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What is a Savings Account?

Savings Account 101

When your ready to start saving, a savings account is the first account you will probably open. It’s easy and quick and gets you on the right footing to saving right away. Using a savings account is much safer than the stock market and typically requires you have a minimum balance. But how does the bank make money? Simple! The bank uses your capital and loans it out charging a slightly higher interest rate. You make money, and the bank makes money, everyone wins!

Using a savings account will keep you accountable for spending. It’s a great idea to sock away a little bit at a time. But don’t worry, if you need your funds you can access them very quickly. Savings accounts are very liquid and easy to get your money in a pinch.

Steps to open an account:

  1. Compare savings accounts to find the right one for you.
  2. Open the account with a minimum amount.
  3. The bank pays you interest.
  4. Sit back and watch your money grow.

How do savings accounts work?

Savings accounts are safe and backed by the FDIC (Federal Deposit Insurance Corporation) up to $250,000. So unlike a stock or bond that can lose value, savings accounts are typically full proof, protected and insured.

The money you make is called interest and compounded interest over a long period can add up to some serious dough! Compounded interest will generate more and more money for you because now your being paid cash on the interest the bank has already paid you. Savings accounts typically pay less interest than what you will earn in money market account but requires a lower balance to start.

Albert Einstein called this the 8th wonder of the world for a good reason.

Compare multiple savings accounts in our comparison engine above to see which is right for you

What is a Money Market Account?

Money Market Account 101

You can earn more interest in a money market account which is slightly different than traditional savings accounts. The trade-off is you would have to maintain a higher balance for a higher interest rate.

But that’s ok if you don’t plan on touching the money for a while. These accounts are FDIC insured which mean you are protected up to $250,000. Money market accounts provide a no stress way to save!

Money market accounts will have limited withdrawals, and most have check writing ability. Review different accounts for expenses, withdrawal limits, and interest rates to make sure you find the best account for you.

Start by comparing the highest rates with limited or no monthly fees. Next, look for the minimum balance which is optimal for the new saver.

How do Money Market Accounts Work?

The next step above a traditional savings account is a Money market account. This worthwhile investment is fantastic if you're looking for a safe and reliable place to park your funds.

MMA’s are a very liquid investment and allows you to get funds in case of an emergency. Money Market Accounts can be an excellent tool for your rainy day fund. Most important is they are liquid, earn interests and insured. If you are looking for a little more interest and have time on your side, a CD or certificate of deposit will work for you. If you don’t need your money for months or years, this could be a great and safe option.

Compare multiple money market accounts above to see which is right for you.

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