Thoughts on putting money in a money market fund vs a HYSA?

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Depends when you’ll think you’ll use or need the money. If your planning to use it in the short term for a firm payment or something you can’t afford to lose then just dump it in hysa. Money market funds are still subject to market risk vs the fdic covered hysa.

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No investment minimum for HYSA with Ally.

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Both are highly liquid and should provide a return that keeps pace with or exceeds the CPI. Depends on how much you’re planning on putting away. To get the lowest interest rates in a HYSA, you typically have to meet a certain investment minimum.

Get one of each at an online bank like Ally. Keep your money in the HYSA, because the interest is better. The money market account gives you a debit card/checkbook though, and you can transfer between the two accounts instantly, so you can still access the money from your HYSA if you really need it.

I use both. They have similar interest. Only difference is that the MMF is with my brokerage, so I can sell and buy funds or stocks immediately as opposed to waiting for HYSA transfer to clear.

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