I have been using my Vanguard money market account as a place to save part of my emergency (short-term) funds, and when checking it recently I saw that the rate had fallen to a miserly 0.13%! This was the lowest I had seen the rate since opening the account a few years ago, and with most high yield savings accounts providing at least 1%, or more than 6 times the money market account average, I decided it’s time to move all my money back to a high yield savings account. Especially now that there are a number of new and updated offerings out there. As long as the institution is FDIC insured, it’s best to get an account with the highest yield. You shouldn’t have to pay any account or maintenance fees either. Here’s
Conclusion: I would suggest you check out this short-list of highly recommended high yield savings accounts to see their latest rates (APY) on offer and if there are any special promotions on new account openings. Then pick the one you feel that best suits your saving, spending and investment needs. With saving interest rates falling across most money market funds, online high yield savings accounts can provide the best investment to park your short-term cash savings.
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