★ COMPARISONS · SAVINGS VS MONEY MARKET · AFTER TAX
On $10,000 for 1 year, the 4.20% high-yield savings account keeps $312.57 after tax and the top 4.05% money market account keeps $301.20 — the savings account wins by $11.37, because its higher rate beats the money market's check-writing on yield alone. Compare savings vs money market after tax: the interest, the tax on both sides, and the winner. This one is the SAVINGS-VS-MONEY-MARKET comparison — savings against money market accounts, after tax — the money-market-account-calculator page is the MONEY-MARKET-ACCOUNT tool — the return on one money market account — not the comparison; the cd-vs-high-yield-savings page is the CD-VS-HIGH-YIELD-SAVINGS comparison — CDs against savings accounts — not money markets; and the high-yield-savings-vs-money-market page is the HIGH-YIELD-SAVINGS-VS-MONEY-MARKET comparison — the same pair before tax over 5 years — not the after-tax comparison.
Put your amount, rates and tax brackets in: $10,000 for 1 year at 22% federal and 5% state tax is $312.57 after tax for the savings account and $301.20 for the money market. Both pay the same tax — only the rate decides it.
It means that, on the defaults, the high-yield savings account leaves you $11.37 better off after tax than the money market account — on $10,000.00 for one year. The savings account earns $428.18 of interest against the money market's $412.60, a $15.58 head start before tax. The tax takes $115.61 from the savings account and $111.40 from the money market — the same 27% from both, because interest from either account is ordinary income, taxed at the same federal and state rates. After tax the savings account keeps $312.57 and the money market keeps $301.20: the tax shrinks the gap from $15.58 to $11.37, but it never flips the winner. Only the rate does that.
The rate you see is not the rate you keep. The savings account's 4.20% APY is a before-tax rate; after 22% federal and 5% state tax it keeps 3.1257%. The money market's 4.05% keeps 3.0120%. And the APY itself already includes monthly compounding: 4.20% APY is a 4.2818% effective yield on the balance, not 4.20% flat — the extra $8.18 over the year is the interest on the interest. Comparing headline APYs without the tax is comparing the wrong numbers; the after-tax yield is the rate that matters, and it is the rate this calculator shows.
The average account is not the top account. The FDIC national average for savings is 0.37% and for money market accounts 0.63% (Sep 21, 2026) — at those rates the money market wins by $19.07, keeping $46.12 after tax against the savings account's $27.06. The top rates, around 4.20% and 4.05%, come from online banks, and some need a minimum balance or a monthly deposit to earn them. A savings account left at a big branch bank's average rate is the most expensive habit in this comparison — shop the rate before you park the money.
Access is the money market's whole case. A money market account usually comes with check writing and a debit card, which a savings account usually does not — and savings accounts can still limit how often you move money out. If you need to write checks from the account, the money market's $11.37 a year of lost interest is the price of the checkbook. If the money is an emergency fund you hope never to touch, the savings account's higher rate wins and the checkbook is worth nothing. The calculator compares the yield; only you can price the access.
On the defaults: $10,000, 1 year, 22% federal, 5% state.
And the other way: a money market at 4.2000% ties the savings account after tax, the gap on a $87,941.17 balance is $100.00 in a year, and on $10,000.00 the gap reaches $100.00 after 6.8978 years. Over 5 years the savings account keeps $1,702.55 after tax against the money market's $1,635.51 — the savings account wins by $67.04.
The defaults are $10,000 for 1 year at a 22% federal bracket and a 5% state rate. The savings rate is the 4.20% APY top unconditional high-yield savings rate (EverBank Performance Savings, Oct 2026); the money market rate is the 4.05% APY top rate (Zynlo / CFG Bank, Oct 2026). Interest compounds monthly at the APY and the tax is applied once to the total interest at the stated rates — a simplification, since in real life the tax is paid year by year and the rates are variable: either bank can change its APY at any time. The model does not count monthly fees, minimum-balance rules, withdrawal limits, or the fact that some top rates need a monthly deposit to earn them — the Pibank 4.40% savings rate in the branches is the highest single rate found in Oct 2026, and it has no minimum. Deposits are FDIC-insured (banks) or NCUA-insured (credit unions) up to $250,000 per depositor, per institution. Rates move weekly: the dates on this page are the rates the comparison is built on, so check the current ones before you open an account.
These notes repeat in every explainer section because this page is built to be read start to finish: the rate you see is not the rate you keep; the average account is not the top account; and access is the money market's whole case.
| Output | Formula | What it means |
|---|---|---|
| Savings interest | amount × effective yield at the HYSA APY | $428.18 — $10,000.00 × 4.2818%. |
| Savings after tax | interest × (1 − federal − state) | $312.57 — $428.18 × 0.73. |
| Money market interest | amount × effective yield at the MMA APY | $412.60 — $10,000.00 × 4.1260%. |
| Money market after tax | interest × (1 − federal − state) | $301.20 — $412.60 × 0.73. |
| Winner (after tax) | larger after-tax amount wins | High-yield savings by $11.37 — $312.57 vs $301.20. |
| Savings after-tax yield | after-tax interest ÷ amount | 3.1257% — $312.57 ÷ $10,000.00. |
| Money market after-tax yield | after-tax interest ÷ amount | 3.0120% — $301.20 ÷ $10,000.00. |
| Reverse: Money market APY that ties the HYSA after tax | step | 4.2000%: High-yield savings: $428.18 of interest, $312.57 after tax. Money market: $428.18 of interest, $312.57 after tax. An exact tie after tax. |
| Reverse: Balance where the 1-year gap hits $100 | step | $87,941.17: High-yield savings: $3,765.47 of interest, $2,748.79 after tax. Money market: $3,628.48 of interest, $2,648.79 after tax. The high-yield savings account wins by $100.00 after tax. |
| Reverse: Years for the gap on $10,000 to reach $100 | step | 6.8978 years: High-yield savings: $3,353.61 of interest, $2,448.14 after tax. Money market: $3,216.63 of interest, $2,348.14 after tax. The high-yield savings account wins by $100.00 after tax. |
| 0% state tax instead of 5% | same model | High-yield savings: $428.18 of interest, $333.98 after tax. Money market: $412.60 of interest, $321.83 after tax. The high-yield savings account wins by $12.15 after tax. |
| 9% state tax instead of 5% | same model | High-yield savings: $428.18 of interest, $295.44 after tax. Money market: $412.60 of interest, $284.70 after tax. The high-yield savings account wins by $10.75 after tax. |
| National-average rates: HYSA 0.37%, MMA 0.63% | same model | High-yield savings: $37.06 of interest, $27.06 after tax. Money market: $63.18 of interest, $46.12 after tax. The money market account wins by $19.07 after tax. |
| $25,000 instead of $10,000 | same model | High-yield savings: $1,070.45 of interest, $781.43 after tax. Money market: $1,031.51 of interest, $753.00 after tax. The high-yield savings account wins by $28.43 after tax. |
| 5 years instead of 1 | same model | High-yield savings: $2,332.26 of interest, $1,702.55 after tax. Money market: $2,240.43 of interest, $1,635.51 after tax. The high-yield savings account wins by $67.04 after tax. |
| HYSA at 4.40% (Pibank) instead of 4.20% | same model | High-yield savings: $448.98 of interest, $327.76 after tax. Money market: $412.60 of interest, $301.20 after tax. The high-yield savings account wins by $26.56 after tax. |
| $0 saved | same model | High-yield savings: $0.00 of interest, $0.00 after tax. Money market: $0.00 of interest, $0.00 after tax. An exact tie after tax. |
| 0% on both — no interest at all | same model | High-yield savings: $0.00 of interest, $0.00 after tax. Money market: $0.00 of interest, $0.00 after tax. An exact tie after tax. |
| National-average rates for 5 years | same model | High-yield savings: $186.69 of interest, $136.29 after tax. Money market: $319.93 of interest, $233.55 after tax. The money market account wins by $97.26 after tax. |
| No tax at all (0% federal, 0% state) | same model | High-yield savings: $428.18 of interest, $428.18 after tax. Money market: $412.60 of interest, $412.60 after tax. The high-yield savings account wins by $15.58 after tax. |
Figures are the model's own totals on the numbers you type, computed from unrounded values: each account's interest is the amount times the effective yield of its APY compounded monthly, and the after-tax figures apply the stated federal and state rates to the total interest. The displayed figures are rounded to 2dp, and the $100-gap balance and term are computed from the unrounded gap (the tie rate itself is exact — the tax cancels), so a money market at 4.2000% ties the savings account to the cent. The model assumes the rates stay fixed for the whole term and the tax is paid once at the end — real rates are variable and real tax is paid year by year. It does not count fees, minimum balances, withdrawal limits, or the check-writing and debit-card access that is the money market's main advantage. The rates on this page are dated (Oct 2026) and move weekly. This page is a calculation tool, not financial advice: talk to a financial adviser before you open an account.
On $10,000.00 for 1 year at 22% federal and 5% state tax, the 4.20% high-yield savings account keeps $312.57 after tax and the top 4.05% money market account keeps $301.20 — the savings account wins by $11.37. Rates: EverBank 4.20% APY and Zynlo / CFG Bank 4.05% APY, Oct 2026; FDIC national averages 0.37% (savings) and 0.63% (money market), Sep 21, 2026. Source: Bright Side Kit, brightoolbox.com.
On yield, on the defaults — yes, by $11.37 a year on $10,000 after tax. The savings account earns $428.18 against the money market's $412.60, and the tax takes the same 27% from both.
4.2000% APY — a money market at that rate keeps the same $312.57 after tax as the 4.20% savings account. Any money market above it wins; any below it loses. The tie is the same rate because both accounts are taxed identically.
0.37% APY, per the FDIC national average of Sep 21, 2026 — on $10,000 that is $37.06 a year before tax. The average money market rate is 0.63%, which is $63.18 on the same balance.
Usually, yes — check writing and a debit card are the money market's main advantage over a savings account. That access costs $11.37 a year of interest on $10,000 at the top rates.
$87,941.17 — at that balance the savings account beats the money market by $100.00 a year after tax. Below it the gap is smaller than $100.
Yes — deposits at FDIC-insured banks are covered up to $250,000 per depositor, per institution, and credit-union accounts are covered the same way by the NCUA. The insurance is identical for both account types.
No — both accounts pay the same federal and state tax on their interest, so the tax shrinks the gap but never flips the winner. At 0% tax the gap is $15.58; at 22% federal and 5% state it is $11.37.
The savings account — over 5 years it keeps $1,702.55 after tax against the money market's $1,635.51. The savings account wins by $67.04 because the rate gap compounds.