Interest Earned in Oct - Time Deposit vs. Money Market Fund

Putting cash in the bank erodes wealth. However, I have a good portion of my cash in bank because I foresee liquidity needs in near term.

Anyway, here's a little emprical observation about money placed in Maybank time deposit vs. money in MMF with Phillip Capital over the last 3 months:

3 months time deposit of $10,000 placed in Maybank at the rate of 0.5%.
Interest = $12.50

According to Phillip Capital MMF, 3 months return = 0.2927%
That means, $10,000 will give a return of about $29.27
An excess of $16.67, or 132%, over 3-month time deposit.

From my own account, I received $17.45 for approximately the same amount of principal for the past 1.5 month. Ignoring any compounding effect and volatility in the returns, that means the same amount of prinicpal could possibly earn about $34.90 in 3 months.

If government guarantee is the reason for putting money in the bank, are you willing to take up more risk by forgoing the assurance for this excess return?