Fortune writes "Funds For Quick Cash". The article briefly compares money funds and MMDAs and says, "At first glance, money market accounts may seem like the safer bet, because cash in the account is FDIC insured like any bank savings account. This means the government will cover up to $100,000 if your bank is ever in a situation where it couldn't pay you back. Money funds, on the other hand, are mutual funds that invest in short-term, high-quality securities such as U.S. Treasury securities, federal agency notes, certificates of deposit and commercial paper. It seems they would carry higher risk than money market accounts since they're not backed by the FDIC, but historically, they've been quite steady."