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Money market account |
Money market fund |
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Purpose of account |
For your emergency fund or shorter-term savings goals. |
Often for individual investors seeking a parking spot for their cash. |
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How to invest |
Deposit money at a financial institution online or in person. |
Buy shares at a brokerage, bank or mutual fund company. |
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Accessing funds |
Can withdraw money up to six times per month. (This limit can vary by bank.) |
You have ready access to cash, typically within one trading day (or business day). |
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Insurance coverage |
Up to $250,000 per bank or credit union customer |
No FDIC or NCUA insurance (even when you buy them through a bank) |
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