High Yield Savings Account - 7 Things to Know Before Opening an HYSA
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High Yield Savings Accounts (HYSA) can be a good way to earn some extra money on the cash you have sitting in the bank. However, they do come with some red flags that you should know before you open up an account. This video will cover everything about HYSA's from why their interest is higher than the normal savings account, why the interest rates might be too good to be true, and which are the best high yield savings accounts according to reviews!
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Chapters:
00:00 Things to Know Before Opening a HYSA
00:19 HYSA Not for Long Term Investment
01:29 HYSA Are Not for Spending
02:34 What HYSA Are Best for
03:49 HYSA and Taxes
04:09 Read the Fine Print
06:23 Should You Open Multiple HYSAs?
07:21 Are HYSAs FDIC Insured?
08:14 What HYSA is Best for You?
08:56 Top High Yield Savings Accounts
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Disclaimer: APYs mentioned in this video are accurate as of the time of recording but are subject to change at any time. Always check with the bank or provider for the most up-to-date rates. Some of the links in the description are affiliate links, which means we may earn a commission if you sign up through them, at no extra cost to you.
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Thoughts on Capital Ones HYSA? I’ve heard good things about them
The biggest factor most people overlook with HYSAs is the state tax drag. Under 31 U.S. Code § 3124, Treasury Bills are 100% exempt from state and local income taxes. If you live in a state like California (9.3%) or New York (6.85%), an HYSA advertising 5% is effectively yielding under 3.4% post-tax. Meanwhile, a 4-week T-Bill ladder lets you capture the direct wholesale government yield without handing the bank their 2% net interest margin spread.
This is incredibly helpful. Thank you!
I haven't applied for one yet because I JUST DON'T KNOW what's going on😭
I'd rather wait and be safe instead of lose everything or find a bad partner for life.
Credit ninja is a scam 😂 they will rob you
Great breakdown! If anyone’s comparing HYSAs right now, BankTruth has a clean side-by-side of the best rates and perks.
A savings account is not a job and therefore it is not actually income, now I don't do the savings account game so don't rag on me about it but that's the way it works.
This is a useful video! I wanted to add: check with credit unions around your state.
I currently have money in 3 credit unions that are giving very high interest in checking accounts. 1 gives 8% on the first $5000 (!), 1 gives 5% on the first $25,000, and the other gives 5.5% on the first $25,000.
Each requires a certain amount of debit transactions per month, but I am willing to do a bit of legwork for that. I keep $5k in the first because the interest drop off is steep after that. 1 of the other accounts is for holding funds that pay credit cards in full each month and I am using the other for sinking funds.
These are all credit unions with long histories and I feel good about keeping some of my money in the community.
Every area will differ of course, but it is might be worth looking into.
Yes i am looking for one saving account. You guideline is totally helpful ❤