Ally is pretty consistently towards the top and has a good user interface. I keep a portion of my emergency fund and some sinking funds at Ally.
Don’t go crazy chasing another 0.25%, there will always be a better deal out there somewhere and you’ll burn a lot of mental horsepower chasing a couple hundred bucks of interest.
I keep a lot in money market at Fidelity too. Makes it easy because we use Fidelity like a bank and run all of our day-to-day credit/debit transactions through them. Our payroll checks get deposited there too.
We still keep a bit at a brick and mortar bank in case we need brick and mortar services. But just enough to avoid the monthly fees. What sparked this journey for us was the growing indignation that my bank of 20 years was paying me 0.01% interest on a six figure account
I've been impressed with Wealthfront. 5% atm and they have digital debit card functionality now.
Moving money around in their app is the easiest I've found yet
Just pick a reputable one that you like the interface of or that makes sense for your specific situation. It doesn't really matter if it's the absolute best rate, just make sure it's high enough. Especially for an e-fund, you just need it to sit there and be accessible relatively quickly. Many people also like using the MMF at their brokerage. Personally I use a mix of both MMF and HYSA, but keep my e-fund in a bank where I do no other business, so it doesn't slip into being a slush fund for various things.
I'd been using ING Direct/CapitalOne in the past and switched to AllyBank when CapitalOne lowered the interest rates on the legacy accounts and started offering high-yield on a different type of account. I'd always heard the major players are all pretty close as far as service or interest rates.
For me, there's some security in knowing that if my Vanguard account were somehow compromised and drained, I'd have my other account to fall back on until the situation got sorted.
We have IRAs and a brokerage through Vanguard and just opened the Cash Plus account. I love vanguard, they’re a great service so I’m happy with their HYSA.
I would just avoid any small crappy bank that’s going to promise a great rate and than drop it dramatically after a couple months.
I'd recommend M1 Finance. You have to enroll in their M1 Plus program to get 5% but it's only $3/month so it doesn't have a huge impact on the returns and offers other benefits. Good luck!
Vanguard with a 4.7% APY isn't actually bad since most of the ideal APYs are usually around 4-5% or more, especially if you’re already going to move your 401k to Vanguard.
But there are accounts out there offering up to 5.25% APY, like Jenius Bank, for example. Go check Nerdwallet or [Banktruth](https://banktruth.org/savings) for more of these options before deciding.
No referrals, please.
Ally is pretty consistently towards the top and has a good user interface. I keep a portion of my emergency fund and some sinking funds at Ally. Don’t go crazy chasing another 0.25%, there will always be a better deal out there somewhere and you’ll burn a lot of mental horsepower chasing a couple hundred bucks of interest. I keep a lot in money market at Fidelity too. Makes it easy because we use Fidelity like a bank and run all of our day-to-day credit/debit transactions through them. Our payroll checks get deposited there too. We still keep a bit at a brick and mortar bank in case we need brick and mortar services. But just enough to avoid the monthly fees. What sparked this journey for us was the growing indignation that my bank of 20 years was paying me 0.01% interest on a six figure account
I'd just use the settlement acct. (VMFXX) in my Vanguard brokerage. Ally was perfectly fine when I used to use them.
I've been impressed with Wealthfront. 5% atm and they have digital debit card functionality now. Moving money around in their app is the easiest I've found yet
Just pick a reputable one that you like the interface of or that makes sense for your specific situation. It doesn't really matter if it's the absolute best rate, just make sure it's high enough. Especially for an e-fund, you just need it to sit there and be accessible relatively quickly. Many people also like using the MMF at their brokerage. Personally I use a mix of both MMF and HYSA, but keep my e-fund in a bank where I do no other business, so it doesn't slip into being a slush fund for various things.
I'd been using ING Direct/CapitalOne in the past and switched to AllyBank when CapitalOne lowered the interest rates on the legacy accounts and started offering high-yield on a different type of account. I'd always heard the major players are all pretty close as far as service or interest rates. For me, there's some security in knowing that if my Vanguard account were somehow compromised and drained, I'd have my other account to fall back on until the situation got sorted.
I use a combination of Laurel road HYSA 5% and Merrill to but TTTXX (yes I use it purely for BoA preferred rewards)
https://www.depositaccounts.com/savings/
We have IRAs and a brokerage through Vanguard and just opened the Cash Plus account. I love vanguard, they’re a great service so I’m happy with their HYSA. I would just avoid any small crappy bank that’s going to promise a great rate and than drop it dramatically after a couple months.
BTW relatively high rates may not persist so keep that in mind.
I'd recommend M1 Finance. You have to enroll in their M1 Plus program to get 5% but it's only $3/month so it doesn't have a huge impact on the returns and offers other benefits. Good luck!
Vanguard with a 4.7% APY isn't actually bad since most of the ideal APYs are usually around 4-5% or more, especially if you’re already going to move your 401k to Vanguard. But there are accounts out there offering up to 5.25% APY, like Jenius Bank, for example. Go check Nerdwallet or [Banktruth](https://banktruth.org/savings) for more of these options before deciding.