Anonymous wrote:

Anonymous wrote:Open a brokerage account with fidelity or vanguard and put it in a money market fund instead.

If you are unfamiliar with money market funds they are extremely safe and generally pay better returns than a high-yield savings account.

See vanguard's MMF as an example:

https://investor.vanguard.com/investment-products/mutual-funds/profile/vmfxx

Plus, once you are ready to start investing in slightly higher-risk / higher-return options like, say an S&P500 index fund, you will have a platform to do so.

Money market funds aren't FDIC insured. Shouldn't that be important to me?


Only if you worry the US will default
On its debt which has never happened

Anonymous wrote:

Anonymous wrote:I use American Express, but the 3.8% isn't looking so great anymore. There are several banks with 4.25 or 4.35%. But when I read the reviews, it looks like they have some unhappy customers. If you have an interest rate over 4% (for a balance around $50K) and are happy with the customer service at your bank, please recommend it.

50k at 3.8% =$1,900
50k at 4.2% =$2,100

Spend the time you are thinking about this instead on how to make more money. It will lead to better results than $200 a year! Unless you are retired then you have the time to think about this.