FDIC insurance protects your assets in a bank account – either checking or savings. Alternatively, SIPC insurance protects your assets in a brokerage account. If you plan to keep your investment in a brokerage account with no plans to invest it in stocks or other securities, SIPC may decide that your cash doesn’t fall under its coverage. And if the brokerage firm fails, you might not have any recourse.
If you want to be certain that your funds are covered, you should make sure the cash you don’t plan to invest is in an account insured by the FDIC.
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