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Ditch banks – Go with money market funds and treasuries
Stop using banks and credit unions for cash savings. Use money market funds and Treasuries for better transparency and fairness.
The rate on a “good” online high-yield savings account such as the one from Ally Bank is currently 4.2% while a money market fund pays 5% or more. You agree in the contract it will automatically renew to a 12-month CD at a rate set by the bank at that time unless you take specific actions to stop it within a short window. Money market funds and Treasuries paid very little when the Fed kept interest rates at zero and ran several rounds of Quantitative Easing a few years ago.
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