All three account types make access to cash easy. However, there are a few differences in how they work.

Checking accounts are best for regular day-to-day money moves. They typically provide the lowest yields and often have associated debit cards for convenient cash access almost anywhere. It is not common for checking accounts to pay earnings.

Savings accounts are good for funds that need to remain available but not for everyday use. Without debit cards, savings accounts must be accessed through withdrawals or transfers. Consider savings accounts like “rainy day funds” that earn a small return.

Money market accounts are a good method for saving money when the funds will not need to be accessed frequently. Money market earnings are higher than those typically received from a savings account, yet there’s comfort knowing the cash is accessible if needed.

Savings accounts are best when members make frequent withdrawals from their accounts. For members who make six or fewer withdrawals per month, money market accounts may be a better option.

Members may make up to six withdrawals per month. Withdrawals may be in the form of checks, electronic transfers to other accounts or cash withdrawals.

There are no minimum balance requirements for money market accounts.

Member savings, money market accounts, certificates and checking accounts holding up to $250,000 are insured, along with individual retirement accounts holding up to another $250,000. Additional insurance may also be provided for other types of accounts or account setups.