High-yield savings accounts and money market accounts are both safe, interest-bearing places to park cash, yet they suit slightly different jobs.

High-yield savings accounts, usually from online banks, offer competitive rates, easy transfers, and no cheque or debit card access in most cases.

Money market accounts also pay competitive interest and are FDIC-insured, but they often add a debit card or chequebook, which makes cash easier to spend.

For an emergency fund you should not touch often, a high-yield savings account usually wins; for cash you need to access flexibly, a money market account may suit you better.