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Does E*Trade offer any Money Market Mutual Funds? |
Amongst the 7000 mutual funds they offer, I haven't had any luck finding a MMMF or anything similar. I need a "safe" place in which to store my uninvested cash and the rates on their sweep accounts are an absolute joke. I do not want to open a banking account or standard money market account with them as I want to be able to buy/sell immediately by keeping the money in my IRA/Brokerage account. If E*Trade does not offer these, does anyone know if TDAmeritrade/Scottrade/etc does? Thanks! No, ETrade does not offer any MMMF's. They have a variety of cash sweep accounts (by JPMorgan Chase), and a high yielding money market account (Complete Savings) in their banking unit. Their lack of a MMMF selection forces you into their alternatives. The Complete Savings acct. is actually very nice and is insured up to $100K or $200K for a joint acct. Over that amount & I'd worry about ETrade's solvency. I expect all online brokers have it, I use TradeKing.com, $4.95 commissions, ranked #1 2006 & 2007, they have 3.x% money mkt fund, investments go in/out w/no fees..... |
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Financial institutes make money from money markets by keeping your money as long as they can. They limit you to how many times you can withdraw per month and charge you a fee if you go over. ... Think of it as the interest rate that you are getting assuming reinvestment over those 7 days but it's presented in an annual form. So, if the interest rates stayed constant for the whole yea... Like a checking account that provides slightly better yield than a straight bank account. Main disadvantage is low yield. Also, more recently, some may have been exposed to subprime loans. tba This statement is neither true nor false. As Obi Won said, it depends on your point of view. Money market funds are usually classified by the securities that they hold. They come in two basic ... Money market funds are not FDIC insured, meaning that you can lose your money. I would recommend an online savings account such as hsbcdirect.com. Your money is FDIC insured and you are guaranteed ... Yes there is an alternative: Read stories from reporters that actually do research before they print garbage. You have to call TD to change your MM choice - see the link below for alternative... If your BANK is insured by the FDIC (up to $100,000 per person, per bank), then your money is covered, regardless of what account it is in - including money market accounts. The only exception to ... it doesn't sweep anything - just having a balance in your paypal acct, you earn interest, I would imagine until you see the transfer transaction say complete ... |
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