Many years ago I set up 2 accounts based on info I got here. They’ve been trucking along but I’m wondering what others have found recently. One is 3.87% and the other is 2.8% so they’ve come down a bit but I know the feds are dropping the rates so… TIA
I have a Vanguard and Fidelity money market account. Vanguard is been hovering at 3.89% while Fidelity is at 3.87%. CD’s and T-Bills (short-term) aren’t much higher than savings.
Over ten years ago I opened accounts at Ally. I think the largest online bank? My savings is about 3.5%. A lot better than the brick and mortar banks!
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Mutual fund companies offer money market funds while money market accounts are available at banks and credit unions. Yields for the MM funds are currently higher than the MM account yields. I have almost all of my cash in the Vanguard Treasury MM ffun (Treasury funds have the lowers credit risk amongst the MM funds). I keep a small amount with Ally for the convenience of switching should the MM account yields become higher.
I still have my VMRXX inside my Fidelity Brokerage account after I decided to go all the way with Fidelity. A little disappointed in the returns from Fidelity for their SPAXX fund that only pays 3.6% compared to Vanguard VMRXX that pays 3.9%. My Fidelity guy did mention to me that there were other MM with higher minimums to open that pay more but even their FMPXX doesn’t quite top Vanguards entry level MM.
Ally is 3.30% now
I have Discover Bank online, mainly because I’ve had a Discover card for eons, so it’s quick to check savings and my cc activity/balance.
The online savings is currently at 3.4% and I have CDs at 4.0%
I also have the Vanguard money market which pays higher %, and I do recognize it’s not FDIC insured like a bank, and while it hasn’t happened in recent years, the value of “the buck” in a money market is not guaranteed, so the “share” value can decrease from a dollar, though I think that would be dark times in many places…
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Disregard, please
Taxes on federal debt securities are exempt from state income taxes. If you live in a state with high state income taxes, you might want to consider moving your money to a federal money market fund.
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Hey, I’m pretty unaware when it comes to this stuff, how would I go about doing that?
I use the Vanguard Treasury Money Market Fund, VUSXX.
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How about Viobank.com at 4.16 APY, t