Money market funds aim to maintain a stable $1 share price while paying interest close to short-term rates. They're commonly used as a cash sweep in brokerage accounts.
Not the same as a money market savings account (which is a bank product with FDIC insurance). Money market mutual funds are not FDIC-insured, though defaults are rare for prime and government funds.
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Money market fund or high-yield savings?
Yields are often similar. High-yield savings is FDIC-insured; money market funds usually aren't. Both are reasonable homes for near-term cash.