Anyone familiar with BrioDirect? It’s offering 4.50% savings with $5000 minimum opening deposit but only need to maintain $25 after initial deposit. It’s an FDIC insured division of Webster Bank.
Here’s a link with 108 reviews of BrioDirect -
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Thanks. You may have saved me a heap of trouble. From the reviews it looks like the worst bank ever. That 4.5% on savings looked mighty good, but it’s not worth the trouble.
You’re welcome. It’s a bit off-topic, but VUSXX (Vanguard Treasury Money Market Fund) has a 7-day SEC yield of 4.25% (4.33% compound yield). Even VMFXX, the Vanguard Federal Money Market Fund, which is used as the settlement fund, is currently at 4.21% (4.29% compound yield).
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Do you have to be with Vanguard to get these? I use Fidelity. Their money market is 3.96%.
As far as I know, you cannot get VUSXX or VMFXX at Fidelity. You would need to open a brokerage account with Vanguard.
Fidelity’s Treasury MM is FDLXX, but its yield is only 3.91%. I use it along with T-Bills, which are also easy to purchase at Fidelity.
AFAIK their best is FZDXX (current 7-day is 4.14%), but I think it requires 100K minimum initial investment.
4.14% is roughly 6% higher than 3.91%, so if your state tax is higher than that, then FDLXX is better.
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My fault, I missed the “Treasury MM” part, since VMFXX was also mentioned.
My account at Fidelity sweeps cash into SPAXX, which is 3.96% right now. I’ll take a look at Vanguard to determine if there’s a consistent big enough difference to consider it.
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I think the calculation is a bit more complex than that to find the breakeven point in state tax marginal since each of these Fidelity MM funds have different amounts of treasuries in them (and that percentage varies annually).
For example, SPAXX last year had 55.09% of its income from treasuries (used this document to figure it out for state taxes). FDLXX had 97% of its income from treasuries.
So, I typically compare these by their total after tax yield:
[yield] x (1-fed tax rate) x [1-(1-%treasuries) x state tax rate]
So assuming fed marginal is 24%, and state tax marginal is 5%, that looks like this:
FDLXX: 3.91 x (1-0.24) x (1-(1-0.97)x0.05) = 2.967%
SPAXX: 3.96 x (1-0.24) x (1-(1-0.5509)x0.05) = 2.942%
Or the boggleheads have a google sheet that calculates all this for you for many of the top MM funds out there…
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Where did you find the 55% for SPAXX? It’s not in that document. For some states like CA, it’s not exempt unless the percentage is at least 50%.
Update: Found it. The symbol SPAXX is not listed because there are multiple classes. Saved me $4 in CA income tax. 
Yeah it’s annoying that the MM funds are sometimes not listed individually so for those you have to find them by the full name of the MM fund, in this case “Fidelity Government Money Market Fund”. Other thing that I find annoying is that even MM funds that are supposed to be treasuries-only like FDLXX of FIPDX are not 100% but like 97% or 99%. Oh well, finding and entering these percentages saved me about $50 on state taxes this year so I’ll endure it. Price to pay for using Fidelity Cash Management account as my Checking account.
You lucked out this year then. In 2023, SPAXX % income from treasuries was only 43% IIRC.
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Dont all funds need to hold some cash as well?
VMFXX Vanguard Fed MM Fund requires $3000 to open account. 4.22% today and works as a settlement brokerage fund. Market dropping but pretty good time to buy ETF funds. Keeping cash in Vanguard VMFXX. Works for me!
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Anyone using Everbank? Their savings account is still at 4.30% with no fees, no minimums.
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turtlebug
how would you compare VMFXX 7days SEC yield as of 04/17/2025 4.22%
to compound yield? Is compound yield like a mm apy?
When comparing MM’s do you think it is better to use rates instead of apy?
Yes, I use EverBank savings. I believe the percentage rate is still higher than most. Been with them years since change over from TIAA.
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Any problems, limits on withdrawals? Do you use the checking as well?