As the FED increasing interest rate, the consumers have multiple choices to earn high interest with their emergency and short term savings. The major banks still average around 0.1% interest in their checking and savings accounts but look into these top 5 high yield savings account for August 2022 where I keep my short term cash as these accounts allow large movement of cash through ACH in 2 to 3 business days.
1. Bread Savings - Interest Rate 2.86%
Bread Savings give the highest interest among all the accounts I've for short term cash but the limitation is that for high cash transfer you need to call or talk to someone in chat for transfer to happen and it can't be setup online. But I was able to make a transfer of as large as $200,000 using ACH by talking to an agent in 3 business days.
2. Merrill Edge Preferred Deposit - 2.69%
Investment arm of Bank of American Merrill Edge provide options to keep cash at a high rate of 1.16% which can be transferred to your Bank of America Checking/Savings account on a day notice. I was able to withdraw using a cashier check amount greater than $1 million using the agent transfer next day. This is the account where I don't worry about keeping large amount of cash beyond the FDIC insurance limit per account holder.
3. CIT Bank - Interest Rate 2.67%
CIT bank interest rate of 2.67% requires no direct deposit and allows large money transfer setup using ACH. I've transferred $50,000 multiple times to and from CIT Bank.
4. SOFI - Interest Rate 2.5%
SOFI bank interest rate of 2.5% require a direct deposit of $500 or more. The advantage over Bread Savings is that you can transfer large amount by setting up online transfer. I was able to transfer using ACH for $100,000 and it takes just 2 to 3 business day.
5. Marcus by Goldman Sachs - 2.15%
This is the bank I like most but has lower interest rate than the other three accounts. The reason for loving it that it has high online ACH transfer limit of $100,000 and I was able to setup and transfer this amount 10 days in a row without any issue. Also it is backed by Goldman Sachs so I've no issue putting more than the FDIC insured amount of $250,000 per account holder. I won't risk more than the covered amount of $250,000 per account holder in the above three banks.