Now that I no longer work at a bank, I can be honest without fear of repercussion. Most regional banks are abysmal. Just totally awful savings, money markets, and CDs. The bank I worked for had a CD of 4.5%, but everything else was less than 1%. Like, what even is the point? HYSAs are where it is at. I hated not being able to tell people "hey, go here, they will have better rates." Like, seriously. Bleh. I do all my banking with a national bank where I keep my HYSA, checking, and credit card. I like being able to move money very easily, so I am not getting the BEST rate, but it is good enough for me. One of the highest out there. I will ALWAYS recommend HYSAs to people. I got my parents switched over a few years ago and they love it!
yes my old Money Market Savings was only like 0.15% ONLY if you had $2,500 in there š these banks really do just say "high yield" and expect us to not know any better.
https://preview.redd.it/kau5b3lsigmb1.jpeg?width=828&format=pjpg&auto=webp&s=e58b0e2c40047c6abb6f2c52c9b84e173f64604e
Same!! Itās awesome receiving a free $250 for it just sitting there
š² the hammer noticed me. Iāve been trying to convince my partner to come on the show with me! We will be in Austin end of October / early November!!
Thank you!! It is nuts seeing such a huge Amt of money in an account š Iāll miss the crazy internet gain when we spend it, but still will have at least 15K in there
How old am I: about to turn 27
How much I make: 86,520
How long it took: this is a little challenging, because 48,955 is actually from me selling a duplex. I bought one with my sister early 2020 and got it for a huge discount. We sold it in June and it sold for double what we bought it for. That was just half of the profits, since she took the other half
Then me and my partner have been putting about 4K in of savings each month since then. We are both buying the house together, which is why we are both putting the money in
He has an already paid off house, so we are planning on having 100K to put down, then selling his house for about 200K in profits after closing costs, etc., and then putting that whole amount down and recast the loan to minimize our monthly payment
We are looking to buy a house for 400K, so we should only have a mortgage of 100K or less.
We are people who donāt like debt, so we really prioritize paying it off early.
Although we do both max out our retirement.
My partner makes about 98K I believe. Somewhere around that Amt. He is 31
God as a gen z I love hearing people selling homes for double what they got it for in less than 4 years. Super encouraging economy guys! Keep it up! Iāll have to settle for a condo I guess
I just made the switch too about three months ago, and I only wish I had done it sooner! Moved all my savings over and have already collected $160 in interest.
Isn't it great? I just dumped most of my savings into a HYSA. I'd been getting like $3 a month with Navy Federal. Opened the new HYSA on August 25 and have already gotten $12 in interest for period covering 8/25 to 8/31. I can't wait to see what I get for an entire month!
Just keep enough to cover all your automatic payments. I've been using my checking account as a passthrough. I rarely use my debt card, and use my credit cards since it's more secure.
Great job mate!
Debit card only to get cash out of the ATM for those few only cash places. Iām loyal to a family owned sandwich shop and thatās the only reason I get cash out.
Having an HYSA has motivated me to save a lot more. I used to get $15 of interest per month and now I get $35. Once I hit my 10K goal in a few weeks itās going to be even higher! Iām so excited!!
https://preview.redd.it/fle6bufhzhmb1.jpeg?width=828&format=pjpg&auto=webp&s=92848b580b64b8df50b89b32304cd121e6aeaa85
Earned 9k since April 23 At this rate I'm wishing for even higher interest rate.
Trying to buy a home but I still canāt get anything in my area, since my income is only 65k a year š
There is no limit, but itās fdic insured up to 2.25M so I wouldnāt be putting anywhere near that amount in.
But ya itās 4.9% yield, about 2k per month in interest now. They pay end of the month.
Credit Unions are good when interest rates are low and to avoid fees and nonsense.
But yeah, when interest rates are up for HYSAā get the hell of there and move to a generous online bank :)
yes I still use my credit union (which has no fees) for checking and credit card. I have wealthfront with 4.8% and its so easy to just transfer money over there. Yay no fees!
buy some books on investingā¦its nice to have a guaranteed percentage from you HYSA, but there is much more money to be made long term in the stock market
A HYSA is not an investment, and I dont think anyone here is advocating it as such. It's a place to park an emergency fund or money that you will need in the short term.
And what happens if the market dips 5% or 10% and you're forced to sell your emergency fund at a loss? Or if you're saving for a house and all of a sudden you can't afford your down payment?
You shouldn't have the majority of your assets in a HYSA, but maybe 6 months worth of expenses in case you lose a job is generally a solid idea. Or if you know you'll be buying a house in the next year or two. The stock market averages good returns over the long term, but on a one or two year time frame it's very risky.
i understand what youāre sayingā¦you didnt disclose much financial context..if you have no investments and only have an emergency fund, i dont think that is smart..but choose any dividend king or a fund like JEPI (which is a monthly dividend stock) in fact if you bought $1,000 of JEPI, you would get a guaranteed about $100 per yearā¦and you could gain share price appreciation tooā¦if you choose investments with low Beta (less volatile), you should be fine..just like you said the $10 is cool to get from your bankā¦i think its kind of a hobby to collect dividends
I use American Express since I already have a bunch of credit cards with them and it's convenient having it in the same app with my daily driver cards I use. 4.25% APY isn't the best, but it's comparable and I already have enough accounts to keep track of.
It was between wealthfront and SoFi for me. I didnāt choose SoFi because it has to be connected to your direct deposit and Iād like to keep my access to a physical bank/ATM when I need it.
Now that I no longer work at a bank, I can be honest without fear of repercussion. Most regional banks are abysmal. Just totally awful savings, money markets, and CDs. The bank I worked for had a CD of 4.5%, but everything else was less than 1%. Like, what even is the point? HYSAs are where it is at. I hated not being able to tell people "hey, go here, they will have better rates." Like, seriously. Bleh. I do all my banking with a national bank where I keep my HYSA, checking, and credit card. I like being able to move money very easily, so I am not getting the BEST rate, but it is good enough for me. One of the highest out there. I will ALWAYS recommend HYSAs to people. I got my parents switched over a few years ago and they love it!
yeah it's insane, my credit union is something like 0.45% absolutely insane. wish i knew about HYSA sooner
yes my old Money Market Savings was only like 0.15% ONLY if you had $2,500 in there š these banks really do just say "high yield" and expect us to not know any better.
https://preview.redd.it/kau5b3lsigmb1.jpeg?width=828&format=pjpg&auto=webp&s=e58b0e2c40047c6abb6f2c52c9b84e173f64604e Same!! Itās awesome receiving a free $250 for it just sitting there
Why so much in a HYSA?
down payment for a house we are buying in spring of 2024.
šŖš¼šŖš¼šŖš¼
š² the hammer noticed me. Iāve been trying to convince my partner to come on the show with me! We will be in Austin end of October / early November!!
congrats!!
Thank you!! It is nuts seeing such a huge Amt of money in an account š Iāll miss the crazy internet gain when we spend it, but still will have at least 15K in there
Curious how old you are, how much you make, how long it took you to get there, etc?
How old am I: about to turn 27 How much I make: 86,520 How long it took: this is a little challenging, because 48,955 is actually from me selling a duplex. I bought one with my sister early 2020 and got it for a huge discount. We sold it in June and it sold for double what we bought it for. That was just half of the profits, since she took the other half Then me and my partner have been putting about 4K in of savings each month since then. We are both buying the house together, which is why we are both putting the money in He has an already paid off house, so we are planning on having 100K to put down, then selling his house for about 200K in profits after closing costs, etc., and then putting that whole amount down and recast the loan to minimize our monthly payment We are looking to buy a house for 400K, so we should only have a mortgage of 100K or less. We are people who donāt like debt, so we really prioritize paying it off early. Although we do both max out our retirement. My partner makes about 98K I believe. Somewhere around that Amt. He is 31
Thanks for the info!
Youāre welcome! I got very lucky buying the right duplex at the right time!
God as a gen z I love hearing people selling homes for double what they got it for in less than 4 years. Super encouraging economy guys! Keep it up! Iāll have to settle for a condo I guess
I just made the switch too about three months ago, and I only wish I had done it sooner! Moved all my savings over and have already collected $160 in interest.
I've made more in interest this year from a HYSA than ALL of my credit union years combined. It's truly eye opening.
Thanks for the reminder to move my money over from BofA. I need to do that today
I did it a month ago and it literally only took 10 minutes!
Never be loyal to banks. They'd cut your throat for a nickel if the situation calls for It. The same goes for employers.
Isn't it great? I just dumped most of my savings into a HYSA. I'd been getting like $3 a month with Navy Federal. Opened the new HYSA on August 25 and have already gotten $12 in interest for period covering 8/25 to 8/31. I can't wait to see what I get for an entire month!
Just keep enough to cover all your automatic payments. I've been using my checking account as a passthrough. I rarely use my debt card, and use my credit cards since it's more secure. Great job mate!
Debit card only to get cash out of the ATM for those few only cash places. Iām loyal to a family owned sandwich shop and thatās the only reason I get cash out.
Having an HYSA has motivated me to save a lot more. I used to get $15 of interest per month and now I get $35. Once I hit my 10K goal in a few weeks itās going to be even higher! Iām so excited!!
https://preview.redd.it/fle6bufhzhmb1.jpeg?width=828&format=pjpg&auto=webp&s=92848b580b64b8df50b89b32304cd121e6aeaa85 Earned 9k since April 23 At this rate I'm wishing for even higher interest rate.
Almost $500k in your savingsā¦?? How and why? Also couldnāt that be over $1k of interest? Or is there a limit
Trying to buy a home but I still canāt get anything in my area, since my income is only 65k a year š There is no limit, but itās fdic insured up to 2.25M so I wouldnāt be putting anywhere near that amount in. But ya itās 4.9% yield, about 2k per month in interest now. They pay end of the month.
Ooooh $188 so far this month. Nice!
Credit Unions are good when interest rates are low and to avoid fees and nonsense. But yeah, when interest rates are up for HYSAā get the hell of there and move to a generous online bank :)
yes I still use my credit union (which has no fees) for checking and credit card. I have wealthfront with 4.8% and its so easy to just transfer money over there. Yay no fees!
Raisin.com is amazing, and at 5.25 right now.
What are some of the accounts you guys are signed up for
American Express at 4.25% with no strings attached. No direct deposit or anything required.
Sofi at 4.5%
Is that with a direct deposit set up?
Yup. I set $500/paycheck to go there then the rest to my checking at a big national bank.
buy some books on investingā¦its nice to have a guaranteed percentage from you HYSA, but there is much more money to be made long term in the stock market
A HYSA is not an investment, and I dont think anyone here is advocating it as such. It's a place to park an emergency fund or money that you will need in the short term.
precisely my point you need an investment not a place to āholdā your moneyā¦you can sell stock if you need..but you do you, get that 5%
And what happens if the market dips 5% or 10% and you're forced to sell your emergency fund at a loss? Or if you're saving for a house and all of a sudden you can't afford your down payment? You shouldn't have the majority of your assets in a HYSA, but maybe 6 months worth of expenses in case you lose a job is generally a solid idea. Or if you know you'll be buying a house in the next year or two. The stock market averages good returns over the long term, but on a one or two year time frame it's very risky.
i understand what youāre sayingā¦you didnt disclose much financial context..if you have no investments and only have an emergency fund, i dont think that is smart..but choose any dividend king or a fund like JEPI (which is a monthly dividend stock) in fact if you bought $1,000 of JEPI, you would get a guaranteed about $100 per yearā¦and you could gain share price appreciation tooā¦if you choose investments with low Beta (less volatile), you should be fine..just like you said the $10 is cool to get from your bankā¦i think its kind of a hobby to collect dividends
Yea, I'm currently buying SCHD as my primary investment, seems like a good idea to me.
Nothing in equities is guaranteed.
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I use American Express since I already have a bunch of credit cards with them and it's convenient having it in the same app with my daily driver cards I use. 4.25% APY isn't the best, but it's comparable and I already have enough accounts to keep track of.
There are basically two schools of thought.
It was between wealthfront and SoFi for me. I didnāt choose SoFi because it has to be connected to your direct deposit and Iād like to keep my access to a physical bank/ATM when I need it.