How Safe Is Your Cash?
Don't rule out money market mutual funds, but do mind these common-sense rules.
Question: A few years ago, I remember hearing that money market funds were covered by FDIC protection just like certificates of deposit and savings accounts. Are money market funds still FDIC-insured?
Answer: The short answer is no, money market fundholders don't have the same guarantees that holders of CDs, money market deposit accounts, and checking and savings accounts have.