Newsboat FTW

Money Market accounts are deposit accounts. As such, they are insured by the FDIC.

Money market accounts are not money market funds. If you invest in the fund from your regular brokerage account, it is not FDIC insured (but it is SIPC insured like your cash balance).

Thanks.

Money Market accounts are deposit accounts, as are CDs.

Right now, there are checking accounts, savings accounts, CDs, and money market accounts (all of which are deposit accounts) paying 5%.

Not that I don't believe you, but you mind linking some? the best I could find was wealthfront cash, which is isn't a savings account but is giving 4.05% apy. Which is pretty good, but inflation's up at like 6.5%, so it's still a bit of a net loss

Some banks do it as a short term loss leader to acquire new customers. Eg Primus bank recently offered 5% interest, then after a month or two their rate fell back down to treasury APRs

I see 4.55% APY: https://www.bankrate.com/banking/savings/best-high-yield-int...

Fidelity SPAXX currently at 4.22% is close enough for me, because you get all the other Fidelity features.

Fidelity FZDXX money market fund 7-day SEC yield is 4.46%. Minimum $100k initial investment.

Some are listed here: https://www.marketwatch.com/picks/these-8-financial-institut...

I typically check the top rates for savings, checking, and CDs each week. Deals can appear then disappear quickly. The best rates often have restrictions, but not always.

NerdWallet has links to a bunch of high interest (4%+) savings accounts rn.