Dear Harry:

With the current state of the economy and the bankruptcy of even very large companies, my wife and I are worried about some of our money. Is our money safe in a Vanguard and Fidelity tax-free money-market account? We have about $15,000 in these accounts, and it's like a million to us. Are we safer in a savings account with a bank? What should we do?

What Harry says: Before we get to your questions, I want to know why you're in tax-free accounts. Unless you have taxable income of at least $128,500, it will rarely pay to be in tax-frees. These accounts are safe, and I have no problem with them except as I just pointed out. My advice to you, in view of your concern with safety, is to go for the savings account in an FDIC insured bank. You should also consider a bank money-market account which could give you easier access. *

Write Harry Gross c/o the Daily News, Box 7788, Philadelphia, PA 19101. Harry urges all his readers to give blood - contact the American Red Cross at 800-GIVE LIFE.