Q. I have a savings account that pays 2.75% quarterly interest(2.78% APY) and a money market account that pays 1.80% monthly interest (2.02% APY). Which is the better deal?

A. The savings account with the 2.78% APY will give you a better return.

If, for example, you put $1,000 in the account yielding 2.78% you would earn $28 the first year and an additional $29 the second year, assuming you didn't add to it. With the 2.02% APY, you would only earn $18 the first year and $19 the second year.

The key here is the APY -- the annual percentage yield. It tells you how much you will earn each year on any kind of savings. So the account with the higher yield would be the best bet, but honestly, neither one of them is a good deal.

There are many other savings accounts, money market accounts or certificates of deposit that would pay you a much better return than you're getting from your current bank.

Check out rates available on other banking products in your area by using our extensive database of savings rates.

Don't be afraid to use Internet banks -- they're offering the best interest rates on many types of deposits. Click here to learn more about them and how to open an online account.