Clark discussed money market Funds at the beginning of his Feb. 13 podcast. With current high Federal Reserve rates, money market funds offer higher yields than online bank savings accounts. For example the Vanguard Treasury Money Market Fund yield is currently 4.44%. Vanguard requires initial $3,000 to open the account. Fidelity money market funds do not have a minimum amount but offer lower yields than Vanguard. The link is to a detailed The Finance Buff article from Sept 2022 about the accounts. His discusses the issue of the safety of money market funds “If you’re really concerned about safety, you can use a money market fund that invests only in Treasuries or government debt. The money market fund itself isn’t insured but the underlying investments in the fund are backed by the government.”
Last year I moved the majority of my cash to the Vanguard Treasury money market fund while keeping a small amount in my Ally savings account. When the Federal Reserve rates drop, Money Market fund rates will as some point decline below online savings account rates. I will then switch back to Ally.