SAVE MONEY
High Yield, Low Stress
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I opened my first High Yield Savings Account in 2019, and have been hooked ever since — constantly researching and testing out every option available.
So if you’re struggling to choose an HYSA, the good news is that most options are pretty similar.
This means you only need to focus on a few key things to find the perfect fit.
Today we’ll break down exactly what to look for:
Key Questions to Ask
Are You Chasing APY? Annual Percentage Yield (APY) shows how much interest you’ll earn in a year, including compounding. While maximizing APY is ideal, small differences in rates generally aren’t significant, especially since they change with the economy. Instead, focus on finding an account that’s trustworthy, reputable, and that fits your needs.
Do You Want a Debit Card? Consider whether you need a debit card or not. Some options like Marcus by Goldman Sachs simply have a savings account, while SoFi Checking and Savings includes both accounts and offers a debit card.
Is The Account FDIC Insured? Typically every option you come across will be FDIC insured up to at least $250,000. This is critical for security in the unlikely event of a bank failure. Keep in mind, some fintech companies offer multiple millions in FDIC insurance by partnering with banks.
Are You Okay with a Fintech vs. Bank? Do you prefer a traditional bank or a modern app-based platform? Fintech options tend to have better interfaces and features, but rarely any in-person services. It all comes down to your comfort level and preferences.
With this in mind, below are three of the best HYSA options available. I personally use all three for different purposes:
My Top HYSAs
💰 SoFi Checking and Savings
Best For: people who want a debit card, and both a checking and savings account
💰 Wealthfront Cash Account
Best For: people who prefer a Fintech vs. Bank, and want a modernized UI with a competitive APY
💰 Marcus by Goldman Sachs
Best For: people who only want a simple savings account
CREDIT CARDS
Credit Card Reviews
Check out my reviews of some top credit card options available today. When used responsibly, these can be a great addition to your financial toolkit.
RESOURCES
Creative Fuel
📚 Read: Unscripted: Life, Liberty, and the Pursuit of Entrepreneurship by MJ Demarco, author of The Millionaire Fastlane.
YOUTUBE
In Case You Missed It
SoFi Checking and Savings is one of my go-to options for saving and spending. Come learn everything you need to know before signing up:
Keep Saving,
Steve | Feasible Creative
“There’s a profound difference between interest and commitment. Interest reads a book; commitment applies the book 50 times.” - M.J. Demarco, The Millionaire Fastlane
Disclaimer: The content provided in this newsletter is for informational and educational purposes only. It is not intended to be a substitute for professional financial advice. Please consult with a financial advisor before making any financial decisions. This newsletter may contain affiliate links, which means I may earn a commission if you make a purchase through these links, at no extra cost to you.