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

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.