A money market mutual fund is a type of mutual fund that invests in debt securities characterized by their short maturities and minimal credit risk. Money market mutual funds are among the lowest-volatility types of investments.
However, a money market fund is not a bank account and an investment in it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
The FDIC-insured Deposit Sweep program option sweeps your uninvested cash into an FDIC-insured interest-bearing account at one or more program banks. Deposits swept into the program bank(s) are eligible for FDIC insurance, subject to FDIC insurance coverage limits, and amounts over FDIC coverage limits may be swept to a money market fund.