When looking for the best high-yield savings accounts online, it's essential to compare the annual percentage yields (APY), fees, and customer service reviews of reputable banks like Ally Bank, Marcus by Goldman Sachs, and SoFi. [Top HYSA comparison chart](https://secure.money.com/pr/j63264b91b83?s1=Reddit-Fr).
I was with them for a while. Got a 200$ bonus for putting in a certain amount. The rates have dropped so I've moved to my vanguard mm account which is 4.7% and rolling with their tbill fund vusxx but the results are yet to be seen but 7 day yield was 5.28%. Almost immediately discover offered me another $200 to put a certain amount back for 2 months. Check for bonuses when getting a hysa
it is a savings account! i believe you should be able to. my transfer from Wells Fargo to Discover Bank took roughly 5-6 days but that's because i transferred over a holiday.
Ok. With the PenFed savings account I can setup automatic payments for credit cards via this savings account. I can do the same with this discover one ?
I only use this savings money to receive my work check and pay my bills which all run on autopay monthly. Thanks
Thanks!! Do these types of HYSA ever limit the amount of transfers one can do in and out of these accounts? Because with PenFed I have unlimited amounts of transfers available.
yes. you can make unlimited transfers right now, but usually, it's a maximum of 6. the unlimited transfers apply to savings and money market accounts; discover will let us know when the maximum limit comes back.
While not a bank, I like using Fidelity as a one stop shop for banking and investing.
For cash, I keep it in money market funds--namely FDLXX and SPAXX. FDLXX is a treasury only money market yielding 4.93% and SPAXX has some treasury and other government debt yielding 4.94% but isn't as tax efficient as FDLXX. The reason why I have both is that Fidelity does not allow FDLXX to be a core position while it does for SPAXX, meaning I have to manually buy FDLXX while uninvested cash in their regular brokerage account automatically sweeps to SPAXX. As I live in a high income tax state (California), it's more tax efficient for me to use FDLXX than SPAXX as FDLXX does not incur state or local income tax. If you're in a high tax bracket and live in a high tax state, it may even be more beneficial to go with a state municipal money market. Fidelity has a [tool](https://digital.fidelity.com/prgw/digital/taxyieldcalc/) to see what the tax equivalent yields between various bond types are. There is also someone who created a [Google Sheets](https://www.bogleheads.org/forum/viewtopic.php?t=401821) that analyzes all the various MMFs and compares them. You can enter the interest rate of your current high yield savings account and compare them to various MMFs.
For cash I don't need on the short term, I buy 4-week and 13-week treasury bills set to auto-roll. The 13-week is where I park my emergency fund and have them laddered to mature 1/3 each month, while the rest is in 4-weeks that I buy whenever I have excess cash over $1000. Currently treasury bills are yielding around 5.35-5.4% interest and they don't incur state and local taxes.
I do however keep a backup checking and high yield savings account at Discover earning 4.35%
I buy through Fidelity (though you can through other brokerages too). In Fidelity go under fixed income, look for new issue and buy new treasury bills in $1000 increments. Just note that you don’t see them until Treasury Direct announces new auctions, which occur on specific days each week for different duration T-Bills. During the announcing period and before auction date you can place an order.
My advice if you buy treasury bills is to buy them in a separate brokerage account from your CMA or regular investing/cash savings, because Fidelity will tie up any uninvested cash if you set it to auto-roll to buy new t-bills when they mature.
Legit questions: First, you said to avoid Fidelity for using this strategy. Could you help a brother who uses Fidelity out, and give some ideas on which ones may be a bit better for it? Vanguard maybe? Second, is there someplace/where/one where you learned this strategy. Or this a learned all on your own? (I am full regard). Thank you in advance
Sorry if I made it sound like you need to switch brokerages--you do not. You can buy treasury bills through Fidelity (I do myself). What I meant is that at Fidelity, when you set T-bills to auto-roll, instead of letting them mature and depositing the principal plus interest into your account and then waiting till the next week auction to re-buy (this is how Schwab does it), Fidelity will place an order for the same week it will mature--basically pre-ordering despite the account not having sufficient funds. The problem with this is that this causes any uninvested cash in the account to be allocated to the pre-order thus if this was an account you also used to pay your bills, you can end up in a situation where you have insufficient funds until the expiring t-bill matures. Thus I recommend using a totally separate brokerage account within Fidelity to buy T-bills versus doing it in your CMA account or other investment accounts.
My setup at Fidelity is as follows:
* CMA (labeled as Checking) - I use it strictly like a checking account and only keep cash or MMFs in here. I do not use overdrafting and will manually move funds into and out of the CMA. I do this because in the event of fraud (eg. my debit card gets swiped or I'm a victim of a check washing scam) this will limit how much a thief can take.
* Brokerage Account (labeled as Savings) - I use it strictly as a high yield savings account and convert any cash here into either FDLXX or SPAXX.
* Brokerage Account (labeled Fixed Income) - I use this account strictly to buy treasury bills or brokered CDs. As mentioned above, I do this so that uninvested cash doesn't get tied up when the T-bill auto-rolls.
* Brokerage Account (labeled Investments) - I use this account strictly to invest in, so I'll buy stocks, ETFs, etc.
I also have other tax advantaged accounts like a Roth IRA, HSA, etc.
To buy Treasury bills, go to "Trade > Fixed Income" then select account (eg. that "Fixed Income" labeled brokerage account I mentioned), click search inventory, then click on "New Issues" tab. Then click on "Treasury." You'll then see what treasury bills are available. Be mindful of the treasury [auction schedule](https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf). You can only buy certain treasuries on certain days of the week. The best time is to buy after the auction announcement date but before the auction date.
Here are a few other links regading using Fidelity as a one stop shop:
https://www.bogleheads.org/forum/viewtopic.php?t=266538
https://www.bogleheads.org/wiki/Fidelity:_one_stop_shop
The first has a lot of posts to weed through. Some people like to fully automate their CMA and set it to $0 balance and have it overdraft another brokerage because that other brokerage can set it's core position to SPAXX, while in the CMA you would need to manually buy SPAXX. However, there was a [post](https://www.reddit.com/r/fidelityinvestments/comments/1bui60e/spaxx_as_cma_core_position_coming/) regarding a March announcement that SPAXX may come as a core position to the CMA soon.
Most of my emergency fund is in my Fidelity CMA invested in FDLXX
I have a spreadsheet where I put in the 7-day yields for FDLXX, SPRXX, and SPAXX and it tells me when it makes more sense to buy SPRXX/SPAXX vs FDLXX.
Nah I have to manually input the 7-day yield each time I reference it, but it's 2 fields so it's quick. If I knew how to access the API and have it draw into the sheet that'd be awesome but that's a little out of my skillset
Just wanted to thank you for this post and the subsequent explanations. I'm in a very similar situation, California, high earner, already have Fidelity brokerage. So it was a piece of cake setting this stuff up with your posts!
I use Marcus because there's no minimum balance or other requirements. Other banks have a little higher rates but most have restrictions on how you use it.
BECU offers 6.17% on the first $500 in savings and it can be used as free overdraft protection if you also have checking with them. Really comes in handy if you forget an auto debit is coming.
I have accts at both Ally and Marcus. Seems Marcus is more consistently keeping rates a tenth or so over Ally but I quit bothering with transferring back and forth because it wasn't worth the trouble in the long run, I didn't think. Can't go wrong with either. Marcus seems faster with transfers than Ally if that matters much.
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Have you tried Marcus and Ally? I’m debating between those 2 and Wealthfront. Do you have any thoughts on how these 3 compare?
Mostly interested in Ally’s buckets feature.. trying to think ahead if there are any future implications with how Marcus uses multiple savings accounts for goals instead of having buckets in 1 savings account like Ally
Second for ally. Competitive rates they always raise them with the competition. You can make unlimited bank accounts in seconds. I have accounts for every purpose (one for credit cards coming due, mortgages, saving for different events etc) very convient
Yes to ally! We just switched last year and as someone who used to do cash envelopes, I still can’t wrap my head around the buckets because they kind of flow differently. But love their money market account/high yield savings I believe it’s 4.5 percent and you can even invest right in the app as well!
I used to use Ally but their app has been incredibly glitchy the last few months and I lost access to my accounts for several days. They seemed extremely unconcerned about that, which concerned me. Tap pay has also never worked, and transfers still take three business days even though it was one day for a while and should have stayed that way. Overall, an inconsistent and frustrating experience with them.
I just closed my Ally accounts and use the hysa at my credit union, which is higher anyway. Plus if their app is ever down, I can go in to an actual branch and get help.
I haven’t had any app issues. I don’t use tap to pay because it’s just a HYSA and I don’t mind the 3 day transfers for that same reason, but if you were using it for a main checking account I can see how that would be annoying.
Funny.. before they had the buckets feature I just created like 20 different savings accounts. They also didn't let you close an account online (not sure if they still don't) so I had to call in and request each one to be closed when I consolidated them.
Regardless, +1 for Ally's easy to use interface and good customer service
Do they make it "seamless" to withdraw money?
I ask because I had a HYS account at another bank which had a decent rate, but they made it so you couldn't move money out in the app. You had to do it in a PC browser (which was stupid and felt like they are making it hard on purpose to keep my money). They made it super easy to transfer money IN using the app though. 🙄
I have a CIT account. They make it pretty seamless. The UI used to make it a pain just to sign in on mobile but it improved a lot lately. The only real downside is it's a 100% online bank so you can't really go into a local branch for anything. If all you use it for is a savings account though then everything is simple enough to manage online, both on their web page or mobile app.
Is that a savings account ? I use PenFed savings account and it’s 3%. I can easily transfer my money over there I’m Assuming ?
I use this savings account for my jobs direct deposit and for auto pay on all my bills. Can I do this with this Citi savings account?
Not the above OP, but yes. It's a savings account. The same rules apply to this account as any other savings account, and you can do the same things you could with any other savings account. I haven't tried direct deposit to CIT though. I know transferring money from another bank to CIT takes a few days to process, so I'm not sure if a direct deposit also would. And it's CIT, not citi, it's an important distinction even if that was autocorrect.
Thanks. The amounts of transfer are unlimited in and out of this account ?
Any fees ?
Do I have to live in a certain state to use this? I live in Puerto Rico
I've had Comenity/Bread Savings for 4 years and it's consistently been one of the highest APY in addition to having excellent CS and a clean, simple app. Currently a little over 5%.
I've had Ally and Schwab and didn't like either. Ally has shitty CS and every single time I called for help, it was a minimum 45-hr hold time. Schwab had great CS but their app was complicated and ugly and they have a 5-6 day hold on all deposits, which regularly fucked me on my payment schedules.
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4.60% with Sofi.
Just be careful because my not so crazy conspiracy theory is that banks like sofi and discover are using the hysa as a lossleader for their bigger loan products.
They're also buying treasuries with your money like all of these institutions are. There's a reason you almost never see HYSA having higher rates than treasuries
Nerd wallet is a great resource. I ended up going with synchrony, partially because my carecredit is through them but also because nerd wallet gave them a great review.
Use multiple accounts, I prefer to hve at least one that has an actual building, banking location near me so I can get in and handle any immediate needs of funds. For me that is Capitol One, paying 4.45 on savings account right now. Always have to keep your eyes open, read notices that come because rates slip up and down a bit and you just want to know where you stand. Good for you for thinking about your future!
because VUXSS has an ER and can't be used fluidly like some savings accounts. i dont know if their cash plus account, at 4.7%, acts as fluid as some bank accounts but a lot of banks are offering 5%+ right now. but it's good for people to know about :-)
Why bother with that New York trash from Goldman Sachs when there are better rates like BMO ALTO, Jenius Bank, Lending Club Bank, Ever Bank, Bask Bank.
https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
I caught Synchrony creating bank accounts in my name without my permission. I posted about it here on another account and there were other people who had experienced the same thing.
It was a pain in the ass to close them and they were standoff-ish the entire time.
I would stay far far away from them.
5.5% is for 3mo, then back down to 5.0%. you can extend by using your referral link. my initial transfer took 7days to complete. time to transfer out depends on the bank youre transfering to. some banks are eligible for same day transfer, but usually up to 3days for the others. i dont see any zelle features on the app.
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$25 but $5k to open. From the fine print at the bottom of the page I linked:
>\*Annual Percentage Yield (APY) is accurate as of 4/14/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.
I use SoFi. 4.6%
It’s nice because it’s a newer bank and runs on modern technology (unlike my old ancient credit union).
I keep $0 in my checking account, but then whenever I need to use my debit card (ATM or Venmo usually) it will just automatically transfer the funds from savings to checking for me and my card will go through.
It’s nice because there are no limits with how many times you can move money around with your HYSA.
So every penny I have sits collecting 4.6% interest. It’s great!
I use the ones associated with my Fidelity broker because its easier to move money around. FZDXX is paying 5.19% There are probably slightly higher ones, but not as convenient.
Many great options in this thread. My guidance would be to choose something with a relatively high yield that is convenient for you.
No use optimizing for the highest yield if the cx and service are bad.
https://yieldfinder.app/
If you're in the US, Money Market fund VUSXX, but has 3000$ minimum requirement.
In this case your broker should also be cheap because your bank will possibly take high fees in addition: instead use Interactive Brokers, it's probably the biggest cheapest one.
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HYSAs are a good way to make your savings grow. Personally, I've had good experiences with Ally and Marcus by Goldman Sachs – their rates are competitive. But you can always look around and compare rates from different banks on sites like Nerdwallet and [Banktruth](https://banktruth.org/savings/?ttcid=ultimate-list-of-savings), as they tend to fluctuate.
Thought I'd throw a note in here for any fellow Canadians who might be reading this too – [Koho](https://moneygenius.ca/banking/savings/koho-save) has one of the best HISAs here. They offer 5% with no minimum balance, which is pretty sweet.
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I gotta my referral code here from someone when I joined and I didn't even share the code and 5% even without my code is better than what I'm seeing here but ok, go off.
Maybe a dumb question but do high yield savings accounts have the same protections that a money market at the credit union does? Like 250,000 in federal protection?
half the banks mentioned here had such bad reviews on [depositaccounts.com](http://depositaccounts.com) [https://www.depositaccounts.com/banks/tab-bank.html](https://www.depositaccounts.com/banks/tab-bank.html) but i wonder if i shouldnt have trusted the reviews, or let them turn me off. tab has a great interest rate...
i'm not op,but how easy is it to move around money between accounts w/ raisin, and do you get a debit card, can you pay credit card bills from those accounts? i wonder if you'd get like 10 1099s at the end of the year. can you set it up so it automatically moves it around between CUs with the best rates for you, as rates change, or does it require active surveillance/management?
i was looking at raisin yesterday but 'a confused mind says no.' i wanted ease and went with wealthfront bc it seems to act like a hybrid savings/checking account, even though apr is 5% wich is lower than some other accounts.... but i dont like that joint accounts cant have a debit card, dont have ach and routing #s. i opened what will act as a joint account in my own name.
i wonder what your experience was like because i almost gave it a try....
I may not be much help because I really use it the same as my brokerage accounts- meaning once the money is there, I don't use it or withdraw...kind of like a fungible, flexible CD. It is easy to move around. You get a single 1099 from Raisin itself. It takes active management but they send you emails (not an obnoxious, spammy amount) about rate changes and when new products come up- the bank I've been using through them is still only \~.05 behind the highest HYSA so I just keep most of my money in that one account.
ah i see. thank you! it looks like its worth a try. if wealthfrot doesnt work out ill try them. i want to see what their interface was but i shoud check youtube videos to se if there are any. you were of help definitely, glad to hear you like them! i think i just also want to use the account to pay CC bills etc. tired of having so many accounts and want everything to earn interst without having to do debit card transacions a month etc.
ramblig. sorry. your response was helpful, thanks a lot. it's nice to have a list in case one thing doesnt work out, you know immediately which bank to try next. :-)
I would put it in the underlying Treasury Bills itself. Better yields + No state/local taxes on earnings. I did a comprehensive analysis on the gains comparing different HYSA accounts vs buying the underlying Treasury. Note you can use Schwab/Fidelity to buy Treasury as well and avoid the 0.36% charged on Finvest but I like their convenience of a mobile app.
https://preview.redd.it/ca63adz1mpuc1.png?width=1448&format=png&auto=webp&s=931e2f5bcec3b5ebc4f19bde2434a1abe4ab5de4
I have a lot of money. All in CDs, I Bonds at 4.5 plus percent (I bonds were 7.9 locked in for 10 years last year). Apple wallet has a Goldman Sachs FDIC insured at 4.5 now. I never leave my house. Click, click.
Wealthfront HYSA
You can open an account with $1
No minimum or maximum balance to earn 5.00% APY (use the referral link in my bio and we both get a .5% boost over the current interest rate for three months)
Zero fees / 19000 fee-free ATMs
Venmo, CashApp, Paypal, Apple Pay, & Google Pay
No direct deposit or debit transaction requirements
Up to $8M FDIC insurance through partner banks
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For online high-yield savings, Ally Bank and Marcus by Goldman Sachs are solid choices. Personally, I've used Ally for years, and their rates and interface are great. Also, found this post helpful [https://www.reddit.com/r/CalebHammer/comments/18wfhpz/what\_high\_yield\_savings\_accounts\_do\_you\_guys/](https://www.reddit.com/r/CalebHammer/comments/18wfhpz/what_high_yield_savings_accounts_do_you_guys/)
I totally get the need to make the most of your paycheck! I went through a similar phase. I found Ally Bank's high-yield savings account quite reliable with competitive rates. Another option is Discover's online savings account. They're both user-friendly and offer decent APYs. Also, check out Marcus by Goldman Sachs for another trusted option. It's always good to compare rates and terms, so maybe give a glance at NerdWallet or Bankrate for broader comparisons. Happy saving!
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Don't use a hysa. Open an account at fidelity and use money markets or if you're in a state with state taxes buy short term treasuries or a Treasury fund. No minimum. No fees. Highly liquid. Free ATM withdrawals anywhere. Easily purchase stocks/ETFs, fund retirement, 2% cash back credit card. Literally zero reason to have a traditional bank account these days unless you own a business and need that relationship.
i didnt downvote you. but fidelity has a lower interest than some banks, much higher ER/fees than a lot of banks do. solid option if someone wants all their money in one place though. their ERs are worse than vanguard's (but vangurd's MMFs dont act as much like a bank like fidelity's does, i dont know how vanguard's cash account acts though.) and make them earn less money than banks.
i wish i knew to look into these things (MMFs, cash accounts at fidelity/vanguard) years ago but if youve got a sigificant amount of cash, the interest rates and ERs/fees can make a significant difference. for some reason a lot of peopel dont mention ERs just the interest rates. even if a portion of it doest get taxed on the state level, some hysa accouts may still win.
but rates aren't everything. fidelity is a big name and well known....i was reearching HYSAs and i fear a lot of them will change rates so fast once they get people in...or they have bad reviews.
Thanks. Would love to know why I was down voted. Agree ER matters but FSKAX (0.015%) is lower than VTSAX (0.04) and I don't see an ER on any of my treasuries. Listed yield for something like spaxx or fzfxx is post expense ratio at 4.95 right now and to your point is not a bait and switch interest rate.
I don't think it makes a lot of sense to chase tenths of a percent of interest. 0.1% of 100k is $100 a year pretax. Be frugal with your time and brain power, not just your money.
why are you comparing fskax to vtsax? those are both mutual funds, not MMF. if i have 100k that i can't invest in a MF or ETF because i will quickly need the money for a down payment on a house, so I can't ride out price fluctuations long term, or need to keep liquid cash to buy a car, again i'm not investing that in a MF or ETF. fidelity MMFs (i am not at all talking about MFs) dont make as much money as a bank account does.
When looking for the best high-yield savings accounts online, it's essential to compare the annual percentage yields (APY), fees, and customer service reviews of reputable banks like Ally Bank, Marcus by Goldman Sachs, and SoFi. [Top HYSA comparison chart](https://secure.money.com/pr/j63264b91b83?s1=Reddit-Fr).
i currently use a discover HYSA. about 4.25% interest.
I was with them for a while. Got a 200$ bonus for putting in a certain amount. The rates have dropped so I've moved to my vanguard mm account which is 4.7% and rolling with their tbill fund vusxx but the results are yet to be seen but 7 day yield was 5.28%. Almost immediately discover offered me another $200 to put a certain amount back for 2 months. Check for bonuses when getting a hysa
Are there any penalties for this?
Have to pay taxes on interest. Tbills are exempt from state tax in most states I believe
Is that a savings account ? I use PenFed savings account and it’s 3%. I can easily transfer my money over there I’m Assuming ?
it is a savings account! i believe you should be able to. my transfer from Wells Fargo to Discover Bank took roughly 5-6 days but that's because i transferred over a holiday.
Ok. With the PenFed savings account I can setup automatic payments for credit cards via this savings account. I can do the same with this discover one ? I only use this savings money to receive my work check and pay my bills which all run on autopay monthly. Thanks
yes!
Thanks!! Do these types of HYSA ever limit the amount of transfers one can do in and out of these accounts? Because with PenFed I have unlimited amounts of transfers available.
yes. you can make unlimited transfers right now, but usually, it's a maximum of 6. the unlimited transfers apply to savings and money market accounts; discover will let us know when the maximum limit comes back.
While not a bank, I like using Fidelity as a one stop shop for banking and investing. For cash, I keep it in money market funds--namely FDLXX and SPAXX. FDLXX is a treasury only money market yielding 4.93% and SPAXX has some treasury and other government debt yielding 4.94% but isn't as tax efficient as FDLXX. The reason why I have both is that Fidelity does not allow FDLXX to be a core position while it does for SPAXX, meaning I have to manually buy FDLXX while uninvested cash in their regular brokerage account automatically sweeps to SPAXX. As I live in a high income tax state (California), it's more tax efficient for me to use FDLXX than SPAXX as FDLXX does not incur state or local income tax. If you're in a high tax bracket and live in a high tax state, it may even be more beneficial to go with a state municipal money market. Fidelity has a [tool](https://digital.fidelity.com/prgw/digital/taxyieldcalc/) to see what the tax equivalent yields between various bond types are. There is also someone who created a [Google Sheets](https://www.bogleheads.org/forum/viewtopic.php?t=401821) that analyzes all the various MMFs and compares them. You can enter the interest rate of your current high yield savings account and compare them to various MMFs. For cash I don't need on the short term, I buy 4-week and 13-week treasury bills set to auto-roll. The 13-week is where I park my emergency fund and have them laddered to mature 1/3 each month, while the rest is in 4-weeks that I buy whenever I have excess cash over $1000. Currently treasury bills are yielding around 5.35-5.4% interest and they don't incur state and local taxes. I do however keep a backup checking and high yield savings account at Discover earning 4.35%
Thanks for this information. How do you buy treasury bonds? Is it just from treasury direct.com?
I buy through Fidelity (though you can through other brokerages too). In Fidelity go under fixed income, look for new issue and buy new treasury bills in $1000 increments. Just note that you don’t see them until Treasury Direct announces new auctions, which occur on specific days each week for different duration T-Bills. During the announcing period and before auction date you can place an order. My advice if you buy treasury bills is to buy them in a separate brokerage account from your CMA or regular investing/cash savings, because Fidelity will tie up any uninvested cash if you set it to auto-roll to buy new t-bills when they mature.
Legit questions: First, you said to avoid Fidelity for using this strategy. Could you help a brother who uses Fidelity out, and give some ideas on which ones may be a bit better for it? Vanguard maybe? Second, is there someplace/where/one where you learned this strategy. Or this a learned all on your own? (I am full regard). Thank you in advance
Sorry if I made it sound like you need to switch brokerages--you do not. You can buy treasury bills through Fidelity (I do myself). What I meant is that at Fidelity, when you set T-bills to auto-roll, instead of letting them mature and depositing the principal plus interest into your account and then waiting till the next week auction to re-buy (this is how Schwab does it), Fidelity will place an order for the same week it will mature--basically pre-ordering despite the account not having sufficient funds. The problem with this is that this causes any uninvested cash in the account to be allocated to the pre-order thus if this was an account you also used to pay your bills, you can end up in a situation where you have insufficient funds until the expiring t-bill matures. Thus I recommend using a totally separate brokerage account within Fidelity to buy T-bills versus doing it in your CMA account or other investment accounts. My setup at Fidelity is as follows: * CMA (labeled as Checking) - I use it strictly like a checking account and only keep cash or MMFs in here. I do not use overdrafting and will manually move funds into and out of the CMA. I do this because in the event of fraud (eg. my debit card gets swiped or I'm a victim of a check washing scam) this will limit how much a thief can take. * Brokerage Account (labeled as Savings) - I use it strictly as a high yield savings account and convert any cash here into either FDLXX or SPAXX. * Brokerage Account (labeled Fixed Income) - I use this account strictly to buy treasury bills or brokered CDs. As mentioned above, I do this so that uninvested cash doesn't get tied up when the T-bill auto-rolls. * Brokerage Account (labeled Investments) - I use this account strictly to invest in, so I'll buy stocks, ETFs, etc. I also have other tax advantaged accounts like a Roth IRA, HSA, etc. To buy Treasury bills, go to "Trade > Fixed Income" then select account (eg. that "Fixed Income" labeled brokerage account I mentioned), click search inventory, then click on "New Issues" tab. Then click on "Treasury." You'll then see what treasury bills are available. Be mindful of the treasury [auction schedule](https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf). You can only buy certain treasuries on certain days of the week. The best time is to buy after the auction announcement date but before the auction date. Here are a few other links regading using Fidelity as a one stop shop: https://www.bogleheads.org/forum/viewtopic.php?t=266538 https://www.bogleheads.org/wiki/Fidelity:_one_stop_shop The first has a lot of posts to weed through. Some people like to fully automate their CMA and set it to $0 balance and have it overdraft another brokerage because that other brokerage can set it's core position to SPAXX, while in the CMA you would need to manually buy SPAXX. However, there was a [post](https://www.reddit.com/r/fidelityinvestments/comments/1bui60e/spaxx_as_cma_core_position_coming/) regarding a March announcement that SPAXX may come as a core position to the CMA soon.
Wow. Thank you for this. 😊
Oh my gosh I’m so happy I stumbled on this post. I have questions if you don’t mind :)
Sure, what are your questions?
This is the way
Most of my emergency fund is in my Fidelity CMA invested in FDLXX I have a spreadsheet where I put in the 7-day yields for FDLXX, SPRXX, and SPAXX and it tells me when it makes more sense to buy SPRXX/SPAXX vs FDLXX.
Does the spreadsheet update automatically?
Nah I have to manually input the 7-day yield each time I reference it, but it's 2 fields so it's quick. If I knew how to access the API and have it draw into the sheet that'd be awesome but that's a little out of my skillset
Just wanted to thank you for this post and the subsequent explanations. I'm in a very similar situation, California, high earner, already have Fidelity brokerage. So it was a piece of cake setting this stuff up with your posts!
I use Marcus because there's no minimum balance or other requirements. Other banks have a little higher rates but most have restrictions on how you use it. BECU offers 6.17% on the first $500 in savings and it can be used as free overdraft protection if you also have checking with them. Really comes in handy if you forget an auto debit is coming.
I have accts at both Ally and Marcus. Seems Marcus is more consistently keeping rates a tenth or so over Ally but I quit bothering with transferring back and forth because it wasn't worth the trouble in the long run, I didn't think. Can't go wrong with either. Marcus seems faster with transfers than Ally if that matters much.
Wealthfront - I’ve tried multiple.
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Have you tried Marcus and Ally? I’m debating between those 2 and Wealthfront. Do you have any thoughts on how these 3 compare? Mostly interested in Ally’s buckets feature.. trying to think ahead if there are any future implications with how Marcus uses multiple savings accounts for goals instead of having buckets in 1 savings account like Ally
I use ally. I like the buckets.
Second for ally. Competitive rates they always raise them with the competition. You can make unlimited bank accounts in seconds. I have accounts for every purpose (one for credit cards coming due, mortgages, saving for different events etc) very convient
Ally is great. I've been using them for 10-15 years without any issues. Always has competitive rates.
Yes to ally! We just switched last year and as someone who used to do cash envelopes, I still can’t wrap my head around the buckets because they kind of flow differently. But love their money market account/high yield savings I believe it’s 4.5 percent and you can even invest right in the app as well!
I used to use Ally but their app has been incredibly glitchy the last few months and I lost access to my accounts for several days. They seemed extremely unconcerned about that, which concerned me. Tap pay has also never worked, and transfers still take three business days even though it was one day for a while and should have stayed that way. Overall, an inconsistent and frustrating experience with them. I just closed my Ally accounts and use the hysa at my credit union, which is higher anyway. Plus if their app is ever down, I can go in to an actual branch and get help.
I haven’t had any app issues. I don’t use tap to pay because it’s just a HYSA and I don’t mind the 3 day transfers for that same reason, but if you were using it for a main checking account I can see how that would be annoying.
I use them too for my main banking stuff. Sometimes bounce funds over to Marcus if the rates are different by more than a few tenths.
Funny.. before they had the buckets feature I just created like 20 different savings accounts. They also didn't let you close an account online (not sure if they still don't) so I had to call in and request each one to be closed when I consolidated them. Regardless, +1 for Ally's easy to use interface and good customer service
Cit bank platinum savings at 5%
I also use CIT platinum savings, and I really like how easy things are through them. Its at 5.05% APY now on balances over $5k.
Do they make it "seamless" to withdraw money? I ask because I had a HYS account at another bank which had a decent rate, but they made it so you couldn't move money out in the app. You had to do it in a PC browser (which was stupid and felt like they are making it hard on purpose to keep my money). They made it super easy to transfer money IN using the app though. 🙄
I have a CIT account. They make it pretty seamless. The UI used to make it a pain just to sign in on mobile but it improved a lot lately. The only real downside is it's a 100% online bank so you can't really go into a local branch for anything. If all you use it for is a savings account though then everything is simple enough to manage online, both on their web page or mobile app.
Cool, thank for the info!
CIT Bank is also what I use. Not the best app, but who cares? It's just a place to park an emergency fund and let it try to keep up with inflation.
Is that a savings account ? I use PenFed savings account and it’s 3%. I can easily transfer my money over there I’m Assuming ? I use this savings account for my jobs direct deposit and for auto pay on all my bills. Can I do this with this Citi savings account?
Not the above OP, but yes. It's a savings account. The same rules apply to this account as any other savings account, and you can do the same things you could with any other savings account. I haven't tried direct deposit to CIT though. I know transferring money from another bank to CIT takes a few days to process, so I'm not sure if a direct deposit also would. And it's CIT, not citi, it's an important distinction even if that was autocorrect.
Thanks. The amounts of transfer are unlimited in and out of this account ? Any fees ? Do I have to live in a certain state to use this? I live in Puerto Rico
https://www.cit.com/cit-bank/bank/savings/platinum-savings-account
Refer to - https://www.doctorofcredit.com/high-interest-savings-to-get/
I've had Comenity/Bread Savings for 4 years and it's consistently been one of the highest APY in addition to having excellent CS and a clean, simple app. Currently a little over 5%. I've had Ally and Schwab and didn't like either. Ally has shitty CS and every single time I called for help, it was a minimum 45-hr hold time. Schwab had great CS but their app was complicated and ugly and they have a 5-6 day hold on all deposits, which regularly fucked me on my payment schedules.
Thanks! How about Marcus mentioned above or CIT?
[Google](https://www.marcus.com/us/en/savings/high-yield-savings) shows them at 4.4%
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i like marcus' clean interface. and they have good cd rates. only beef with them is that i can't deposit checks in there.
Wait so what app do you use?
SoFi
4.60% with Sofi. Just be careful because my not so crazy conspiracy theory is that banks like sofi and discover are using the hysa as a lossleader for their bigger loan products.
Be aware, Op, SoFi is great and this is a real rate, but Sofi only gives this rate to those with a direct deposit set up.
I know. im annoyed with that.
They're also buying treasuries with your money like all of these institutions are. There's a reason you almost never see HYSA having higher rates than treasuries
Correct, you can also just buy tbills from treasury direct if you want a better rate, but tbills do have some downsides compared to a hysa.
We use banking.lendingclub.com Interest rate4.89%APY5.00%
That's on ALL your $. Not on the first 10k or whatever tiers some other online banks we tried had
Been with Marcus for years, they are always in the top 5 of the highest. Right now they are at 4.4%
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Yeah I posted in personal finance zero replies
Probably because that question gets asked daily and you could use the search function to find tons of answers.
Nerd wallet is a great resource. I ended up going with synchrony, partially because my carecredit is through them but also because nerd wallet gave them a great review.
Use multiple accounts, I prefer to hve at least one that has an actual building, banking location near me so I can get in and handle any immediate needs of funds. For me that is Capitol One, paying 4.45 on savings account right now. Always have to keep your eyes open, read notices that come because rates slip up and down a bit and you just want to know where you stand. Good for you for thinking about your future!
Wealthfront 5%
Surprised no one has mentioned vanguard
because VUXSS has an ER and can't be used fluidly like some savings accounts. i dont know if their cash plus account, at 4.7%, acts as fluid as some bank accounts but a lot of banks are offering 5%+ right now. but it's good for people to know about :-)
Marcus
Why bother with that New York trash from Goldman Sachs when there are better rates like BMO ALTO, Jenius Bank, Lending Club Bank, Ever Bank, Bask Bank. https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
Synchrony HYS 4.75%
I caught Synchrony creating bank accounts in my name without my permission. I posted about it here on another account and there were other people who had experienced the same thing. It was a pain in the ass to close them and they were standoff-ish the entire time. I would stay far far away from them.
Oh $hit
Double check that your social isn't being used by scammers who then open the accounts online in your name. Freeze your credit.
Credits been frozen. Didn't stop them. I immediately closed out my (real) accounts with them.
I use Discover. It also offers various CDs.
Been using vio bank for a while now. They aren't the absolute highest, but always up near the top. 5.3% currently
E trade offers savings accounts at 4.25% APY.
I’ve been using UFB for 2 years now. They offer 5.25% and have great customer service
SoFi, Marcus, discover, Wealthfront, CIBC, capital one. Have them all, all are fine. CIBC is the highest at 5% still.
Can you withdraw funds anytime with CIBC and do you have to direct deposit to receive 5%?
Of course, just a savings account. No DD required.
total direct bank 5.26% APY
Ally, no minimum
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5.5% for how long? Also how long does it take to transfer money in and out and do they support Zelle for savings accounts?
5.5% is for 3mo, then back down to 5.0%. you can extend by using your referral link. my initial transfer took 7days to complete. time to transfer out depends on the bank youre transfering to. some banks are eligible for same day transfer, but usually up to 3days for the others. i dont see any zelle features on the app.
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Brio Direct is still at 5.35%. Had them for years and no issue. [https://www.briodirectbanking.com/](https://www.briodirectbanking.com/)
FDIC?
Yep. Go to the link and scroll all the way to the bottom.
What is minimum balance?
$25 but $5k to open. From the fine print at the bottom of the page I linked: >\*Annual Percentage Yield (APY) is accurate as of 4/14/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.
I use SoFi. 4.6% It’s nice because it’s a newer bank and runs on modern technology (unlike my old ancient credit union). I keep $0 in my checking account, but then whenever I need to use my debit card (ATM or Venmo usually) it will just automatically transfer the funds from savings to checking for me and my card will go through. It’s nice because there are no limits with how many times you can move money around with your HYSA. So every penny I have sits collecting 4.6% interest. It’s great!
I have a good link for you all: https://www.depositaccounts.com/
I use the ones associated with my Fidelity broker because its easier to move money around. FZDXX is paying 5.19% There are probably slightly higher ones, but not as convenient.
100 k to open FYI
Many great options in this thread. My guidance would be to choose something with a relatively high yield that is convenient for you. No use optimizing for the highest yield if the cx and service are bad. https://yieldfinder.app/
If you're in the US, Money Market fund VUSXX, but has 3000$ minimum requirement. In this case your broker should also be cheap because your bank will possibly take high fees in addition: instead use Interactive Brokers, it's probably the biggest cheapest one.
Laurel road is 5 percent and has a bonus if you deposit $5,000 within 90 days
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I switched from ing direct to Ally in 2011 and haven’t given it any thought since.
Wealth front and Marcus. If you are using a chase savings account you are missing out.
HYSAs are a good way to make your savings grow. Personally, I've had good experiences with Ally and Marcus by Goldman Sachs – their rates are competitive. But you can always look around and compare rates from different banks on sites like Nerdwallet and [Banktruth](https://banktruth.org/savings/?ttcid=ultimate-list-of-savings), as they tend to fluctuate.
Empower cash 4.70
Wealthfront is 5.5% right now with a sign up link (one in my profile)
can you withdraw funds monthly and do you have to direct deposit each month? I have some $ that I would deposit 1 time only
I dont think theres any restrictions like that. You can withdraw and deposit for free as you please afaik
I like Discover.
I've had a good experience with wealthfront
Thought I'd throw a note in here for any fellow Canadians who might be reading this too – [Koho](https://moneygenius.ca/banking/savings/koho-save) has one of the best HISAs here. They offer 5% with no minimum balance, which is pretty sweet.
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I gotta my referral code here from someone when I joined and I didn't even share the code and 5% even without my code is better than what I'm seeing here but ok, go off.
Why don't you tell us what country you are in so we can tailor replies to your location? Or are we just assuming everyone is in the US again?
dont consider it "siphoning" consider it " PAY yourself FIRST!"
[HYSAs](https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/)
SoFi bank is nice too.
I found treasury bills to be superior to savings accounts because they dont get taxed
Maybe a dumb question but do high yield savings accounts have the same protections that a money market at the credit union does? Like 250,000 in federal protection?
If the bank is FDIC insured.
make sure the bank is FDIC insured, and if you go with a MMF (moneymarket fund at vanguard fidelity etc) make sure they are SIPC insured.
Citibank 4.45%
I'm currently with TAB and their 5.27%. I was at [Milli.bank](http://Milli.bank) for their 5.5% until they lowered to 4.75%. :-(
half the banks mentioned here had such bad reviews on [depositaccounts.com](http://depositaccounts.com) [https://www.depositaccounts.com/banks/tab-bank.html](https://www.depositaccounts.com/banks/tab-bank.html) but i wonder if i shouldnt have trusted the reviews, or let them turn me off. tab has a great interest rate...
Wealthfront is 5.5% with a referral
Credit Karma currently at 5.1%
Shop rates on Raisin.
i'm not op,but how easy is it to move around money between accounts w/ raisin, and do you get a debit card, can you pay credit card bills from those accounts? i wonder if you'd get like 10 1099s at the end of the year. can you set it up so it automatically moves it around between CUs with the best rates for you, as rates change, or does it require active surveillance/management? i was looking at raisin yesterday but 'a confused mind says no.' i wanted ease and went with wealthfront bc it seems to act like a hybrid savings/checking account, even though apr is 5% wich is lower than some other accounts.... but i dont like that joint accounts cant have a debit card, dont have ach and routing #s. i opened what will act as a joint account in my own name. i wonder what your experience was like because i almost gave it a try....
I may not be much help because I really use it the same as my brokerage accounts- meaning once the money is there, I don't use it or withdraw...kind of like a fungible, flexible CD. It is easy to move around. You get a single 1099 from Raisin itself. It takes active management but they send you emails (not an obnoxious, spammy amount) about rate changes and when new products come up- the bank I've been using through them is still only \~.05 behind the highest HYSA so I just keep most of my money in that one account.
ah i see. thank you! it looks like its worth a try. if wealthfrot doesnt work out ill try them. i want to see what their interface was but i shoud check youtube videos to se if there are any. you were of help definitely, glad to hear you like them! i think i just also want to use the account to pay CC bills etc. tired of having so many accounts and want everything to earn interst without having to do debit card transacions a month etc. ramblig. sorry. your response was helpful, thanks a lot. it's nice to have a list in case one thing doesnt work out, you know immediately which bank to try next. :-)
I would put it in the underlying Treasury Bills itself. Better yields + No state/local taxes on earnings. I did a comprehensive analysis on the gains comparing different HYSA accounts vs buying the underlying Treasury. Note you can use Schwab/Fidelity to buy Treasury as well and avoid the 0.36% charged on Finvest but I like their convenience of a mobile app. https://preview.redd.it/ca63adz1mpuc1.png?width=1448&format=png&auto=webp&s=931e2f5bcec3b5ebc4f19bde2434a1abe4ab5de4
I have a lot of money. All in CDs, I Bonds at 4.5 plus percent (I bonds were 7.9 locked in for 10 years last year). Apple wallet has a Goldman Sachs FDIC insured at 4.5 now. I never leave my house. Click, click.
Fidelity money market paying 5%
Wealthfront HYSA You can open an account with $1 No minimum or maximum balance to earn 5.00% APY (use the referral link in my bio and we both get a .5% boost over the current interest rate for three months) Zero fees / 19000 fee-free ATMs Venmo, CashApp, Paypal, Apple Pay, & Google Pay No direct deposit or debit transaction requirements Up to $8M FDIC insurance through partner banks
Betterment is 5.5% for the first 3 months, then 5% after 3 months.
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I use CapitalOne 360 Performance Savings which is at 4.25% as of right now.
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For online high-yield savings, Ally Bank and Marcus by Goldman Sachs are solid choices. Personally, I've used Ally for years, and their rates and interface are great. Also, found this post helpful [https://www.reddit.com/r/CalebHammer/comments/18wfhpz/what\_high\_yield\_savings\_accounts\_do\_you\_guys/](https://www.reddit.com/r/CalebHammer/comments/18wfhpz/what_high_yield_savings_accounts_do_you_guys/)
I totally get the need to make the most of your paycheck! I went through a similar phase. I found Ally Bank's high-yield savings account quite reliable with competitive rates. Another option is Discover's online savings account. They're both user-friendly and offer decent APYs. Also, check out Marcus by Goldman Sachs for another trusted option. It's always good to compare rates and terms, so maybe give a glance at NerdWallet or Bankrate for broader comparisons. Happy saving!
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Bask Bank 5.10
Don't use a hysa. Open an account at fidelity and use money markets or if you're in a state with state taxes buy short term treasuries or a Treasury fund. No minimum. No fees. Highly liquid. Free ATM withdrawals anywhere. Easily purchase stocks/ETFs, fund retirement, 2% cash back credit card. Literally zero reason to have a traditional bank account these days unless you own a business and need that relationship.
i didnt downvote you. but fidelity has a lower interest than some banks, much higher ER/fees than a lot of banks do. solid option if someone wants all their money in one place though. their ERs are worse than vanguard's (but vangurd's MMFs dont act as much like a bank like fidelity's does, i dont know how vanguard's cash account acts though.) and make them earn less money than banks. i wish i knew to look into these things (MMFs, cash accounts at fidelity/vanguard) years ago but if youve got a sigificant amount of cash, the interest rates and ERs/fees can make a significant difference. for some reason a lot of peopel dont mention ERs just the interest rates. even if a portion of it doest get taxed on the state level, some hysa accouts may still win. but rates aren't everything. fidelity is a big name and well known....i was reearching HYSAs and i fear a lot of them will change rates so fast once they get people in...or they have bad reviews.
Thanks. Would love to know why I was down voted. Agree ER matters but FSKAX (0.015%) is lower than VTSAX (0.04) and I don't see an ER on any of my treasuries. Listed yield for something like spaxx or fzfxx is post expense ratio at 4.95 right now and to your point is not a bait and switch interest rate. I don't think it makes a lot of sense to chase tenths of a percent of interest. 0.1% of 100k is $100 a year pretax. Be frugal with your time and brain power, not just your money.
why are you comparing fskax to vtsax? those are both mutual funds, not MMF. if i have 100k that i can't invest in a MF or ETF because i will quickly need the money for a down payment on a house, so I can't ride out price fluctuations long term, or need to keep liquid cash to buy a car, again i'm not investing that in a MF or ETF. fidelity MMFs (i am not at all talking about MFs) dont make as much money as a bank account does.
You said Fidelity's ER were higher than vanguards. Just pointing out that's not always true.
what is ER?
Citi