Carry, the financial platform designed to help users grow wealth by optimizing taxes, 9announced the launch of Smart Yield, a next-generation investment alternative to traditional high-yield savings accounts. Smart Yield helps users optimize after-tax cash returns through automated allocations to strategic money market funds, many of which can be federal, state, or local tax-free.

Smart Yield is designed for users who want their idle cash to work harder without sacrificing liquidity or tax efficiency. The product aims to automatically select the optimal money market mutual fund based on each user's tax inputs, such as filing status, state residence, and income, and reallocates accordingly as yields and market conditions change.

"We built Smart Yield because we saw too many users parking large cash balances in tax-inefficient funds," said Ankur Nagpal, founder of Carry. "This could help users take home more on their cash, potentially with zero federal or state taxes, inside of their carry accounts."