Experts recommend having three to six months’ worth of money saved in cash for emergencies but once you’ve got that, what about growing your savings?

A money market account is a simple way to do that while keeping your money at your fingertips.

Money market accounts often pay more than traditional savings accounts because they’re usually compounded daily and paid monthly.

For example, putting $1,000 in a standard savings account at the national average rate of 0.46% will net $4.60 in a year. Many money markets, on the other hand, pay over 4%, and with that same $1,000 would make $40 over the year.

5 EYEWITNESS NEWS anchor Paul Folger explains in the video above.