The Best High Yields Savings Account
A high yields savings account (HYSA) is basically free money. Let me explain…
what is a HYSA?
A high yields savings account is a savings account that earns higher interest rates than a traditional savings account. It is exactly what it sounds like - a savings account with a high interest on whatever you save. A HYSA earns around 4% annual percentage yield (APY). APY is the total amount of interest you earn over one year.
As a CPA, a HYSA is a savings account everyone should have and should start as early as you can! If you have a traditional savings account, you’re probably making pennies each month in interest (average of 0.40% interest rate) where your money is sitting and losing its value. What if I told you a HYSA earns you a ~4% APY on your savings where you actually see your money sitting and growing. From pennies in a traditional savings account to hundreds or even thousands of dollars in a HYSA. It’s a no brainer!
Whether you’re saving for purchases - big or small - a HYSA is such an easy way to save money while it sits and grows. If you’re thinking about growing that emergency fund, home buying, weddings, vacations, self-care day to treat yourself, or whatever you love to spend money on - a HYSA is a great home for your money to sit and earn a high interest. All you do is transfer money into your HYSA from any of your current bank accounts. You do not even have to actively think of investing strategies - literally all you do is save this money and transfer it to your HYSA. It’s easy AF!
PROS + CONS OF A HYSA
Let’s break down the pros and cons of a HYSA:
Pros
Earn higher interest rates than in a traditional savings account aka free money
FDIC-insured for up to $250k
Easily accessible to transfer your money at any time
You can open a HYSA online
No fees and no account minimum balance/deposits
Cons:
The APY may fluctuate at any time
There is no physical locations for HYSA banks
THE HYSA I USE
I did a ton of research and decided to open up a HYSA with Marcus by Goldman Sachs. It literally took me 10 minutes to create and to transfer my savings to Marcus. It’s THAT easy! Marcus offers 3-4% APY and if you sign up with my referral code, you can a bonus for 3 months!!!! Plus if you sign up for Marcus, you can refer up to 5 friends and family members so you can extend your bonus for an additional 3 months for each person you refer. You can help your family and friends up their personal finance game too! I am not sponsored by Marcus, but wanted to share my personal finance hacks so you can be that rich baddie you’re meant to be! Click here to sign up for Marcus HYSA
Regardless of whatever HYSA you decide to use - Marcus, SoFi, Ally, etc. - I hope you take 10 minutes out of your day and get that 4% APY on your savings. Comment below if you’re going to open a HYSA, already have a HYSA, or what you use your HYSA for!