I don't see the point. If you want an FDIC-insured savings account from a large institution, Marcus offers 4.4%, and it isn't even the highest -- Synchrony isn

I don't see the point. If you want an FDIC-insured savings account from a large institution, Marcus offers 4.4%, and it isn't even the highest -- Synchrony isn't as big a name but it offers 4.75%. And while I can see keeping an intermediate buffer in such an account (since you can ACH directly from it), it's not much more hassle to use a money market fund (details do matter a little), e.g. FZFXX, VUSXX, or SNSXX (those are Treasury funds; prime funds typically give a slightly higher rate), for around 5%. Even there you're giving up a little vs. laddering T-bills, but it's so easy and it's completely liquid. The only reason not everybody does this has to be that they're just not used to brokerage accounts, or that they don't have enough money to bother. Probably most people who want to hold cash should just open an account at Fidelity, and put any money that can afford a couple day's lead time into FZFXX.