If your savings sit in a regular bank account earning almost nothing, moving them to a high yield savings account or a money market account is one of the easiest wins in personal finance. Both are safe, both pay interest many times higher than a standard account, and both keep your money accessible. The differences are in the details.

A high yield savings account is a plain savings account with a much better interest rate, usually offered by online banks that save on branches and pass the savings on. You deposit money, it earns interest daily or monthly, and you can withdraw it whenever you need it, usually by transfer to your main bank account. Transfers can take a day or two, which is fine for an emergency fund.

A money market account works like a mix of savings and checking. It pays a similar high rate, but it often comes with a debit card and cheque-writing ability, so you can spend directly from it. Some money market accounts also offer ATM access. That flexibility is handy, but it can also tempt you to dip into savings you meant to leave alone.

Rates change often, so compare the current annual percentage yield, not last year's headline. Look past the headline rate and check whether it is an introductory rate that drops after a few months, whether a minimum balance is required to earn the top rate, and whether there are monthly fees that eat into your interest.

Safety is the same for both. In the US, both account types at insured banks are covered by FDIC insurance up to the legal limit per depositor per bank. In other countries, look for the equivalent deposit protection scheme. Never chase a slightly higher rate at an uninsured institution. The extra interest is not worth the risk.

For most people, the choice is simple. If the money is an emergency fund you rarely touch, a high yield savings account is the cleanest option: set it up, automate a monthly transfer, and forget it. If you want one account that earns interest and still lets you pay a bill or withdraw cash directly, a money market account is the better fit.

Some high yield savings accounts limit how many withdrawals you can make each month, and exceeding the limit can mean a fee or a warning. Money market accounts are usually more flexible, but they can also have limits on the number of transactions. Read the account terms before you open it, and choose an account whose limits match how you actually use the money. An emergency fund you touch twice a year has very different needs from a savings pot you dip into monthly.

A certificate of deposit ladder is a simple way to earn a little more on money you do not need right away. Split your savings into equal parts and put each part into a certificate of deposit with a different term, for example three, six, nine, and twelve months. As each one matures, renew it for the longest term. You always have money maturing soon, and you earn a better rate than a savings account on most of the balance. Keep your emergency fund in the savings account and ladder only the money you can lock away.

Whichever you choose, the real mistake is leaving savings in an account that pays almost nothing. Moving to either option takes under an hour, costs nothing, and starts paying you from the first month. Check the rate every six months, because banks quietly cut rates and a better option may have appeared.