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High yield savings, money markets, CDs, or T bills? (lemmy.ml)

submitted 1 year ago by [email protected] to c/[email protected]

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Where all my cash hoarders at and where do you park your savings?

Also, how do you decide how much cash to hold vs invest?

Personally I enrolled in Robinhood Gold for the 4.9% APY. It costs $5/month.

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[–] Tandybaum 3 points 1 year ago* (last edited 1 year ago)

I was super into chasing the highest possible saving accounts. I’ve always used this link when I was shopping.

I’ll say that it can be great to get a little higher % but there is also value in keep it simple. I think at my worst I had 7 entirely separate savings accounts (not counting checking or investing). I now have 2 and I’ll probably merge them in the next few months.

It would be good for you to consider your limits on what you’ll chase. If you find account that will give you an extra 0.1% it doesn’t make since to change but 2% likely does. However, if it’s 2% higher but it has a $500 limit maybe that doesn’t make since.

I’m now mainly using Ally and I really do like their bucket system.