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Perhaps the most important difference between money market funds and money market accounts is that money market funds are not insured by the Federal Deposit Insurance Corporation, or FDIC, whereas ...
For example, if you have $150,000 in checking, $100,000 in savings and $50,000 in a money market account, then that’s a total of $300,000 at a single FDIC-insured financial institution.
A money market account covered by FDIC insurance is protected up to $250,000 per depositor, per insured bank for each account ownership category, according to the FDIC.
Money market funds in the United States created a solution to the limitations of Regulation Q, [7] which at the time prohibited demand deposit accounts from paying interest and capped the rate of interest on other types of bank accounts at 5.25%. Thus, money market funds were created as a substitute for bank accounts.
Money market accounts are insured by the FDIC or NCUA for up to $250,000 per person, per account. Dig deeper: High-yield savings account vs. traditional savings account: Why it’s worth the ...
If a person has money market accounts at two FDIC-insured banks, each account will be insured separately up to the established limit of $250,000 per depositor, per FDIC-insured bank, ...
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Insured by the FDIC. Money market accounts are insured by the FDIC or NCUA for up to $250,000 per person, per account. Drawbacks of a money market account. May require minimum balance.