Currently, determining which account, a high-yield savings account (HYSA) or a money market account (MMA), earns more on a $20,000 balance is impossible without knowing the specific interest rates offered by each.

Interest rates are constantly fluctuating based on the Federal Reserve's actions and individual financial institution policies.

Here's what we do know about the comparison: High-Yield Savings Accounts (HYSAs): These accounts generally offer higher interest rates than traditional savings accounts, but often have limitations on features like check-writing or debit cards.

Their primary purpose is earning interest on your deposits.

The interest is usually compounded daily or monthly.

Money Market Accounts (MMAs): MMAs typically offer a tiered interest rate system, meaning the more money you have in the account, the higher the interest rate you earn.

They often come with added features like debit card access, check-writing capabilities, and potentially higher minimum balance requirements.

The interest earned is also usually compounded daily or monthly.

To determine which earns more now: 1.

Check Current Rates: You must visit the websites of several banks and credit unions offering HYSAs and MMAs.

Look for the advertised Annual Percentage Yield (APY), not just the interest rate.

The APY reflects the impact of compounding.

2.

Compare APYs: Compare the APYs offered on accounts with similar minimum balance requirements.

Remember that advertised APYs can change frequently.

3.

Consider Fees: While less common, some accounts may have monthly fees, which could reduce your earnings.

Make sure to factor these into your comparison.

In short: While MMAs can sometimes offer higher returns than HYSAs due to tiered interest rates, it's not guaranteed.

Currently, the best way to determine which is better for your $20,000 is to actively compare the current APYs offered by various financial institutions.

The difference might be small, but over time, even a small percentage point difference can result in a significant difference in earnings.

Saving money can always feel like an uphill battle. And, in recent years, especially so. With , exponentially higher than they were just a few years earlier and minimal, there were few easy ways to make ends meet, let alone save any substantial amount of money. So if you were able to do so, consider yourself fortunate. And if you were able to save a five-figure amount of money, you're in an even better position.

With the amount of work and sacrifice that went into saving, say, , you'll want to make sure that that money works as best as possible for you now. Two potential ways in which it can do so are via and . Both operate similarly and both come with high rates in today's still-elevated interest rate environment. To better determine which makes the most sense for your $20,000, however, it helps to calculate the interest-earning potential each account type offers right now. Below, we'll complete the calculations.

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Both high-yield savings and money market accounts have that will inevitably change over time. Predicting the interest-earning capabilities of either, then, requires a bit of speculation. Still, with rate cuts seemingly delayed until at least September and small ones expected for then or later, savers can establish an approximate framework of how much they stand to make with either. 

Here's how much each can earn with a $20,000 deposit made this August, assuming rates stay constant:

So while the high-yield savings account earns more in each of the above circumstances, that's thanks to that higher 4.44% rate, which may not be available for each saver. For example,  largely has high-yield savings account rates listed that are similar to those with , making the interest-earning difference negligible between the two. 

With that being noted, money market accounts come with some highlights, like the ability to write checks, that high-yield savings accounts do not. With returns on both relatively the same, then, savers may need to look at the features each has to better determine which is more appropriate for their needs and goals.

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High-yield savings and money market accounts have similar interest rates right now and both share the caveat of a variable rate that can and likely will decline in the months to come. While either can provide a secure home for your hard-earned $20,000, you may be better served by comparing both against a . This popular alternative account comes with similarly high rates that will remain fixed until the . By comparing a CD, high-yield savings and money market account closely now, you'll be better able to determine which is the most appropriate for your money, and which can earn you as much interest as possible while rates are still elevated.