r/HighYieldSavings

Not because there's no money.

Not because they don't care.

Just because they don't want to deal with the feeling.

I'm curious how common this is.

I have a decent amount saved up for retirement but I'm not sure if my current setup is optimized. Someone at work mentioned Merrill Edge and said they have good tools for managing retirement accounts. I'm not sure if switching would actually benefit me or if I'm just overthinking this and should leave things as they are.

The main thing I'm worried about is fees and whether Merrill Edge would actually give me better returns or if they're just going to charge me more money for the same results. I also don't want to deal with the hassle of transferring everything if it's not going to make a real difference. I'm not an investment expert so I'm not sure what I should even be looking for when evaluating whether a platform is good. Has anyone actually used Merrill Edge for retirement savings? Did you see a real benefit from switching or do you regret the move?

My cousin has been pushing me to join Amway for months and keeps talking about how much money she's making and how it's a legitimate business opportunity. But every time she talks about it, something feels off. Like she keeps emphasizing how I need to recruit other people and buy inventory and attend meetings. That sounds exactly like a pyramid scheme to me but she insists it's not.

I've tried looking it up online and I'm finding a lot of negative stuff about Amway but also some people defending it. I don't want to accuse my cousin of being involved in something sketchy but I also don't want to waste my time and money on something that's not legitimate. The whole thing just feels predatory to me, especially the way she's pushing me to join. Has anyone actually been involved with Amway or know someone who was? Is it actually a real business or is it definitely a pyramid scheme like it seems?

I was comparing high-yield savings accounts and BrioDirect came up with a competitive rate. I looked them up and they seem legitimate and FDIC insured but I can't find much information about them online. There's barely any reviews which makes me wonder if they're too new or if people just aren't using them for some reason.

I'm trying to figure out if the slightly higher interest rate is worth the risk of banking with a company I've never heard of. Like what if they go under or what if their customer service is terrible and I need help with my account? I also don't know how their online banking platform works or if it's user-friendly. Has anyone actually used BrioDirect? Is it a solid place to keep your savings or should I stick with a more established bank?

Wondering where would be good to park some funds, and still make some money off of it. I've seen American Express savings at 3.5% and Vanguard at 3.7%? Would like to access funds if needed, low fees would be great, Vanguard is wanting me to do a brokerage account but not sure of fees (seems to be $200 per quarter) seems little steep? thx

I keep seeing people online talk about having months of savings, investing every paycheck, or making extra cash on the side. Meanwhile I'm over here hoping nothing unexpected happens because I've got maybe $300 left in my account on a good week. I don't really spend money on expensive stuff either. Most of my paycheck goes to rent, bills, groceries, gas, and that's pretty much it. By the time the next payday comes around I'm starting over again. It honestly makes me wonder how so many people seem to have everything figured out. Are people actually saving that much, or am I just seeing the highlights? Sometimes I feel like I'm doing something wrong even though I'm trying to be responsible. Anyone else feel like they're just staying afloat no matter how hard they try? I'd love to know I'm not the only one dealing with this.

My grandpa died unexpectedly and knew he wanted to give my son his motorcycles and randomly mention “oh no, what would I leave (my daughter) I guess I’ll leave my truck for her.

He purchased the truck about 2 years before he died so it’s worth significantly for than the motorcycles. My daughter (15) has no interest in driving a truck so agreed to sell it to my son (19) for $10k. She also has little interest in driving because she knows she’ll have to pay car insurance, her brother always had to, so it’s only fair.

We’d like a high yield savings account (one she’s.. well, I am able to take money from whenever, in case she wants a car sooner). So that my son can drop like $5k in and hopefully the interest builds a nice chunk before she decides to drive. We’re assuming that will be around age 18. With school and her athletic schedule, it would be hard to even fit drivers training in, at the moment.

I offered to help him where I can, but I am certainly not rich. Every time he’s able to make a payment over $100 to the account, I will also put money in.

Any suggestions on such an account?

I appreciate the help! I did not grow up with any Finacial education, unfortunately. I’m learning as I go! 40 and still learning!

UPDATE 2: holy crap! Idk how so many think my daughter is going to be shorted. SHE WILL GET HER $10k. No shorting her in any way shape or form. I’m so thankful my inheritance was only a giant blow up Halloween spider! Which I love btw!!

I’m beyond proud that my children don’t look at this gift from their grandpa as just a damn money grab.

She wants her brother to have the truck and also would like the $10k. She will get her $10k. She just happens to see her grandpas gift as more than just monetary. I’m thankful I raised thoughtful, loving children, not greedy weasels.

I’ve seen other families destroyed by the greed inheritance brings… some of the comments alone show this.

Geez I was only asking for the best HYSA

UPDATE: I 100% would never intend to rip off my daughter. We all are very close. I was just trying to think of the best way to go about her savings.

My son has at least $5k in savings and his Silverado is worth a few grand. He’d probably be selling his Silverado within two weeks so she’ll basically start out with $9k there. Definitely would have $10k by the time she finishes drivers training (would be able to start next February, then the 9 months to take her drivers test).

Ive seen what inheritance can to do to families and I think it’s in our best interest, to sell the vehicles (truck and motor cycles) at value and split. They are in my name.

The motor cycles are sentimental, so I assume my father will actually probably be willing to buy those. Actually, he’ll probably buy the truck, too! Win win!

hi all - I have a HYSA at SoFi but recently hit the FDIC insurance $250k max. Is it unwise to continue depositing savings into the account? should I open a Capital One account to supplement it? I’m reading mixed things about whether FDIC insurance maximums are really meaningful when you’re saving with a “brick and mortar” bank (the classics) and less clear how risky it is with one of the start-ups like SoFi.

Thank you

I am 18 years old and will be heading to college in a few months. Last year I had my parents open me an account at EverBank, as they had a 4.3% (I think) APY. It also was attractive to me because they have brick and mortar locations where I live (Florida). However, they ended up dropping their rate down to 3.9%, so I decided to switch to PiBank. They had a 4.6% APY, so it felt like a no-brainer. However, now their rate has dropped down to 4.1%. And, when I check my EverBank account (I’m still in process of moving money to PiBank), it says my APY is 3.45%.

Here’s what I have as the pros and cons for each one:

EverBank:
Pros: ACH transfers, can visit brick and mortar locations, can access on computer
Cons: Lower APY

PiBank:
Pros: Higher APY
Cons: App only (glitchy), can only transfer out via wire (my receiving banks charge fees)

What do you guys think is best? I’m leaning towards going back to EverBank because of ACH transfers and physical locations, but it would kinda suck getting less money. Thank you!

Update: I've decided to send my money back to Everbank.

I keep seeing wildly different numbers on this. some people say you need 6 months of expenses saved up before you even think about signing a lease, other people say 3 months is plenty, and then there's people in the comments saying they moved out with like 800 bucks and figured it out as they went. for anyone who's actually done this already, what did you really have in the bank when you signed your first lease. and honestly, once you were in it and paying your own bills every month, did it feel comfortable or were you white knuckling it those first few months. i'm not trying to hear the ideal scenario advice, i want to know what it was actually like for real people

After all my bills are paid. Putting $300 into a Roth. 15% in my 401K and I’m maxing out HSA. I’m dumping extra funds into this account. What I’m curious is would you continue to use HYSA to get guarantee return or just plug the lump sum plus my extra money per month into a ETF?

I've had my money in the same savings account for years and the interest rate is embarrassing at this point. I know online banks have better rates but there's so many options and I don't know how to compare them. I'm not looking to move money around constantly I just want somewhere safe where my money can actually earn something while I'm saving for a house down payment.

The main things I care about are that it's FDIC insured, the interest rate is actually competitive, and I won't wake up one day to find out the company changed their terms or started charging random fees. I've heard good things about Marcus and Ally but I'm not sure if those are actually the best or if I'm just hearing about them because they advertise more. I also don't need fancy features, I just need a place to park my money. What online bank are you using for savings and would you actually recommend it? Are there any that you'd avoid or that have hidden problems I should know about?

I got a mailer from First Convenience Bank with some promotional offer and I looked them up but I don't know anything about them. They seem to be a regional bank which makes me wonder if they're actually stable or if I should stick with something more established. I don't want to move my accounts somewhere and then have them get bought out or go under. I checked and they're FDIC insured so that's good but I'm still hesitant about switching from my current bank. The promotional offer looks decent but I'm wondering if there's a catch or if the rates go back to normal after a few months. I also don't know how their customer service is or if they have good online banking since I mostly do everything on my phone. Has anyone actually banked with First Convenience Bank? Is it a legitimate place to keep your money or should I avoid it?

I've been looking at online banks for my savings and Bask Bank has one of the highest interest rates I've seen. That makes me suspicious because usually if something seems too good to be true it is. I looked them up and they seem legitimate and FDIC insured but I've never heard of them before so I'm nervous about moving a significant amount of money there.

The rate they're offering is actually really competitive compared to Marcus and Ally which makes me wonder what the catch is. Is there some hidden fee I'm not seeing or do they just have lower overhead costs? I'm also wondering how reliable their customer service is if something goes wrong with my account. Has anyone actually used Bask Bank for their savings? Is it worth switching to for the higher rate or should I stick with a more established bank?

I was looking at financing options for something I want to buy and Bread Savings kept coming up. I'm not really sure what it is though. Is it like a regular savings account or is it some kind of credit product? The marketing is confusing and I don't want to apply for something without understanding what I'm actually getting into. From what I can tell it seems like it's connected to financing but I'm not clear on how it works. Is it worth looking into or should I just stick with my regular bank?

www.marcus.com/referrals

I’m tryna open a HYSA because I have a lot of money in my chase savings but it’s only 0.01% interest rate. And I’ve been tryna research the best bank, I came across vio but I always have my concerns, and I was wondering if this is a good bank. Anyone have problems using it or any catches I should be aware of? Thanks