Which HYSA, is a HYSA right for me?
Hi everyone, I am sitting at around 10k that I would like to put in a high yield savings account. I am unsure if this is the best idea for me which is why I am posting. I am in a gifted position in terms of the job I have, I plan on buying a new truck whenever my current vehicle starts nickel and diming me. With this being said I have roughly 10k that is just sitting in a regular savings account doing nothing and it will continue to grow through my paychecks. I am looking for a way to just “park” my savings and keep adding to it while having the money easily accessible for when my current car “goes”.
With this being said ive seen plenty of people talk about transferring a lump-some of money into a HYSA and getting monthly interest paid out to them. Is this really how it works? Is an online bank like SoFi or Ally thats FDIC insured actually trustworthy or is it better to get a lower rate at a bank like Capitol One that has physical branches.
What is the customer support like with these online banks? Should I be worried about a scam/shady business?
Can opening an account affect your credit?
What kind of minimums/fees could I expect from an HYSA?
Side note: I already have savings in a money market but I would like to open something like a HYSA so that I could withdraw the money on somewhat short notice without taking a large penalty or risking withdrawal at a low point.
Any input or feedback is greatly appreciated, thank you!