Money market accounts and high-yield savings accounts are two similar savings vehicles, but with some important distinctions. Both come with variable interest rates, unlike certificates of deposit (CDs), which have fixed interest rates. Both also typically offer higher interest rates than standard savings accounts.

The Federal Reserve held interest rates steady again at its July meeting, resisting pressure to cut rates despite growing signs of an economic slowdown. The federal funds rate still remains at a high level when looking over the past decade—between 4.

High-yield savings accounts now offer 4.00% APY or more -- see today's best rates and pick the perfect spot to grow your money faster.