<prompt> Human: I have a bunch of Ally bank accounts labeled thusly: Emergency, Car, Travel, Checking, Housing, Other, Future, Investment. Totaling about 21k. I am maxing out my IRA and 401k with automatic deductions.So a few of these buckets I expect to sit around for 2-5 years, for a mortgage, wedding, car, etc.Why shouldnt I put that cash in a high-yield bond fund? Im looking at VWAHX and VCAIX. Maybe Im misunderstanding how these accounts work, but it seems like I can get 4 return and cash out whenever I want with no fees or taxes.Thoughts?Thanks.Edit: To clarify, I dont intend to move the emergency account out of cash. Id keep about 10k between checking and emergency savings account.  <response>: High yield bonds are risky. Genuinely risky, not volatile risky - though for such a short time horizon volatility is a real risk. Theyre high yield because they have a higher default risk. Look at the oil and gas segment within the high yield world - defaults are rising fast because the companies arent generating any cash to repay them, or even pay interest. Add in a rising interest rate environment, or at least the fearperception of being in one, and for the short term youre at serious risk of not being able to buy a housecar with that money come the 2-5 year mark when you will need it. Over the longer term this can come out in the wash, but may well not on such a short time horizon. 