[fuoqi]

You can be your own narrow bank by directly investing into short-term bonds or by buying a money market fund.

[rocqua]

That has massive fee friction, does not eliminate counter party risk entirely, and earns different (lower?) rates than the Fed offers.

[chrchang523]

I don’t know how long this will last, but I started doing this recently with Vanguard’s VUSXX (short-term Treasury) fund when I realized it had significantly higher after-tax yield than high-interest savings accounts without the hassle of manually rolling over T-bills, and it looks like many other people have been moving in this direction.

[guepe]

If you buy t-bills yourself fees are low, and brokers aren't banks - so risk of money being stuck there is low.

It's a bit of work but very manageable. 10/10 recommend, you earn more than a savings account.

[ac29]

Fees on buying treasuries are zero if you buy them directly from the treasury or any of the large brokers (Vanguard, Fidelity, etc).