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What is the difference between a money market fund and a money market account?

One big difference is a money market account is an interest earned savings account that is offered by a FDIC insured financial institution. The FDIC insures up to $100,000. Whereas the money market mutual fund is based on a seven day average yield rather than an annual yield. However, the effective rate is comparable to the money market account offered by a bank. The money market mutual fund is not insured by the FDIC. This means, if for some reason that mutual fund collapsed, you would be out of luck in collecting what you thought was a safe holding for your money.

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