I use Schwab's Money Market fund SWVXX. It's currently yielding about 3.8%. I previously used a High Yield Savings account at CIT Bank, the online branch of First Citizens Bank. Several years ago I was the victim of a wire transfer fraud at CIT Bank involving bogus two factor authentication approvals. I was very dissatisfied with their response. Only after 7 weeks of badgering them and letter writing to various govenment agencies did they agree to refund my money. It was a very disturbing response from a top 20 bank. Now I use Schwab for their safety protocol and my desire to simplify my personal accounts. I would say beware of no name banks and make sure you understand the rules about what financial institutions you allow to interact with your primary brokerage. Read the fine print.
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I use Schwab's Money Market fund SWVXX. It's currently yielding about 3.8%. I previously used a High Yield Savings account at CIT Bank, the online branch of First Citizens Bank. Several years ago I was the victim of a wire transfer fraud at CIT Bank involving bogus two factor authentication approvals. I was very dissatisfied with their response. Only after 7 weeks of badgering them and letter writing to various govenment agencies did they agree to refund my money. It was a very disturbing response from a top 20 bank. Now I use Schwab for their safety protocol and my desire to simplify my personal accounts. I would say beware of no name banks and make sure you understand the rules about what financial institutions you allow to interact with your primary brokerage. Read the fine print.
Post: Where to Keep Cash
Link to comment from December 7, 2025