[ADVISOR VIEW] DevonCard of crueinvest looks at the key features of money market accounts and funds, and suggests questions to ask yourself when deciding between the two. Investing Saving PersonalFinance
If you’re looking for a short-term holding bay for your funds, it’s likely that you’re considering money markets as an option. But it’s important to know the difference between money market accounts which are banking products and money market funds which are investment products run by investment managers.
On the other hand, a money market fund is not a banking product but rather a unit trust investment which is managed by an investment manager. As such, money market funds are regulated by the Investment Collective Schemes Control Act and are defined by the FSCA as ‘collective investments’.
Being an investment, money market funds face a completely different set of risks which should be considered. There is an expectation that money market funds are expected to provide the investor with guaranteed returns and capital protection, but this isn’t always the case. Not all money markets are the same, and it is important to understand the mandate as well as the asset allocation of the fund you are investing in.
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