The Resurgence of Money Market Funds in a High-Rate Environment
In the dynamic landscape of personal finance and investing, the search for stable returns without taking on excessive risk is a constant theme. For many years, in an era of near-zero interest rates prompted by quantitative easing and efforts to stimulate economic growth, traditional safe havens like savings accounts and money market funds offered yields so low they were barely noticeable after accounting for inflation. However, as the macroeconomic environment has shifted dramatically, particularly with central banks like the Federal Reserve aggressively raising interest rates to combat inflation, the role and appeal of the humble money market fund have transformed.
Suddenly, holding cash isn’t just a necessity for liquidity; it can also be a source of meaningful income. The prevailing “higher-for-longer” narrative surrounding interest rates, even as some global central banks have begun considering or implementing modest cuts, means that short-term yields remain compellingly high relative to the last decade. This has brought money market funds back into the spotlight, not merely as a parking spot for emergency funds, but as a strategic component of a diversified portfolio, offering a compelling blend of liquidity, principal preservation, and attractive yields.
- Money market funds (MMFs) have transformed in response to changing economic conditions.
- The current macroeconomic environment propels cash management strategies.
- Investors are encouraged to utilize MMFs for their liquidity, safety, and income potential.
As an investor, whether you are just starting out or looking to refine your cash management strategy, understanding money market funds and their newer counterparts, Money Market ETFs, is crucial in this environment. They represent a significant segment of the financial markets, holding trillions of dollars in assets, and they offer benefits that traditional bank accounts often cannot match in terms of yield potential in a rising or high-rate climate.
We’re here to guide you through this landscape, demystifying how these funds work, exploring the different types available, and helping you understand how to choose the right vehicle for your short-term capital. Let’s dive into the world of money market funds and ETFs and discover how you can potentially earn competitive income on your cash while prioritizing stability.
What Exactly are Money Market Funds? Understanding the Core Concept
At their heart, money market funds (MMFs) are a type of mutual fund designed to be extremely low-risk. Their primary objectives are twofold: first, to preserve capital, meaning to protect the original amount you invest; and second, to maintain a high degree of liquidity, ensuring you can access your money relatively easily when you need it.
How do they achieve these objectives? MMFs invest in a specific class of securities known as money market instruments. These are high-quality, short-term debt obligations. Think of them as IOUs issued by governments, corporations, or banks that mature very quickly – typically within 13 months, and often much sooner. The short maturity is key because it significantly reduces sensitivity to interest rate fluctuations compared to longer-term bonds. When interest rates rise, the fund can quickly reinvest maturing securities at the new, higher rates, boosting its yield. When rates fall, the opposite happens, but again, the short maturity means the portfolio yield adjusts relatively quickly.
Common holdings in money market funds include:
- Treasury bills (T-bills): Short-term debt issued by the U.S. Treasury, considered among the safest investments globally.
- Commercial paper: Unsecured, short-term promissory notes issued by corporations with high credit ratings to finance their short-term liabilities.
- Certificates of Deposit (CDs): Deposit accounts with fixed terms and interest rates, issued by banks. MMFs may hold large-denomination, negotiable CDs.
- Repurchase agreements (Repos): Short-term loans, often overnight, where one party sells a security (like a Treasury bond) to another with an agreement to repurchase it later at a slightly higher price. They are typically collateralized.
The quality and maturity limits of these holdings are strictly governed by regulations from the Securities and Exchange Commission (SEC). These rules are designed to ensure the funds are highly liquid and maintain a stable net asset value (NAV). For many money market funds, particularly government and retail prime funds, the goal is to maintain a constant NAV of $1.00 per share. This is what gives them their checking-account-like stability, allowing investors to buy and sell shares at that fixed price, with income paid out as monthly dividends that fluctuate based on prevailing interest rates and fund expenses.
The concept of a stable $1.00 NAV is central to their appeal for cash management. While not absolutely guaranteed (the rare event of “breaking the buck” where the NAV falls below $1.00 has happened historically, though regulatory reforms since the 2008 financial crisis and subsequent changes have aimed to make funds more resilient), the regulatory framework and conservative investment mandate make them one of the most stable investment vehicles available, distinct from typical bond funds whose NAVs fluctuate with market interest rates.
Why Current Interest Rates Make MMFs Particularly Attractive
Understanding the “why now?” behind the renewed interest in money market funds requires looking at the current interest rate environment. After more than a decade of historically low rates following the 2008 financial crisis – a period where the Federal Reserve kept its benchmark policy rate near zero – inflation began to surge in 2021-2022. In response, the Fed embarked on a rapid series of rate hikes, pushing the federal funds rate to levels not seen in over two decades.
This higher federal funds rate directly influences short-term interest rates across the economy. Rates on T-bills, commercial paper, and other money market instruments rose in tandem. Since money market funds primarily invest in these short-term assets, their yields quickly followed suit. Suddenly, investors could earn 5% or more annually on their cash parked in an MMF, a yield significantly higher than what most traditional bank savings accounts or checking accounts were offering.
Consider the phrase “higher-for-longer” that has dominated financial discussions. Even if the Federal Reserve eventually begins to cut rates (as hinted, perhaps only once in late 2024, according to recent projections from June 2024), the expectation is that rates will likely remain elevated compared to the pre-2022 period for some time. This is partly due to persistent inflationary pressures, robust economic data, or a cautious approach by central bankers to avoid reigniting inflation.
For investors, this translates into a sustained period where money market funds offer compelling yields. Instead of letting cash sit idle or earn minimal returns in a standard bank account, you can potentially earn a yield that at least partially offsets inflation, all while keeping your capital accessible and relatively safe. This makes MMFs a strategic tool for managing cash reserves, holding emergency funds, or parking money destined for other investments in the near future.
We’ve seen billions of dollars flow into money market funds as investors react to this reality, moving cash off the sidelines to benefit from these elevated short-term rates. This flow underscores just how significant this shift has been – from a negligible yield product to a viable income-generating option for conservative capital.
Understanding Money Market Fund Types: Government, Prime, and Municipal
While all money market funds share the core objectives of safety, liquidity, and income, they are categorized into different types based primarily on the types of securities they hold. This distinction is crucial because it affects their risk profile, potential yield, and tax implications. The three main categories you will encounter are Government Money Market Funds, Prime Money Market Funds, and Municipal Money Market Funds.
Why is it important to know the difference? Because your investment goals, tax situation, and risk tolerance should influence which type of fund you choose. What works best for one investor seeking maximum safety might not be ideal for another in a high tax bracket or one willing to take on slightly more risk for potentially higher returns.
Let’s explore each type in more detail so you can understand their characteristics and decide which might be the best fit for your specific needs. As your guide, we’ll walk you through the nuances of each category, explaining what they invest in and the key factors that differentiate them.
Understanding these classifications is foundational to making an informed decision about where to park your short-term cash. It’s not just about picking a fund with the highest yield; it’s about selecting one whose underlying investments and structure align with your financial situation and comfort level with risk.
| Type of Money Market Fund | Characteristics | Risk Level |
|---|---|---|
| Government Money Market Funds | Invest primarily in government securities and cash. | Very Low |
| Prime Money Market Funds | Include corporate and bank debt along with government securities. | Low |
| Municipal Money Market Funds | Invest in short-term municipal securities offering tax benefits. | Low to Moderate |
Government Money Market Funds: Safety and Simplicity
For investors prioritizing the highest degree of safety and stability, Government Money Market Funds are often the go-to choice. These funds are mandated by SEC rules to invest at least 99.5% of their total assets in cash, government securities, or repurchase agreements fully collateralized by government securities or cash.
What does this mean in practice? Their portfolios are predominantly filled with debt issued or guaranteed by the U.S. government or its agencies, such as U.S. Treasury bills, notes, and bonds (with short maturities), or agency securities. The U.S. government’s backing makes these securities, and thus the funds holding them, subject to extremely low credit risk – the risk that the issuer will default on its debt obligations.
Because of this composition, Government MMFs are generally considered the safest type of money market fund. They are also typically permitted under SEC regulations to maintain a stable NAV of $1.00 per share, providing that predictable price stability that many investors seek for cash management.
While their yields might occasionally be slightly lower than Prime money market funds (especially before accounting for expenses), their focus on government-backed securities provides a level of security that is hard to match. This makes them an excellent choice for emergency funds, funds needed for near-term expenses, or simply as a conservative place to wait out market volatility.
Prime Money Market Funds: Weighing Yield and Risk
Moving along the spectrum, we come to Prime Money Market Funds. These funds offer the potential for slightly higher yields compared to Government MMFs because they have a broader mandate regarding their investments. While they still invest in high-quality, short-term instruments, their portfolios can include debt issued by corporations, such as commercial paper, corporate bonds with short maturities, and large-denomination Certificates of Deposit (CDs) from banks.
This inclusion of corporate and bank debt introduces a degree of credit risk that is not present in pure Government MMFs. Although Prime funds are still required to hold high-quality securities from creditworthy issuers, there is a small, non-zero risk that a corporate issuer could default, potentially impacting the fund’s value. This is generally considered slightly higher risk than the near-zero credit risk of U.S. government debt.
Under current SEC regulations implemented after the 2008 crisis and further refined, institutional Prime money market funds are required to have a floating NAV, meaning their share price can fluctuate slightly based on the market value of their holdings, much like a standard bond fund (though fluctuations are typically minimal due to short maturities). However, retail Prime money market funds (those designed for individual investors) are generally permitted to maintain a stable $1.00 NAV, similar to Government funds, provided they meet certain liquidity requirements. It’s essential to check the specific fund’s structure.
The potential for higher yields in Prime funds comes from the fact that corporate and bank debt typically offers a slightly higher interest rate than government debt to compensate investors for the additional credit risk. The difference in yield might be small, measured in basis points, but it can add up, especially with large sums of cash.
Examples of Prime money market funds mentioned in market data include funds like the Fidelity Money Market Fund (SPRXX) and the JPMorgan Prime Money Market Fund (VMVXX). These funds provide access to short-term corporate credit markets, offering a potentially higher return in exchange for taking on that modest additional credit risk.
| Example Prime Money Market Funds | Key Features |
|---|---|
| Fidelity Money Market Fund (SPRXX) | Offers competitive yields and invests primarily in quality corporate debt. |
| JPMorgan Prime Money Market Fund (VMVXX) | Provides strategic exposure to corporate credit markets. |
Municipal Money Market Funds: The Appeal of Tax-Exempt Income
The third main category is designed for a specific type of investor: those in higher income tax brackets. Municipal Money Market Funds invest in short-term municipal securities, which are debt obligations issued by state and local governments and their agencies to finance public projects like infrastructure, schools, or hospitals.
The key characteristic of municipal securities is that the interest income they generate is typically exempt from federal income taxes. If you live in the state where the municipal bond is issued and the fund primarily holds debt from that state, the income may also be exempt from state and local income taxes. This offers a significant advantage for investors facing high tax rates on ordinary income.
For investors in high tax brackets, the after-tax yield of a Municipal Money Market Fund can be significantly higher than the after-tax yield of a Government or Prime Money Market Fund, even if the nominal (pre-tax) yield appears lower. To compare effectively, you need to calculate the taxable equivalent yield of the municipal fund based on your marginal tax rate.
For example, if a Municipal fund yields 3% tax-free and a Government fund yields 5% taxable, a high-income investor with a 40% marginal tax rate would find the municipal fund’s after-tax yield (3%) to be equivalent to a taxable yield of 5% / (1 – 0.40) = 8.33%. In this hypothetical scenario, the municipal fund offers a much better after-tax return.
Like other money market funds, Municipal MMFs focus on short-term maturities and high-quality issuers. However, the risk profile relates to the financial health and creditworthiness of the issuing municipality rather than the U.S. government or corporations. While municipal defaults are rare, they can occur, introducing municipal credit risk.
Examples of Municipal Money Market Funds include the Schwab AMT Tax-Free Money Fund – Investor Shares (SWWXX) and the Vanguard Municipal Money Market Fund (VMSXX). These funds cater specifically to investors seeking tax-advantaged income on their short-term capital.
The Evolution: Money Market ETFs Explained
While traditional money market funds (structured as mutual funds) have been around for decades, a relatively newer development in the market is the emergence and growth of Money Market ETFs (MMETFs). These vehicles aim to offer investors the core benefits of money market funds – liquidity, stability, and income from short-term debt – but within the popular and often convenient structure of an Exchange Traded Fund (ETF).
So, what exactly is a Money Market ETF, and how does it differ from a traditional MMF mutual fund? Fundamentally, the underlying investment strategy is similar: MMETFs invest in high-quality, short-term debt instruments like Treasury bills, repurchase agreements, and potentially corporate debt or municipal debt, depending on the specific fund’s objective (mirroring the Government, Prime, or Municipal categories of mutual funds).
The key difference lies in the wrapper – the legal and operational structure of the investment product. A traditional MMF is a mutual fund. You buy and sell shares directly from the fund company (like Vanguard, Fidelity, or Schwab) at the end-of-day NAV. A Money Market ETF, on the other hand, is an ETF. Its shares trade on a stock exchange throughout the trading day, just like stocks or other ETFs. You buy and sell shares through a brokerage account, and the price can fluctuate throughout the day based on market supply and demand, although the fund’s underlying holdings are designed to keep this fluctuation minimal around a target NAV (often $1.00, though the market price you trade at might deviate slightly). This trading flexibility is one of the key differentiators.
The interest in MMETFs has surged recently, partly driven by investor familiarity with the ETF structure and major asset managers responding to this demand. For example, BlackRock’s iShares recently launched iShares Government Money Market ETF (GMMF) and iShares Prime Money Market ETF (PMMF). Similarly, Schwab has been noted as preparing to launch its own money market ETF product. These moves signal a growing belief among major players that investors are looking for ETF-based solutions for their cash management needs.
Examples of MMETFs available or recently launched include the aforementioned GMMF and PMMF from iShares, and the Texas Capital Money Market ETF (MMKT). These products aim to provide an alternative to traditional MMFs for investors who prefer the features and flexibility of the ETF structure for managing their short-term cash holdings.
Why Consider a Money Market ETF? Benefits of the ETF Structure
The emergence of Money Market ETFs isn’t just about a new name; the ETF structure itself offers several potential benefits that appeal to modern investors, particularly those already using ETFs for other parts of their portfolio. While traditional MMFs have their own advantages, MMETFs bring different features to the table.
- Trading flexibility: Buy and sell shares throughout the trading day at market prices, unlike the once-per-day trading of mutual funds.
- Transparency: ETF providers typically disclose their portfolio holdings daily, offering insight into the fund’s investments.
- Lower minimum investments: ETFs often allow for purchasing single shares, enhancing accessibility for investors.
Furthermore, holding cash within an ETF structure in your brokerage account can simplify portfolio management. Instead of needing to manage cash separately in a bank account or a specific fund company’s direct account, you can consolidate your investment holdings and cash management within a single brokerage interface that supports ETF trading.
While traditional MMFs remain popular and widely used, Money Market ETFs offer a modern, flexible, and transparent alternative for investors comfortable with the ETF wrapper. The recent launches by major players like BlackRock and Schwab suggest that this corner of the ETF market is poised for significant growth as more investors discover the benefits of using ETFs for managing their short-term cash.
Choosing Your Cash Vehicle: Key Considerations
With both traditional Money Market Funds (mutual funds) and Money Market ETFs available, and multiple types within each structure (Government, Prime, Municipal), how do you decide which is the best fit for your needs? Choosing the right vehicle for your cash requires looking beyond just the name and considering several key factors.
Here are the primary considerations we recommend you evaluate:
- Yield: This is often the most compelling factor in the current high-rate environment. Look at the fund’s current yield, specifically the 7-day SEC yield, which is a standardized measure that reflects the income earned over the past seven days, annualized. Compare the yields of different funds within the same category (e.g., Government vs. Government). Remember that yields fluctuate with market rates.
- Expense Ratio: This is the annual fee charged by the fund to cover its operating costs, expressed as a percentage of your investment. A lower expense ratio means more of the fund’s gross yield is passed on to you. When comparing funds, look at the net yield (gross yield minus expenses). Even a small difference in expense ratio can significantly impact your return, especially over time or with large sums. For example, a fund yielding 5.20% with a 0.10% expense ratio has a net yield of 5.10%, while a fund yielding 5.30% with a 0.30% expense ratio has a net yield of 5.00%. The lower expense ratio fund is better in this case, despite the higher gross yield of the second fund.
- Fund Type (Government, Prime, Municipal): As we’ve discussed, this determines the underlying securities and influences risk and tax implications. Choose the type that aligns with your risk tolerance (Government for lowest credit risk) and tax situation (Municipal for tax-exempt income if applicable).
- Minimum Investment and Accessibility: Traditional mutual funds may have minimum investment requirements (though many large providers have low or $0 minimums). ETFs allow you to buy as little as one share, making them highly accessible. Consider how you prefer to transact – directly with the fund company or through a brokerage account.
- Fees: Check for any additional fees, such as purchase fees, redemption fees, or account maintenance fees. While less common for core money market options, it’s always prudent to review.
| Consideration | Description |
|---|---|
| Yield | Examine the fund’s current yield, specifically the 7-day SEC yield. |
| Expense Ratio | Evaluate the annual fee relative to the fund’s net yield. |
| Fund Type | Determine the underlying securities and their risk implications. |
| Minimum Investment | Consider investment thresholds and accessibility of funds or ETFs. |
| Fees | Look for additional fees associated with the funds you are considering. |
By carefully evaluating these factors, you can make an informed decision and select the money market fund or ETF that best serves your objective of earning competitive, low-risk income on your cash while ensuring liquidity and stability.
Money Market Funds vs. Money Market Accounts: The Critical FDIC Distinction
This is perhaps one of the most important points to understand when considering money market options. There is often confusion between Money Market Funds (MMFs) and Money Market Accounts (MMAs). Despite the similar names, they are fundamentally different products with different levels of risk and, critically, different levels of protection.
A Money Market Account (MMA) is a type of deposit account offered by banks and credit unions. It is similar to a savings account but typically offers higher interest rates and may come with limited check-writing or debit card privileges. The crucial feature of an MMA is that it is a bank deposit product, and as such, it is insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits, currently $250,000 per depositor, per insured bank, for each account ownership category.
This FDIC insurance means that if the bank fails, your deposits are guaranteed by the U.S. government up to the insurance limit. This provides a very high level of safety for your principal.
In contrast, a Money Market Fund (MMF) or Money Market ETF (MMETF) is an investment product, specifically a type of mutual fund or ETF. When you invest in an MMF or MMETF, you are buying shares of a fund that invests in a portfolio of short-term securities. You are not depositing money directly into a bank.
Because they are investment products, Money Market Funds and Money Market ETFs are NOT insured by the FDIC. While they are designed to be very stable and target a stable NAV (for eligible retail funds), their principal value is not guaranteed by the government. The risks, though small for high-quality funds, include market risk (minor value fluctuations due to interest rate changes or liquidity events) and credit risk (default of underlying securities, although this is extremely rare for Government MMFs and mitigated by high credit quality requirements for Prime/Municipal funds).
Think of it this way: an MMA is like putting cash in a government-insured safe at a bank. An MMF/MMETF is like pooling your money with other investors to buy a diversified portfolio of very short-term IOUs from high-quality borrowers. The IOUs are generally repaid reliably, and the fund aims to keep its value stable, but there’s no government guarantee on your initial capital investment itself, unlike the FDIC guarantee on an MMA deposit.
For truly risk-averse funds like an emergency fund where principal protection is paramount and you need absolute certainty up to FDIC limits, a Money Market Account might be preferred. For larger sums or where maximizing yield is important and you are comfortable with the *extremely low* but non-zero investment risks and lack of FDIC insurance, Money Market Funds and ETFs offer a compelling alternative, particularly in the current rate environment.
Understanding this distinction is vital for making responsible financial decisions and ensuring your cash is held in a vehicle that matches your comfort level with risk and your need for guaranteed principal protection.
Beyond Pure Money Markets: Exploring Related Strategies
While traditional money market funds and Money Market ETFs are excellent tools for managing short-term cash, the current interest rate environment has also highlighted related fixed-income strategies that investors might consider, depending on their goals and willingness to take on slightly more risk in exchange for potentially higher yields or different risk exposures. These aren’t strictly money market products, but they operate in the short-term fixed-income space and can serve as alternatives or complements for different purposes.
Let’s briefly touch upon a few of these related strategies that have gained attention:
- Floating-Rate ETFs: These ETFs invest in debt instruments where the interest rate resets periodically based on a benchmark rate (like SOFR or Libor). Unlike traditional fixed-rate bonds, their coupon payments adjust with interest rates. This makes them much less sensitive to changes in interest rates (lower interest rate risk) than fixed-rate bonds, though they still carry credit risk. Funds like the WisdomTree Floating Rate Treasury Fund (USFR) focus on floating-rate U.S. Treasury notes, offering very low credit risk with sensitivity to short-term rate changes. Other floating-rate funds may include bank loans or CLOs, which carry higher credit risk but offer potentially higher yields.
- Short-Duration Bond ETFs: These funds invest in a diversified portfolio of bonds with relatively short maturities or durations, typically one to three years, but sometimes up to five years. Because of their short duration, they are less sensitive to interest rate changes than intermediate- or long-term bond funds. They can offer higher yields than money market funds by investing in a broader range of securities (including corporate bonds, government bonds, etc.) and slightly longer maturities, but they also carry more interest rate risk (their NAV will fluctuate more than an MMF’s) and credit risk than pure money market funds. Examples include the Dimensional Short-Duration Fixed Income ETF (DFSD) and the PIMCO Enhanced Short Maturity Active ETF (MINT).
- Income-Enhanced or Options Overlay ETFs: Some ETFs use strategies like covered calls or other options overlays on a portfolio of short-term fixed income to potentially generate enhanced income. Funds like the FolioBeyond Enhanced Fixed Income Premium ETF (FIXP) or the NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) fall into this category. While they aim for higher income, they introduce the complexity and risks associated with options trading, which can limit upside potential or add volatility, making them distinct from the simple structure of a core money market fund.
These strategies offer varying blends of yield, interest rate sensitivity, and credit risk. While they might not fit the pure capital preservation and $1.00 NAV stability mandate of core money market funds, they provide options for investors seeking higher income on cash or short-term capital with a willingness to accept a modest increase in risk or complexity. It’s important to research these thoroughly and understand their specific investment strategies and risks before investing.
Navigating Your Options and Putting Cash to Work
We’ve covered a lot of ground, from the fundamental nature of money market funds and the current rate environment that makes them attractive, to the different types available (Government, Prime, Municipal), the emergence of Money Market ETFs, and crucial distinctions like FDIC insurance. Our goal has been to provide you with the knowledge to make informed decisions about managing your short-term capital effectively.
In today’s financial climate, letting significant amounts of cash sit in traditional savings accounts with minimal yields means missing out on potential income. Money market funds and ETFs offer a compelling way to benefit from higher short-term interest rates while keeping your capital readily accessible and focused on stability.
As you consider your options, ask yourself: What is the primary purpose of this cash? Is it an emergency fund requiring maximum principal protection and immediate liquidity (where a bank MMA might be preferable, at least up to FDIC limits)? Is it money earmarked for a large purchase in the next year or two? Or is it simply capital you’ve moved to the sidelines amidst market uncertainty, waiting for future investment opportunities?
Your answer will help guide you towards the most appropriate vehicle – perhaps a Government Money Market Fund for utmost safety, a Prime MMF for a potential yield edge, a Municipal MMF for tax efficiency, or a Money Market ETF if you prefer the ETF structure.
Remember to always compare yields (using the 7-day SEC yield), scrutinize expense ratios, and understand the specific fund’s holdings and structure. The difference in net yield between seemingly similar funds can be significant over time.
Navigating the world of finance requires continuous learning and adapting to changing conditions. By understanding vehicles like money market funds and ETFs, you empower yourself to make strategic choices that align with your financial goals, ensuring your cash isn’t just sitting idly, but actively working for you in a stable and accessible manner.
We hope this comprehensive guide provides you with the clarity and confidence to explore these valuable tools for cash management. As a knowledge-focused resource, we believe that informed investors are empowered investors, better equipped to achieve their financial objectives.
best money market etfsFAQ
Q：What are the key advantages of Money Market ETFs compared to traditional Money Market Funds?
A：Money Market ETFs provide greater trading flexibility, transparency in holdings, and often lower minimum investment requirements compared to traditional Money Market Funds.
Q：How do I choose between Government, Prime, and Municipal Money Market Funds?
A：Consider your risk tolerance, tax situation, and investment goals. Government funds are safest, Prime funds offer higher yields with some credit risk, and Municipal funds provide tax-exempt income for high-income investors.
Q：Are Money Market Funds insured by the FDIC?
A：No, Money Market Funds are not insured by the FDIC. They are investment products, whereas Money Market Accounts, which are bank deposit accounts, are FDIC insured.
留言