CD |
|---|---|---|---|
| APY | Competitive variable rate | Competitive tiered variable rate | Competitive fixed rate |
| Monthly fee | None | None | None |
| Minimum to open | $0 | $0 | $1,000 |
| Account availability | Online, nationally | Financial centers in CA, FL and NY | Online and financial centers |
| Liquidity | Fully accessible via online transfers, any time without penalty | Fully accessible via debit cards, checks, ATM and online transfers | Funds cannot be accessed until maturity without incurring an early withdrawal penalty |
Note: The EverBank Performance Money Market account is available only through EverBank financial centers in California, Florida and New York. It is not available online. EverBank Performance Savings is available only online through EverBank’s website.
Which one fits your situation?
Here's how each option tends to line up with different priorities.
When a HYSA is the right fit
Your priority is a competitive yield combined with full access to your funds. A HYSA involves no term commitment, no minimum balance requirement, and no in-person account opening. Rate-conscious savers often use one for an emergency fund, medium-term goals, or parking a windfall while deciding on a longer-term strategy.
The EverBank Performance® Savings account is available to open online, nationally, with $0 to open and no monthly maintenance fee.
When a money market account works better
You want a high-yield savings option with a traditional transactional account feel: the ability to write checks, use a debit card, and withdraw from ATMs without routing through a separate account. Money market accounts suit clients who maintain meaningful savings balances but also want periodic transactional access without first moving funds to checking.
The EverBank Performance® Money Market account offers a competitive tiered variable rate with check, debit card, and ATM access. It is available through EverBank financial centers in California, Florida, and New York.
When a CD is worth considering
You have funds you will not need for a defined period, and you want the security of a fixed rate that will not change regardless of market conditions. CDs work well for near-term savings goals with a clear timeline: a down-payment fund, a planned large expense, or a portion of a broader savings strategy where rate certainty matters.
The EverBank Performance® CD offers terms from 3 months to 5 years with a $1,000 minimum and no monthly maintenance fee.
Clients with larger balances may also consider the CDARS® CD, which provides access to FDIC insurance coverage on up to $50 million in deposits through a network of FDIC-insured institutions.x
Can you hold more than one?
Yes, and many savers do. Choosing between a CD, an MMA, and a HYSA is rarely a one-or-the-other decision.
A common approach to this is keeping an accessible emergency fund in a HYSA, allocating funds with a known time horizon to a CD for rate predictability, and using a money market account as the transactional savings layer for clients who want spending access consolidated with their savings.
Combining a HYSA with a CD ladder (multiple CDs opened with staggered maturity dates) gives depositors both liquidity through the HYSA and rate-locked predictability through the CDs, within a single savings strategy.
Find your fit at EverBank
Choosing between a money market account, a CD, and a high-yield savings account comes down to three questions: how accessible do your funds need to be, how important is rate certainty, and how much are you looking to deposit?
A HYSA offers full liquidity via online transfers with no term commitment. A CD offers fixed-rate predictability for funds you can set aside. An MMA offers full liquidity including the convenience of checks, debit card, and ATM access.
EverBank offers all three, each with no monthly maintenance fee and a competitive rate structure. See current rates across all three products to compare where each stands today.
Frequently asked questions
What is the main difference between a money market account and a CD?
A money market account offers a variable interest rate and full liquidity. Funds are accessible by checks, debit card, ATM, and online transfers at any time, with no penalty for withdrawal. A CD offers a fixed interest rate locked in for a defined term. It provides predictable returns, but withdrawing before maturity typically triggers a penalty. The right fit depends on whether you prioritize transactional access (MMA) or rate certainty (CD).
Is a money market account better than a high-yield savings account?
Neither is universally better. The right fit depends on how you need to access your funds. Both typically offer competitive variable rates that can move with market conditions. A money market account typically comes with check-writing and debit card access, making it a little more akin to a traditional transactional account. A HYSA typically offers access via online transfers only, but may come with lower minimums.
Which is safer: a CD, MMA, or HYSA?
All three are equally safe from a deposit-protection perspective, provided they are held at FDIC-insured institutions. The FDIC covers deposits up to $250,000 per depositor, per insured bank, per ownership category, regardless of whether the account is a CD, money market account, or savings account. EverBank, N.A. is a Member FDIC.
Can a CD rate change after I open the account?
No. A CD rate is fixed at the time you open the account and remains unchanged for the full term, regardless of what happens to market interest rates. That is a key distinction between a CD and a money market account or HYSA, where the rates are variable and can be adjusted by the institution at any time.
Related terms
- Annual percentage yield (APY): the total interest earned on a deposit account over one year, expressed as a percentage and accounting for compound interest.
- Certificate of deposit (CD): a savings account that holds funds for a fixed term at a fixed interest rate, offering predictable returns in exchange for limited access until maturity.
- Money market account (MMA): a savings product offering competitive interest rates alongside transactional access, typically including checks, a debit card, ATM access and online transfers.
- Variable rate: an interest rate that adjusts over time with market conditions, including changes to the federal funds rate.
- CD laddering: a strategy involving multiple CDs with staggered maturity dates, combining fixed-rate predictability with regular access to a portion of funds.
- Early withdrawal penalty: a fee charged when CD funds are withdrawn before the maturity date, typically calculated as a set number of days of interest.
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