The Best Place For Your Money To Make Money

The best high yield savings accounts (currently, anyways).

Opening a high yield savings account is the #1 money tip I hear from financial advisors and accountants. They've only gotten more attractive as savings account interest rates have now skyrocketed to 20+ year highs.

This is post is pretty straightforward because the last thing you need is some long winded comedic story about where your money can make the most money by just sitting there. So below you'll find the best high yield savings accounts on the market today that I could find.

But don’t stress too much over picking one. They are all very similar and you’re not going to go majorly wrong with any of them. Just keep in mind the interest rate can change over time, so it’s good to check it occasionally.

Vanguard

Their money market funds are running 5.05% (VUSXX). Pretty fast moving money between bank checking account and vanguard. Just understand that you lose FDIC insurance with this option. You don't really need it, since the fund is only buying treasury securities anyway, but it is a level of protection that you lose (in exchange for an extra .5-1% more interest).

Ally Bank

Ally is an online only bank that has a popular HYSA. Ally also has this “buckets” feature which many people like - you can set aside funds for 1-time payments and label them. Still sits there and collects interest, reduces burden on you to remember that “although there is 20k in the account, 1k of that is for Christmas presents”, etc. Just be sure you don't care about them probably not having a physical location you can go to. But I hear their app is good enough to where you never really need a reason to go into a physical bank though.

Sofi

I personally use SoFi which has up to 4.6% APY, they have a checking and savings account with free overdraft protection. So I keep all my money in my savings to get 4.6% and charge everything to my checking, that way I get 4.69% on all my money. They don’t have limits on withdrawals from savings accounts you can just leave your checking account at zero and have it overdraft from your savings account.

Other features I like are vaults, autopilot, and the two day early paycheck. They also currently offer a cash bonus if you sign up and open a savings or checking account using my referral link.

Other options

Amex, Marcus by Goldman, are all in the same ballpark and pretty good. There are some special deals you can get with specific banks and credit unions but it requires you to maintain certain conditions (such as direct deposit monthly, minimum account balance, etc).

Alright, go forth and save!

XO

Eden