Money market fund or money market deposit account? The difference matters.

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If you do have cash in a money market, you should know which kind you have.  The New York Times does a good job of explaining the difference:

A money market deposit account, on the other hand, is entirely different. It is an interest-bearing bank account that is insured -- up to $100,000 per account and up to $250,000 for some retirement accounts -- by the Federal Deposit Insurance Corporation. Joint accounts are insured for $100,000 per account holder.


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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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