Both savings and money market accounts help you earn interest on your deposits, but they serve slightly different purposes. Here is a comparison to help you decide.
Standard Savings (MyStart, MyWay, MyGrowth)
- Best for building an emergency fund or saving toward a specific goal.
- Competitive APY that increases with higher balance tiers.
- No check-writing or debit card access — withdrawals are made through MyRMO transfers or at an RMO location by appointment.
- Lower minimum balance requirements to earn interest.
Money Market (MyReserve)
- Best for maintaining a large liquid reserve you may need to access quickly.
- Typically offers a higher APY than standard savings on larger balances.
- Includes limited check-writing privileges and a dedicated debit card for convenient access.
- Higher minimum balance requirement ($2,500) to avoid a monthly service fee.
Which should you choose? If your primary goal is long-term growth with minimal need to touch the funds, a savings account is a great fit. If you want to earn a competitive rate while retaining easy access for larger or unexpected expenses, MyReserve Money Market may be the better choice.
You can hold both types of accounts simultaneously. Log in to MyRMO to compare current rates or schedule an appointment through MyRMO or by calling us to speak with an Expert.