Here's the detailed breakdown of how I think about which accounts to use in what order for different types of money.

Emergency fund: HYSA. No question. Liquid, FDIC insured, competitive yield. Not for investment risk.

Short-term goals (1-3 years): HYSA or short-term Treasuries. Don't invest money you'll need in under 3 years — sequence of returns risk is too high over short horizons.

Retirement savings: in order — 401k to match, HSA, Roth IRA or backdoor Roth, remaining 401k space, then taxable brokerage.

Within retirement accounts, what goes where: bonds and REITs in tax-deferred accounts. VTI/VXUS in Roth accounts (tax-free growth most valuable for highest-growth assets). International funds in taxable if you want the foreign tax credit (small benefit, sometimes worth it).

This account structure, done correctly, reduces your lifetime tax bill significantly compared to random fund placement.