People focused on saving cash are poised to get another boost from the Federal Reserve on Wednesday as the central bank delivers another interest-rate hike.The Fed raised the benchmark rate by 25 basis points to 5.25%-5.50%, the highest rate in 22 years. It marks the... People focused on saving cash are poised to get another boost from the Federal Reserve on Wednesday as the central bank delivers another interest-rate hike.The Fed raised the benchmark rate by 25 basis points to 5.25%-5.
Money market funds — low-risk mutual funds composed of holdings like high-quality government debt, repurchase agreements and corporate debt — have swelled in size. On Tuesday, total assets in the funds hit a record-breaking $5.9 trillion, up $5.2 trillion at the end of 2022, according to Crane. Isabel Barrow, director, financial planning at Edelman Financial Engines, said yield is important, but it’s not everything. Federal Deposit Insurance Corp. currently insures bank deposits up to $250,000 per account, while money-market funds are not covered by FDIC insurance, she said.
Charles Schwab Corp. SCHW brokerage-account holders have next-business-day access to money in a Schwab money-market fund, said Tim Schiltz, director, money market fund product management and innovation at Schwab Asset Management. Transferring money to another institution can typically take one to two business days, he added.
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