A savings account is meant to help you grow your money or set aside funds for a specific goal, such as a large purchase or a safety net fund. All U.S. Bank savings accounts accrue interest.
A money market account is a cross between a checking and a savings account. It offers the debit card and check-writing features of a checking account with the interest-bearing nature of a savings account only with higher interest rates.
A certificate of deposit (CD) account offers a higher interest rate than a traditional savings account, but you must leave your money untouched for an agreed upon time. This time period is known as the term length. If you withdraw your funds before the term is done, you usually need to pay an early withdrawal penalty and/or fee.