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Standard Savings Account: Moving money around? (lemmy.world)

submitted 1 year ago by kyden@lemmy.world to c/personalfinance@lemmy.ml

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First time poster! Outside of my retirement account provided by work, I'm just beginning to get brave enough to move other money around. I'm very late to the game and pretty scared of gambles.

There are many high yield savings accounts out there right now. Outside of the 6-withdrawl/month restriction are there any things I should be aware of? Do people hop between savings account regularly to keep up with the highest interest rates?

UFB Direct is on the top of many charts. Backed by AXOS bank, but an Internet bank. I've put some cash there but still nervous. Any thoughts on UFB Direct and Internet banking in general? I don't necessarily need a brick and mortar. I think I've been to my local bank less than a dozen times in the lifetime of my account.

Please forgive me ignorance!

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[–] idkwhatimdoing@sh.itjust.works 3 points 1 year ago (1 children)

While interest rates stay high, so will returns on money market fund investments. A simple investment account (likely available from your current bank) with everything put into a good MMF should bring 4+% right now, and is less likely to have withdrawal frequency limits and definitely won't have a term length like CDs.

At Chase, they've got a solid MMF option that's been over 4% for a few months and has same day liquidity, meaning it's basically cash even though it's getting interest. I think it's the lowest risk, highest convenience option currently.

[–] sevan@lemmy.world 2 points 1 year ago

I agree with the MMF approach, I've moved almost everything out of my HYS account and am using my brokerage account for savings now.