*Currently, by invitation only* Vanguard piloting a new savings account alternative: the Vanguard Cash Plus Account

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Link

The Vanguard Cash Plus program offers a competitive annual percentage yield (APY) of 3.50% APY as of November 8, 2022. The APY will vary.

You’ll pay no fees to open the account, have no minimum balance to maintain, and have no transaction fees. Plus, there are no limits on how often you can transfer money.

250K in FDIC coverage

~Currently, the opportunity to open a Vanguard Cash Plus Account is by invitation only to select Vanguard clients. We’ll continue to roll out the product to clients over time. To be eligible, you must have at least one Vanguard Brokerage Account and meet other specific criteria.~

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“We’re sorry you weren’t included in the pilot phase of the Vanguard Cash Plus Account. We’re in the process of adding clients and will let you know as soon as it’s ready for you.”

:cry:

Looks promising though. Fidelity CMA sweeps to 5 banks for 1.25M FDIC coverage, so that’s clearly something Vanguard will have to add.

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I can’t imagine that Vanguard would be adding a 5-sweep bank, especially at the sky high interest rate.

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Anyone doing this? My wife got an email about this recently. I noticed that the rate was the same as the last time they “invited” her. 4.70% while not bad, it was interesting to me that it had not gone up since the original email from August 2023.

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They have since added this, btw…

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I went in once they allowed everyone in. I only moved a token amount in since I saw on Bogleheads that there were issues adding treasury direct. I might have to be my own data point someday and try myself.

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