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Here are some options depending on how liquid you need the money.
The most liquid option is a High Yield Savings Account. Many of the banks that pay the highest interest rates are online only - so balance the convenience of being able to deposit cash or receive in person help versus the higher potential returns. These look to be giving ~0.50% ish percent now. So you’d earn about $100 a year on this.
Next in terms of liquidity are money market funds. They typically have a minimum deposit, but offer many benefits similar to a checking account. Similar rates to high yield savings.
Next could be a local credit union. I know in Michigan multiple credit unions offer 3.00% checking. No national bank would do this, but local credit unions will on occasion. They typically have fairly tight requirements including a direct deposit, 10 transactions on a debit card a month, paperless billing, and checking the XX times a month. However, considering doing this myself. This would earn you $600 a year if you can find it.
Another option is a certificate of deposit (CD). These are fixed terms for which you loan the bank money - ranging from a few months to many years. Interest rates on these aren’t very good right now, but if you know you absolutely won’t need to touch the money for year(s) and want to put it away. Problem with this is, if you have an emergency during the year and have to touch the money, you sacrifice the interest and pay penalties. Interest rates will likely go up in the next year, so if you go this route, put some in a one year CD - looks like the best rates around between 0.60-0.70% online.
Next - you could try a bank with a sign on bonus. Most of the time this requires switching your direct deposit. However, you can typically earn between 100-500 in a sign on bonus in addition to interest. Sometimes they pair a checking account and savings account bonus. See doctor or credit for these.
Other than that, you could try bond funds, but keep in mind these have potential losses, fees, etc
Take a long-term approach and invest in some mutual funds/ETFs like the S&P or the NASDAQ
DeFi if you’re up for it!
Is the money your emergency fund. If so keep it safe. You can shop around for some better rates but may take a little more effort. Most savings accounts are around .5%.
Rising Star
What's the money for? If it's your emergency fund or you need it in next 5 years, use HYSA. If you don't need for 5+ years, invest in index funds.
Agree with others that it depends on when you will need it and what other investments you have. I use the Vanguard short term investment grade fund as my overflow account between checking and investments. It currently has a .8% yield. Min opening balance is $3,000 and you can transfer back to your checking or Use it to buy investments. As a short term bond fund there’s little volatility. If you are ready to invest and won’t need the money for a few years an S&P500 ETF if a good core investment.