Money Market Funds Are Back to Their Rightful Place of Paying More Than Banks

Schwab has these cash sweep accounts on the bank side. The latest yield I saw was 0.48%. On the brokerage side, they're paying you 0.45%. And they have something called a purchased money fund. All you have to do is ask for it. An ordinary one of those pays 4.47%. In other words, you make a phone call or a couple of clicks and you're getting 4 percentage points more on your money. If you got $50,000 sitting in cash, you're talking about around an extra $2,000 a year in income.