In Canada, we have “high” interest, no-fee savings accounts, usually offered by online-ish banks (that are insured by our equivalent of FDIC). Do those not exist in the States?
I usually have a couple of them open and transfer money between them because they always have promotional interest rates, usually around 2%. And since there are no charges to transfer, that’s what I do. It’s not immediate access (usually takes a few days to get it to a cash-withdrawal account) so there’s some friction to prevent you from spending it.
On the other hand, if you aren’t saving much money, then it doesn’t matter since even 3% (got it for a bit this year) on smaller amounts of money is pretty meaningless.
An argument could be made that having cash in a savings account means you should be investing. In that way, I’m similar to Megan… what if the money is not available/profitable when I want it? So I invest money in registered accounts, which I would never really access anyway — which isn’t as efficient from a tax standpoint.