When it comes to saving your money, you have a number of account options. You might first think of a simple savings account that allows your money to grow according to a set interest rate. You also have the options of choosing a money market account or a certificate of deposit (CD). But choosing between money market vs. CD can be tough.
While both money market accounts and CDs have some similarities with traditional savings accounts, they often have higher interest rates. This means that your savings will grow faster over time, but it’s good to know both the advantages and disadvantages of these kinds of accounts.
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