[rcme]

I would say the risks are approximately the same. The biggest difference is that HYSA are insured by the FDIC up to 250K. Money market funds, purchased through a brokerage, are insured by SIPC. You get 500K of coverage total, but only up to 250K of that goes to cash equivalents. On the other hand, your brokerage likely isn’t engaged in fractional reserve banking like a bank is, so maybe your money is more secure with a brokerage.