Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Advice on replacing my savings account
Liquid cash (emergency, rainy day fund) should be safe from a loss in value.  Mutual funds don't give you this, especially stock funds.  You can find "high yield" savings accounts that are now at around .8% to .9% APY which is much better than .05% and will hopefully go up.  Barclays US and American Express are two big banks that normally have the highest rates. Most/all Savings and Money Market accounts should be FDIC insured.  Mutual funds are not, though the investment IRA, etc. holding them may be.