You could be earning 850% more interest with this type of savings account

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You could be earning 850% more interest with this type of savings account
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Interest rates on savings accounts are the highest they’ve been in years — but the type of account matters. Here’s how to make the right pick.

PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiIHNyYz1odHRwczovL3N0YXRpYy5teWZpbmFuY2UuY29tL3dpZGdldC9teUZpbmFuY2Vfdmlld3BvcnRfZGV0ZWN0aW9uLmpzPjwvc2NyaXB0PjxzY3JpcHQgYXN5bmMgdHlwZT0idGV4dC9qYXZhc2NyaXB0Ij5teWZpV2F0Y2hXaWRnZXQoJ215ZmlXaWRnZXRfMScpO215ZmlXYXRjaFdpZGdldCgnbXlmaVdpZGdldF8zJyk7bXlmaVdhdGNoV2lkZ2V0KCdteWZpV2lkZ2V0XzEuMScpOzwvc2NyaXB0Pg==Jean Folger is writer specializing in real estate and personal finance. She has written for Investopedia, The Motley Fool, Business Insider, and more.

Traditional and online banks and credit unions offer money market accounts, which combine a savings account's interest-earning capabilities with a checking account's flexibility. These accounts usually have a higher minimum balance than other savings accounts, and you might need a larger balance to get the best interest rates. But you can write checks, use your ATM card, and make purchases with your debit card. 4.

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