I always thought that your money should always be working a lot harder than you; like an employee of yours.
There are several ways for you to make this happen, but today we are going to look at HYSA(High yield saving accounts).
Out in the wild there are a lot of accounts that you can open but for today I will give you a list of my personal accounts I would recommend for friends and family.
Keep in mind the rates are subject to change.
Wealthfront – 4%
Capital one – 3.5%
American Express – 3.5%
SoFi – 3.8-4.5%
You might ask yourself, “Why should I open a new savings account when I already have one with a bank, like Wells Fargo or Bank of America?”. With those banks they offer about 0.01% but it could range higher although usually less than 1% compared to the ones mentioned above.
Just a quick visual:
With a 0.01% a $1,000 dollars will yield you 10 cents
with a 3.5% a $1,000 dollars will yield you $35