I’m sorry Captain! You’re quite correct. I used the incorrect term. I did mean to say money market funds. I’m aware of the difference and I believe that most if not all mutual funds are insured by SIPC as well.
I’m happy to know that I’m not the only one thinking about this.
Thanks folks for your input and validation. I’m laddering CDs as I don’t need the liquidity.
Cheers!
'38Packard
So I just found out my bank, Capital One, has two different savings accounts. The one I’m in at 0.1%, but they have a new one at 3.4%. Not quite as high as my Vanguard money market, but it is FDIC insured, and less hassle than doing CD ladders. So I might open up the new savings account and transfer some money.
I have commented. a couple of times, about the “MMF” that one brokerage used as the sweep account. I looked at the funky stuff that MMF held, as reported in it’s annual report, and found the brokerage offered an FDIC insured bank CD option. It paid less interest then, in 2007, but I wanted the MMF’s funk off my balance sheet.
A year later, “that” MMF’s funk blew up.