High Yield Savings Account

[_19disnA]

Many banks seem to use "high yield" as more of a marketing term and wouldn't choose anything just based on what it is called. I would check around to see what interest rates/terms are being offered and pick the one that matches your needs (i.e. how much are you looking to invest and for how long?). That matters more than what they happen to call a particular product. You can also buy various Treasury bills/bonds/notes online without having to deal with any customer service people. Interest is automatically paid every 6 months. Funds automatically move to your bank account when they mature. Terms go from 4 wks to 30 years, so it gives you a lot of choices.

 

[kathy884]

I have money market accounts with the investment companies, Vanguard and Fidelity, that I use for this purpose. Takes about two business days to transfer funds into your bank's checking account. They both have good telephone support customer service if you ever need that and that's a great way to get started. Fidelity has also opened up a lot of branch offices nationwide if you like to do things in person. There is one of these about 20 minutes from my house.

Though not a bank you can get a check writing feature for the money market accounts. This is what I did for Trust Accounts for my aunt's estate with Fidelity (didn't open up a checking account), just have the money market and then investments. She passed away in July of this year and I am her executor and trustee. Fidelity works with Chase on that feature. The downside is that if you deposit a check at Fidelity, they for fraud prevention reasons don't let you use the monies for 10 business days.

For my own accounts, not the trust accounts, I don't bother with the check writing feature and just do ACH transfers online between Fidelity and Vanguard and my personal checking account. I've been with both Fidelity and Vanguard for over 30 years, large reputable investment companies, mostly utilized for self directed investors.

 

[2vets]

I've used Wealthfront for the last few years. Right now they're at 3.75%.

Same. And when I’ve pulled money out of sinking funds for their intended purchases, the transfer to my big bank checking acct is instantaneous.

I also keep sinking/emergency $ in Fidelity in cash-equivilent treasury MMFs.