For many investors, recently issued SEC rules are making money-market funds even less attractive than their low interest rates have ­already made them.

The rules are meant to make it less likely that investors would suddenly flee from a money-­market fund if it started running into trouble. One rule requires that share prices of corporate and municipal ­money-market funds more accurately reflect daily fluctuations in the actual value of securities in the portfolio. That is what happens with other kinds of mutual funds but is in sharp contrast to the current practice of money-­market funds trying to maintain a stable price of $1 a share. During the 2008 financial meltdown, shares at a major money-market fund suddenly dropped below $1 per share as values fell for ­underlying securities.

Under another new rule, when ­money-market funds that invest in corporate or municipal bonds run into problems, they could charge investors a fee to cash in shares or could block withdrawals altogether.

Steps to take…

Ask your fund company whether it is making changes. For example, ­Fidelity decided to convert its giant ­Fidelity Cash Reserves Fund and some other money-market funds from “prime” funds that include highly rated corporate debt to “government” funds that invest only in US government and governmental agency debt. Government money-­market funds are exempt from the new rules but often have even lower yields than the funds that are subject to the rules. At Federated Investors, to maintain a net asset value of $1 a share, some funds will limit maturities on debt to 60 days, which may further reduce yields.

Consider alternative places to stash your cash. FDIC-insured savings and money-market accounts at Internet banks offer higher yields. For example, money-market accounts at Citizens State Bank and savings accounts at recently yielded 1.05%.

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