Does Fidelity offer a high-yield savings account? I don’t think their Cash Management account is it because it has a very low APY.
Short answer: Fidelity is not a bank. As a result, they have no high yield saving accounts. The closest thing would be a money market fund.
See the alternatives below.
Ally is amazing! Very competitive savings rates and I love that they have the ability to put your money into “envelope” style so you can see your money based on the goal you have for it.
Example: if you were saving for, emergency fund, new car skunking fund, and house maintenance, you could have a category for each and when you deposit more in, you can tell it which area you want to put it in.
I have the MAX Achieve checking account with 2.25% on the first $15,000. NCUA Insured.
Perform a few monthly obligations to keep the rate. (Ex: minimum number of debit purchases of any amount – I think 10, and I use it for small ticket purchases like Dollar Tree or RedBox).
Check Credit Union money market accounts, they usually pay a higher yield and it can vary depending how much you have to park. I have a substantial emergency fund in one and can’t complain.
I opened a 9 month CD on Goldman Sachs’ Marcus online banking app. The APY was the highest at 0.65% compared to the 6 month at 0.15% and 12 month+ at 0.55%.
For my emergency fund, I just park it in a money market. I try to keep that minimal based on my projected 1 year spending. Otherwise it all gets invested.
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