r/HYSA

Morning,

I have around 20,000 sitting in PNC savings thinking it was 3% but its actually 0.03% literally making $6 a year. I’m looking for an hysa with no fees, is a reliable company, and has a decent interest rate. I’m seeing ones such as FVCbank and Peak Bank with a 4%, wasn’t sure if these were good or not.

I feel like a few years ago everyone used to recommend Ally and now it’s crickets. Discover is warping into capital one and I am not interested in the hassle. (Btw- what’s happening to the Discover IT cards?)

Anyways, they have my HYSA and I want to switch. I heard people would open both a HYSA and a checking with Ally so that they could get money out same day via Zelle, but i’m not sure if that’s true or if maybe other banks also offer that?

Convenience, Decent APY and not-being-capital-one are priorities for me. Is Ally on the chopping block for some reason? Who else should I consider?

Good morning,

I’m planning to create an emergency fund and believe opening a High-Yield Savings Account (HYSA) would be a good option, as it allows my money to earn real interest.

Currently, I have Bank of America (BOFA) for my checking and credit accounts, and I also have an additional Discovery credit card.

I’m considering adding $300 to my emergency fund monthly.

There are many options available, and I find it a bit overwhelming to choose the best one. Any assistance you can provide in helping me decide which bank offers a better option would be greatly appreciated.

Thank you so much (virtual hug)

I have a lump sum of severance after being laid off and opened two accounts to test the waters. Apple savings and CIT Bank. I deposited money on Wednesday. It’s now Friday and the money is still not available to transfer back if I needed it.

Is this how all hysa’s work? Do I just always need to plan ahead and keep immediate emergency funds in a money market account with my bank?

If you’re sitting on a large cash balance, the FDIC limit can become annoying fast.

The usual advice is to spread the money across multiple banks so each account stays under the $250,000 insurance limit. That works, but managing a bunch of logins, statements, tax forms, and rate changes gets old quickly.

CDARS and ICS are programs that lets one bank spread your money across multiple FDIC-insured banks for you, so you can stay under the insurance limits without opening a bunch of separate accounts yourself. Here's the difference:

• Certificate of Deposit Account Registry Service (CDARS) is for CDs. It spreads your money across multiple banks in FDIC-insured chunks while you work through one bank.
• Insured Cash Sweep (ICS), is for more liquid cash. It does something similar, but with deposit accounts like money market or savings accounts.

So instead of opening accounts at five or ten banks yourself, your bank handles the placement behind the scenes, and you still get one relationship, one statement, and FDIC coverage across the network. Today, over 60% of U.S. banks participate in the CDARS/ICS program. So odds are, you know one.

IntraFi (www.intrafi.com ) acts as the central network manager that automatically splits and routes large deposits into sub-$250,000 increments across more than partner banks to secure full FDIC insurance for depositors through a single account.

Looking for a participating Bank? Go here: https://www.intrafi.com/bank-locator (they also do a map if it knows your location, usually defaulting to it)

I currently have AMEX and their APY is 3.10%. I feel like it’s not as competitive as other HYSA banks. I’ve been thinking about opening a Marcus account because of the higher APY but I’m not sure if it makes sense to open a second HYSA.

Should I close the AMEX account or should I just leave a couple thousand to maintain it and open a Marcus account?

Curious if anyone else is doing this or has thoughts.

My credit union is offering 3.90% APY on a 12-month CD right now, which beats most HYSAs I've looked at (Marcus is 3.40%, most others in the 3.10–3.40% range). The thing that makes this interesting is the early withdrawal penalty (you only forfeit the interest earned to that point. Principal is always fully accessible).

So in a true emergency, worst case, I pull the money, lose a few hundred dollars in accrued interest, and walk away with every dollar of principal intact. On a $25k emergency fund pulled at month 6, you're maybe out $400–500 to access your money. Seems like a pretty negligible "liquidity premium" to pay for an extra 50+ basis points.

With the Fed holding steady and potential rate cuts later this year, locking in 3.90% for 12 months also seems like decent timing.

Am I missing something here? Feels like a no-brainer but wanted a gut check from people who have thought about this more than I have.

Before the switch, I was earning $60-65/month in interest in my Discover HYSA. Since it’s become Capital One, my last two interest payouts were $42 and $21, despite not having withdrawn money.

I'm not that well versed in how all of this works, so I'm wondering if I'm missing something or if anyone else experienced this after the switch.

I'm also considering moving my savings and I'd love to hear your experiences or recommendations!

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Sofi lowered their high-yield savings account APY again down to 3.10 pay when I used to have it at somewhere around 4.1. At the time I have $14,371.49 and I plan to have it up to 20k towards the end of this year. Does anyone have any recommendations of any other banks where I could get a higher APY?

Has anyone tested this or looked into it?

Waiting on someone who can give me a better bank than Axos which is at 4.21 APY%, not a wire transfer only, not a 6 month trial, just an actual higher rate than 4.21%. Axos also has checking and is compatible with Apple Pay…

Anyone had any experience with Elevault?
I’ve been looking into them but would like to hear about user experience with parking cash there and the ease of transfers in and out. Thanks!

Hi! I’m a 18 year old full time student with have two jobs and no expenses. I want to aggressively save all my money until I need it in a few years. I currently have a normal checking account and want to open a HYSA. Or just make smarter financial decisions

What would be the best one?

Since I don’t know I a lot can I get some guidance? Is there anything I need to know?

So I’ve recently come into a *small* lump sum of money that I plain to use for dental health. I don’t need to use it right away, but I do need access to it within the next few years. Are there any high yield savings accounts that I could transfer it to that still allows me to withdraw as needed? I know that will affect my return rate, but I hate knowing it’s just sitting in a regular savings account accruing nothing.