If you're looking to start your financial journey, one of the best things you can do is open a high-yield savings account (HYSA). An HYSA is a type of savings account that offers a higher interest rate than traditional savings accounts. This means that your money will grow faster in an HYSA, which can help you reach your financial goals sooner.
Why Open an HYSA?
- HYSAs offer higher interest rates than traditional savings accounts. This means that your money will grow faster in an HYSA, which can help you reach your financial goals sooner.
- HYSAs are FDIC insured. This means that your money is protected up to $250,000 in case the bank fails.
- HYSAs are easy to open and use. You can usually open an HYSA online in just a few minutes.
How to Choose a HYSA
There are a few things to keep in mind when choosing an HYSA.
- First, you'll want to compare interest rates. The interest rate is the most important factor, as it will determine how much your money grows.
- Second, you'll want to consider the fees. Some HYSAs have fees, such as monthly maintenance fees or ATM fees. Make sure to choose an HYSA that has no fees or low fees.
- Third, you'll want to consider the features and perks. For example, Marcus by Goldman Sachs has an HYSA with 4.30% APY and no fees, ONE Bank has an HYSA where you can earn up to 5.00% APY, and Bask Bank Mileage is a good option for earning airline miles.
- Lastly, always make sure the bank you choose is FDIC insured. To determine whether a bank is FDIC insured, ask a bank representative, look for the FDIC sign at the bank, call the FDIC at 877-275-3342, or use the FDIC's BankFind tool.
Opening an HYSA is a great way to start your financial journey. HYSAs offer higher interest rates than traditional savings accounts, which means that your money will grow faster. HYSAs are also FDIC insured, so your money is protected in case the bank fails.
If you're looking to start your financial journey, we encourage you to open an HYSA today. It's a simple step that can make a big difference in your financial future.
