Move emergency fund from money market to miles earning/high interest checking acct?
Apologies in advance if this isn't the right forum to post in. OMNI seemed too generic.
Here's the scenario: I have about one year's worth of expenses in a money market account paying a tiny fraction of one percent--maybe 0.25 % or less. I expect to grow the account to possibly 1.5 year's worth of expenses--or perhaps 2. It's painful to earn so little in interest as well as not even be FDIC insured (although money market accounts are pretty safe).
What are some good options for making this money at least slightly more productive while keeping it liquid for unexpected events (job loss, etc):
A) Putting the money into a checking account that earns points or miles?
B) Putting the money into a "high" interest checking account (maybe Ally Bank or Chase)?
If I'm earning practically zero interest, I may as well get some miles. Although some compound interest might be nice.
Can anyone recommend specific accounts / good deals for either A) or B)? I currently am interested in building up additional UA, BA, SW, and to a lesser extent AA miles. Love my Chase Sapphire card due to the swiss-army-knife transfer options (a bit like SPG). Might Chase have a checking account that might fit my needs? I'm thinking a high interest checking account might be best. But if there are any particularly good mile/points promos for opening a checking account, maybe that's a better pay-off?
In any event, I want out of my money market account since it's doing nearly nothing for me.