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Trying to see where to keep my emergency fund. Been seeing promotions for Marcus, Wealthfront, etc. Anybody use either or have better ideas?
Atinlay2 is right. Here's how I keep mine: 1/3 in Fidelity money management account, which I use as everyday checking. Fidelity MMF provides immediate access. Technically it's Fidelity lending me the cash and auto sell to cover at the end of day, at no cost. I just keep extra money in everyday checking and am not stupid enough to touch the emergency part without actual emergency. Since it's my main checking, I'm sure it's always immediately available. 1/3 in Discover savings account, along with a checking account and debit card. Within the same bank transfer is immediately available. So immediately cash and ACH access. 1/3 in Schwab MMF, which provides second day availability. It provides two-days cash or ach access. I also keep a few hundred bucks in their debit card, in case I need some emergency cash. And I can CA from credit card if all immediate cash access fails. Figure out how to repay later. A few days of CA interest is okay. The main philosophy is high availability and diversify. I know FDIC, but what if crazy s**t happens when you need money immediately? You need more than one bank. Fidelity and Schwab also provide fee reimbursed ATM access around the world, so I'm covered when travelling abroad as well. Each of the above options provides more than 2% APR. Not the best on market, but good enough with the high availability setup.
BTW, you should use a better title. Like "best emergency fund account"
SoFi Money is what you want. It's a checking account with 2.25% APY.
Don’t keep an “emergency fund” in any of those places. They are several days away by the time a wire transfer posts.
domestic wire can be done in same day. What you are referring to is ACH, which Marcus does next business day.
Still too slow. Mine is immediately available. 7 days a week.