The main difference between a money market account and a regular savings account is how easily you can access your funds.

Money market accounts typically offer you the ability to write checks, or to use an ATM and debit cards for withdrawals, just like with a checking account. However, the number of times you can do this monthly is much more limited than with a checking account.

With a savings account, it’s not as easy to withdraw money. While you’ll typically have ATM access, you likely won’t be able to use a debit card or write checks from your savings account directly. You’d have to withdraw the funds or electronically transfer them first.

Interest rates and minimum balance requirements for each type of account also will vary. Often, money market accounts require higher minimum balance thresholds to get the highest yearly return, which is known as an APY, or annual percentage yield.

Both are insured by the FDIC — meaning they’re equally secure. Both pay interest.

Both allow as many deposits as you want, and both limit you to 6 outgoing transactions per statement cycle – including transfers and withdrawals — by federal law. After that, you may be hit with withdrawal fees.

A savings account might be your best option when you want to put money away for an emergency fund. A money market account might be preferable if you want to earn higher interest rates, with the ability to write a limited number of checks without having to first transfer funds from another account.

Determining the right option for achieving your savings goals depends on your individual circumstances and priorities. Many people find that having multiple accounts to serve different purposes is what works best for them, and the good news is that you don’t have to limit yourself.