Vanguard has a new savings account paying 4.7% APY with FDIC coverage of $1.25 Million. The account has $0 fees, $0 minimum balance requirements, $0 transaction fees, and 0 limits on how often money can be transferred.

The Vanguard Cash Plus Account is a cash management account that features a bank sweep insured by the Federal Deposit Insurance Company (FDIC) and offers a competitive yield on your short-term savings. You can use the bank sweep as a low-risk place to keep cash for your immediate needs as well as for emergencies. You also have the option to purchase any of the 5 Vanguard money market funds available in your Cash Plus Account.

investor.vanguard.com/accounts-plans/vanguard-cash-plus-account

h/t TonyLiberty