Best high-yield savings account in your opinion

Hi Jeremy,

Would love your input on which high-yield savings account you would currently recommend?

Hi! Not Jeremy but I use Ally and like it. Of course, interest rates have been low lately but all in all from what I’ve read here, it’s best to do a bit of research and then just pick one as the rates are all pretty comparable.

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My general answer is “every savings account pays such little interest, financially speaking it just doesn’t matter”. So pick whatever one is convenient for you.

Personally, I don’t technically use a high yield savings account, I just keep my cash in Fidelity in a money market fund (basically a mutual fund that just holds cash and cash like things). That money market fund pays interest that fluctuates with the current rates… so right now it’s very close to 0, like everything else.

Wondering if you can take time in office hours to explain a money market fund and when it makes sense to have one.
I am saving for a house down payment in hopefully 3-5 years, wondering if it makes sense to move all my money from my BMO bank savings account to a money market fund or just leave as is. Are banks a thing of the past and I should just have all my money in a fidelity account? Can you use a money market fund as a checking account as well?