Reserve Ups Insurance Limit On Money Market Account
August 26, 2002
Reserve Funds has tripled the level of FDIC insurance on Reserve Insured Deposits, an insured money market account. It is not a mutual fund but does offer some features of a money market mutual fund.
The company has raised the insurance level from $200,000 to $600,000 in response to customer concerns over investment volatility and safety, said Bruce Bent II, president of Reserve Funds.
Reserve Insured Deposits was started in 1997 to offer investors a stable, insured vehicle for their assets during a turbulent market environment. "Back then, money funds became a safe haven for cash in volatile markets, a situation we are faced with today," Bent said.
Reserve Funds has more than $17 billion in assets under management and 17 money market funds, seven equity funds and products like Reserve Insured Deposits.