High Yield Savings Accounts: What They Are + Comparing The Best
The information provided in this blog post about high yield savings accounts is for informational purposes only and should not be considered as financial advice. The author of this post is not a professional financial advisor, and the content presented here is based solely on personal opinions, experiences, and research. This blog post may contain affiliate links, which means that I may earn a commission if you click on the link and make a purchase, at no extra cost to you. Please note that I only recommend products or services that I personally use and believe will add value to my readers.
High Yield Savings Accounts, or HYSAs, are all the rage.
But what are they? How do they work? Which one is the best?
It can get overwhelming, but do not fear!
I will explain it all and compare the best HYSAs in this post so that you can confidently open your HYSA and begin making your money work for you!
In this post, we are going to go over:
- What Are HYSAs?
- Why HYSAs Are Better Than Regular Savings Accounts
And we will be comparing the top 5 HYSAs (in no particular order):
- Capital One 360 Performance Savings
- SoFi Checking & Savings Account
- Discover Online Savings Account
- Marcus By Goldman Sachs Online Savings Account
- Ally Savings Account (my personal favorite!)
Plus, at the end of this post, there is an exclusive offer for my Beginner’s Budget Blueprint course because you must have a solid budget in place if you want to stack your savings, so stay tuned!
What Are High Yield Savings Accounts
High Yield Savings Accounts are savings accounts with higher interest rates than regular ones!
Usually, these accounts also have low fees and are simple to open!
Why HYSAs Are Better Than Other Savings Accounts?
HYSAs are better than regular savings accounts for many reasons, including the ones I mentioned above, plus…
HYSAs have interest rates up to 10 times the national average of regular savings accounts!
The accounts are usually online, requiring less overhead than banks with local branches, thus allowing for these higher rates! ( + You never have to go to a branch ever again!)
With higher interest, you earn more money in high-yield savings accounts, but you also can reap the benefits of compound interest, which means you can make money on the interest you are earning!
I have only ever used a High Yield Savings account due to these benefits.
Because I want you to make your money work for you, I have gathered the top 5 most recommended and BEST High Yield Savings Accounts below.
Comparing The Best 5 High Yield Savings Accounts
In this next section, we will be comparing these top 5 HYSAs (in no particular order):
- Capital One 360 Performance Savings
- SoFi Checking & Savings Account
- Discover Online Savings Account
- Marcus By Goldman Sachs Online Savings Account
- Ally Savings Account
I have also listed their best features, interest rates (or APY), minimum balances, and fees, + I have given you links so you can open your HYSA TODAY! (Please note these rates are subject to change over time and may not be up to date in this post.)
Capital One 360 Performance Savings
While I’ve never had the 360 Performance Savings Account, I have had a credit card with Capital One for a long time, and I have always loved their user-friendly app and all the tips and benefits that Capital One has for their customers!
Capital One also has checking accounts that make transferring money a breeze!
Interest Rate: 3.50%
Fees: $0
Minimum Daily Balance: $0
Minimum To Open: $0
Click Here To Open A Capital One 360 Performance Savings Account
SoFi Checking & Savings Account
I have heard lots of great things about SoFi and the features they offer!
Some of SoFi’s features include:
- Bonuses for direct deposits!
- Roundups feature that automatically rounds up your purchases and sends them to your savings!
- When you open a savings account, you will receive a bonus-free checking account with 0.50% interest!
One small catch: You MUST have a direct deposit set up to have no fees on your SoFi account! Otherwise, SoFi is a great option, especially if you need a checking and savings account!
Interest Rate: 3.80%
Fees: $0 with Direct Deposit
Minimum Daily Balance: $0
Minimum To Open: $0
Discover Online Savings Account
I won’t lie; I know little about Discover and their savings accounts. However, I have heard many people recommend them in the finance groups I’m a part of!
Definitely do your research and find out if it’s a good fit for you!
Current APY: 3.50%
Fees: $0
Minimum Daily Balance: $0
Minimum To Open: $0
Marcus By Goldman Sachs Online Savings Account
I have heard raving reviews about Goldman Sachs’ Marcus Online Savings Account!
Not only do they have same-day transfers for easy accessibility, but they also give great referral bonuses!
Current APY: 3.65% (+1.00% for referring a friend!)
Fees: $0
Minimum Daily Balance: $0
Minimum To Open: $0
Click Here To Open A Marcus By Goldman Sachs Online Savings Account!
Ally HYSA
In my opinion, Ally has THE BEST High Yield Online Savings Account.
I have been with Ally for as long as I can remember; I have had loans, investment accounts, and my HYSA through Ally.
I love how easy the website and app are, the customer service has always been excellent, and the best part of their savings account is the BUCKETS feature!
Ally’s HYSA allows you to set buckets, or categories, in your account to disperse your savings without needing separate accounts.
We have used this feature for SO MANY THINGS! From our emergency fund to sinking funds to personal goals–I love the bucket feature!
If none of the other banks stood out to you, I highly recommend opening an Ally account today!
Current APY: 3.50%
Fees: $0
Minimum Daily Balance: $0
Minimum To Open: $0
Make Your Money Work For You TODAY!
It’s important to stress that having a budget that works for you is VITAL to having money available to put in your HYSA.
If you want to save lots of money, accomplish your goals, and live the life of your dreams, it is a MUST that you have a personalized and realistic budget in place.
Since my husband and I became serious about budgeting and learned how to make our budget work for us, we’ve paid off over 30K in debt in less than one year!
The peace and contentment that comes with having your bills on autopay, knowing you can afford minor emergencies that arise, and knowing you are making a lasting change in your life is unmatched.
It’s freeing. And I want you to feel that way too!
Because I believe in this budgeting method SO much and want to help others get out of debt, build wealth, and create the lives of their dreams, I have launched my course, the Beginner’s Budget Blueprint, to dive deeper into budgeting to help you do just that!
In this course, I take you step-by-step through overcoming your false money beliefs, setting your financial goals, organizing your finances, creating your budget, staying consistent with budgeting, and SO. MUCH. MORE!
If you’re ready to improve your finances, learn how to budget, get out of debt, have a fully funded high yield savings account, and create your dream life, you need my Beginner’s Budget Blueprint course!
BEGINNER'S BUDGET BLUEPRINT
Learn how to budget step-by-step with 4 modules, over 15 video lessons, a 40 page course workbook, + budgeting spreadsheet!
I hope you found this post valuable and are ready to build a budget to help grow your high yield savings account!
Open your HYSA today!
- The Complete Beginner’s Guide to Budgeting for Success!
- How To Save Your First $1,000 In 7 Simple Steps
- How We Paid Off 30K Of Debt In One Year Using The Debt Snowball
