I think segregated customer accounts are the safest, no one else can touch it. The bank cannot lend the fund, that's why you need to buy t-bill to earn interest.Quote from JangoFolly:
Not that I'm naive enough to believe there isn't some way to get screwed out of your money, but I thought segregated customer accounts provide very good protection if a firm goes under. According to press reports, the Refco futures customers' money remained intact through the problems (except for Jim Rogers). Would t-bills provide any additional protection?