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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

  • Writer's pictureDavid Gearhart

Bank Money Market Account vs Brokerage Money Market Funds

The term “money market” often gets brought up when discussing different savings options, but what exactly is a money market? There are two types of money markets: “Money Market Accounts” and “Money Market Mutual Funds”. So, what is the difference between these two?

Money Market Accounts

Money market accounts are almost a combination of checking and savings accounts. They offer interest rates like savings accounts, but they also provide debit cards and checks like checking accounts. Much like savings accounts, money market accounts rules and rates differ from bank to bank. Some banks require a minimum deposit for their money market accounts, whereas others do not. They are also FDIC-insured like most bank accounts are. Often times money market accounts have a lower return than money market mutual funds but are also slightly less risky due to being backed by the FDIC. Another advantage of money market accounts is that they are offered by the majority of banks, which allows you to keep those funds in the same place as your checking accounts.

Money Market Mutual Funds

Money market mutual funds act very similarly to standard mutual funds, with a few different exceptions. Money market mutual funds are slightly riskier than bank money market accounts as they are not FDIC-Insured. However, they are still significantly less risky than other mutual funds, because they invest in short-term, higher-quality securities. According to Charles Schwab, they are designed to provide high liquidity with lower risk, as well as stability of capital and they typically have higher yields than some other cash products. With Schwab’s money market fund currently paying 5.24% (as of the writing of this article on 10/4/2023), it can be an excellent investment for those looking to earn money while taking on very little risk.


An advantage of money market mutual funds is that they are much more liquid than other mutual funds. Money market mutual funds combine the best of both worlds between mutual fund investments and money market accounts, offering a much lower risk than mutual funds and a better rate of return than money market accounts. This makes them a great choice for an investment to get safe money to grow, making it a solid option for a savings account.


If you have a sinking fund because you are saving for a down payment for a house, saving for a vacation or other large expense in the future, or you have an “extra” emergency fund, you might want to consider putting that money in a money market mutual fund to earn over 5% (as of 10/4/23).

Money Market Funds through Whitaker-Myers

Since Whitaker-Myers uses Charles Schwab as our custodian, we can access the Schwab money market fund for those interested. If you are saving for one of the abovementioned expenses, having this in a brokerage account makes the most sense. If you don’t have a brokerage account, your Advisor would happily help you open one.


If you have a question on which money market would benefit you and your specific situation, talk to one of the advisors on our team with Whitaker-Myers Wealth Managers. We are happy to help answer any questions you may have.

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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.