Money Market account

[Ilikepiedoyou]

http://www.managingmoney.com/banking_main1.php?category=Savings%20Accounts

it says they are fdic insured. What does being fdic really mean to me the consumer?

 

[sager66]

Originally posted by: Ilikepiedoyou
What does being fdic really mean to me the consumer?

For savings (principal not at risk), "FDIC Insured" is desirable. Investments (principal at risk in a fluctuating maket) are not FDIC insured.

 

[kami333]

Originally posted by: jakedeez

Originally posted by: Ilikepiedoyou
citibank and ingdirect are fdic inssured

CDs yes, bank deposits yes, money markets, I really don't think so.

You guys are thinking about 2 different things, money market (mutual) funds and money market deposit accounts. One is not FDIC insured, the other is.