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Top 5 High Yield Savings Accounts (HYSA)
Are you looking for a safe place to stash your hard-earned cash? Look no further than high-yield savings accounts (HYSAs)!
These online-based accounts offer significantly higher interest rates than traditional brick-and-mortar banks, allowing your money to grow faster.
What are the benefits of a HYSA?
HYSAs are the perfect place to store money for a rainy day, a big purchase, or just your emergency fund.
Unlike big banks that provide meager interest, these online-only accounts have low overheads, enabling them to pass on higher yields to customers.
What are the top 5 HYSA options?
- Marcus by Goldman Sachs: Offering a 1.7% APY with no minimums or fees, Marcus is a great choice. The only downsides are the lack of checking accounts and ATM access.
- Ally Bank: One of the most popular online banks, Ally currently offers a 1.85% APY. Enjoy no overdraft fees and access to over 40,000 ATMs if you have a checking account.
- American Express: Known for credit cards, American Express also has a savings product with a 1.65% APY. Keep an eye out, as rates may increase as the Fed continues to raise interest rates.
- Barclays Bank: This UK-based brand offers a competitive 1.8% APY on its online-only savings accounts, though you’ll have limited branch and ATM access.
- Discover Bank: Discover’s savings account boasts a 1.7% APY, along with great mobile banking tools and the option to bundle with other Discover products.
What else should I consider?
Remember, all of these banks offer FDIC insurance up to $250,000, so your money is safe. However, if you’re on an F1 visa or OPT, you may face some restrictions in opening these accounts. H1B visa holders should have no issues.
Also, don’t get too caught up in chasing the highest rates.
Focus on finding a reliable bank with good service and features that fit your needs. A 0.2% difference in APY isn’t worth the hassle of constantly switching accounts.
Ready to start growing your savings?
Explore these top HYSA options and find the one that’s right for you!
