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4 key differences between money market funds and high-yield savings accounts

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Consumers looking to earn high interest on savings while having easy access to the cash can be torn between high-yield savings accounts and money market funds.

, on the other hand — while also generally safe — are a bit riskier, experts said.

From 2007 to 2011, at least 21 other funds would have broken the buck without a capital infusion from the funds' sponsors, according to a 2012Since they aren't bank accounts, money funds don't carry FDIC insurance. They do have Securities Investor Protection Corporation, or SIPC, protection, which insures against the loss of cash and securities up to $500,000 if an investor's brokerage fails.

Current rates are just a"snippet in time," however, McBride said. Over the 2008 to 2021 period, high-yield accounts"were measurably above what money funds were paying," he said.3. Account minimums However, some money market funds may carry tax benefits, said Eric Bronnenkant, head of tax at Betterment. It's important for consumers to consider their net yield after taxes, he said.

 

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