Money Market Account Calculator (CD vs. HYSA vs. MMA)

Free money market account calculator: enter your deposit and term to compare a CD, a high-yield savings account (HYSA), and a money market account (MMA) side by side.

CD vs. HYSA vs. MMA: What Is the Difference?

A Certificate of Deposit (CD) locks in a fixed Annual Percentage Yield (APY) for a set term in exchange for a penalty if you withdraw early. A High-Yield Savings Account (HYSA) pays a variable APY that the bank can raise or lower at any time, with no withdrawal penalty. A Money Market Account (MMA) is also a variable-rate deposit account, but many banks let you write checks or use a debit card against the balance, giving it more checking-like liquidity than an HYSA -- often in exchange for a minimum balance requirement or a limited number of transactions per month.

This calculator projects the maturity value of a CD at its fixed rate against the same deposit sitting in an HYSA and an MMA for the same term, assuming the HYSA and MMA rates you enter stay constant. It also estimates the penalty you would pay if you needed to break the CD early.

How to Use This Calculator

Enter your deposit amount The calculator assumes the same amount is deposited into all three accounts.
Enter the CD's APY and comparison term Use the rate and term (in months) advertised by the bank or credit union you're considering.
Enter a comparison HYSA and MMA APY Use current top HYSA and MMA rates to see how all three options compare over the same period.
Enter an early withdrawal penalty, if relevant Enter 0 if you're confident you won't need the funds before the CD matures.

Tips for getting more out of it

Compare APY, not just the interest rate. APY already includes the effect of compounding, so it's the number that lets you compare offers on an apples-to-apples basis.
If you're considering an MMA, check the minimum balance requirement and monthly transaction limit in addition to the rate. Falling below the minimum can trigger a lower rate or a monthly fee at some banks.
Check whether a bank offers a no-penalty CD if you want a fixed rate with the flexibility to withdraw early without a fee. These usually pay slightly less than a standard CD.
HYSA and MMA rates can change at any time, so the rates you enter here are a snapshot. Recheck them periodically if you're comparing over a long holding period.

When to Use This Calculator

Choosing between a CD, an HYSA, and an MMA

Compare the guaranteed CD payout against the projected value of two liquid, variable-rate alternatives before locking up your money.

Needing check-writing or debit access to your savings

See how much yield you might give up (or gain) by choosing an MMA over an HYSA for the added liquidity.

Estimating the cost of breaking a CD early

Check the penalty before withdrawing funds from an existing CD ahead of schedule.

Glossary

APY (Annual Percentage Yield): The effective annual rate of return, including the effect of compounding, expressed as a single percentage.
Certificate of Deposit (CD): A time deposit that pays a fixed APY for a set term in exchange for restricted access to the funds.
High-Yield Savings Account (HYSA): A savings account, usually offered by an online bank, that pays a variable APY well above the national average while keeping funds fully liquid.
Money Market Account (MMA): A variable-rate deposit account, similar to an HYSA, that often adds check-writing or debit card access in exchange for a minimum balance requirement.
Early withdrawal penalty: A fee, usually expressed as a number of months' interest, charged when funds are withdrawn from a CD before its maturity date.
FDIC insurance: Federal deposit insurance that protects CDs, HYSAs, and MMAs alike at member banks up to $250,000 per depositor, per bank, per ownership category.

FAQ

Both pay a variable APY, but a money market account often lets you write checks or use a debit card against the balance, giving it more checking-like liquidity. In exchange, MMAs more often carry a minimum balance requirement or a monthly transaction limit, while many HYSAs have lower or no minimum balance requirements.

A CD tends to win if you can leave the funds untouched for the full term and its APY is the highest of the three. An MMA suits savers who want occasional check or debit access; an HYSA suits savers who want simple, liquid savings without a minimum balance requirement. Rates change daily, so check current offers before depositing.

Most banks charge an early withdrawal penalty, commonly a set number of months of interest, which is deducted from your payout. Some banks cap the penalty so you never lose principal, but this varies by institution, so check your account agreement.

Yes, all three are typically covered by FDIC insurance (or NCUA insurance at credit unions) up to $250,000 per depositor, per institution, per ownership category, as long as the bank or credit union is a member.

Side Note -- Why a Money Market Account Isn't a Money Market Fund

A money market account (MMA) is often confused with a money market fund (MMF), but the two are legally distinct products. An MMA is a deposit account offered by a bank or credit union, insured by the FDIC (or NCUA) just like a CD or HYSA. An MMF, on the other hand, is a type of mutual fund sold by a brokerage that invests in short-term instruments like Treasury bills and commercial paper. It's typically covered by SIPC protection for the brokerage account itself, not by FDIC deposit insurance, and its share price is not guaranteed.

That distinction mattered in the 2008 financial crisis, when a prominent money market fund "broke the buck" -- its share price fell below the standard $1.00 net asset value after one of its holdings defaulted -- reminding investors that MMFs, despite their reputation for stability, are investment products rather than insured deposits. A bank MMA can't break the buck in the same way; it simply accrues interest on the balance you deposit. Because the names are so similar, it's worth double-checking which product a bank or brokerage is actually offering before you open an account.

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