is there a difference in money market accts?

Question

we've both vanguard and dreyfus accounts and wondered if there is some difference in which kind of money market account to use?

in case it matters, this is for regular IRA and Roth IRA funds which we planned fund from some recent gains in other funds.- about 10k into each

when I look at the long list of available funds, both vanguard and dreyfus list several "something"-money market but as my accounts are very small balances, am not clear if I should know or understand something about them

if you kindly reply, give me the symbol and then I can also look it up, thanks

BreadWithSpam · Accepted Answer

The biggest differences are generally (a) expense ratios and (b) regular taxable vs. treasury vs. muni funds.

In which case, you have no need for muni MMFs because the tax exemption doesn't do you any good in those accounts.

Tell us about the "somethings". Aside from the muni vs. non-muni issue, and the lowest expenses, the main other criteria for an MMF is accessibility - if you will be doing other business at Vanguard or Dreyfus, it may make your life easier to have your MMF in the same place as the other business.

Mike S, · Answer

when you visit (for example) the dreyfus main page and click on funds, money market funds, there are at least 70 or more differently named "somethings", why that is, I don't know

since these are regular and roth IRA accounts, perhaps that does not matter as I don't plan on using the money, just let it sit there for now

I picked DLAXX for lack of understanding it any further, seems it was not a muni fund, other than that don't know how it's different from the long list of "somethings"

PeterL · Answer

Not enough of a difference to be a deciding factor.

is there a difference in money market accts?

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