Mutual fund money market accounts

[Ima saver]

I use to keep all my spare money in a mutual fund money market account for building houses.
Are any of them paying a good rate of return right now?

[weiwentg]

Re: Mutual fund money market accounts

I use to keep all my spare money in a mutual fund money market account for building houses.
Are any of them paying a good rate of return right now?

fidelity's funds are paying around 4.25%, plus or minus. paypal is 4.22%. given that high yield savings accounts are paying the same or more, I'd stick with those.

[Ima saver]

Re: Mutual fund money market accounts

Thanks weiwentg. I had no idea they had gotten that high. Last time I had one, it was paying about 1%, so i switched to something locally.

[weiwentg]

Re: Mutual fund money market accounts

dude, you have like 1525 posts ... with all due respect, you must have heard of HSBC, or Emigrantdirect, or even ING?

HSBC has a promotional rate of 4.8%APY till April 15, but when that expires, they should still be high, at least 4.50%. you just missed a $25 bonus for opening an account, but they may have another one later on.

[Ima saver]

Re: Mutual fund money market accounts

I have an account with ING, but my local bank is paying over 4%. I have a money market account with American century and have not been paying attention to their rates.

[goodtosave]

Re: Mutual fund money market accounts

I use to keep all my spare money in a mutual fund money market account for building houses.
Are any of them paying a good rate of return right now?

Beware that money market mutual funds are NOT FDIC insured.

http://www.bankrate.com/brm/news/drdon/20020206a.asp?prodtype=mut

http://www.fdic.gov/consumers/consumer/news/cnspr01/cvrstry.html

[weiwentg]

Re: Mutual fund money market accounts

Beware that money market mutual funds are NOT FDIC insured.

http://www.bankrate.com/brm/news/drdon/20020206a.asp?prodtype=mut

http://www.fdic.gov/consumers/consum...1/cvrstry.html

also be aware that mutual funds have just about never lost money. they invest in very low-risk instruments. the fund companies would waive expenses if interest rates got lower than expenses. there was only one case, as of 2004, when a fund 'broke the buck' due to mismanagement or investment losses.

http://www.fdic.gov/bank/analytical/fyi/2004/051904fyi.html#ft16