Are Money Market accounts federally insured?

Answer 1

No

Answer 2

There are 2 types of Money Market accounts.

1. Money Market mutual funds - offered by Vanguard and Fidelity. These ARE NOT FDIC insured but are usually insured through SIPC.

2. Money Market accounts - insured throught FDIC up to $100k and upto $250k for money market accounts in an IRA.

SIPC protects against the officers of the brokerage firm embezzeling money but not against your actual investment. If the money market mutual fund invests in crappy bonds, they lose money, and can't maintain a $1 per share average, then you're out the difference. FDIC actually insures against the solvency of the bank because they insure that the bank has a certain percentage of assets vs. liabilities.

General rule of thumb. FDIC is for banks(money market accounts), SIPC is for brokerage firms (money market mutual funds).

Answer 3

Yes!, see any account can be federally insured if you open it up with a bank who is under FDIC regulations. usually one account can be insured upto 100k only by fdic but then again if structured right then even more than that can be insured. Check with your local bank or credit union which is governed by fdic.
I have opened many money market accounts and all of those were insured.

Answer 4

Your account is secure. this is completely insured by ability of the FDIC merely like various different financial corporation account. money marketplace bills placed money into very short term debt (like commercial paper) so this is not invested without delay interior the inventory marketplace.

Answer 5

Yes up to 100K, although not paying much interest. If you'd like more interest that is insured, let me know. Paying 6.5% safe, guaranteed