Personal Resource Center

Do I Need a Certificate of Deposit or a Money Market Account?

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CDs and money market accounts are types of savings accounts, but they differ in how they pay interest and how much access they allow to your money.

Which account is best for me?

If you can do without the cash for six months to several years, it makes sense to take advantage of the higher interest rates you can typically get from a CD.

In general, even a shorter-term CD (like a six-month CD) will pay a better interest rate than an MMA. However, since this money isn't accessible without a penalty (except at maturity), you may want to keep any money you'll need access to in the shorter term in an MMA.

Ready to learn more or decide whether a CD or MMA is a good savings option for you? Synovus is here to help. Visit your local branch to talk with a banker.

Learn more about CDs

Learn more about MMAs

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This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1.  Glossary, Bankrate, accessed Jan. 4, 2019. Back
  2. “What is a money market account?" Bankrate, accessed Jan. 4, 2019. Back
  3. What is a money market account?" Consumer Financial Protection Bureau, March 18, 2016, accessed Jan. 4, 2019. Back