[Debra]

Looking for recommendations for a high yield savings account. We have about 17,000 to put in it right now. It needs to be liquid.

We are very new to all of this. I heard about these accounts.

Can you please recommend a good one?

[Ben]

Don’t need to overthink it. Any credit card issuer has a good HYSA.
AMEX, Capital One, Discover, etc.

[Akhlaq]

Not an HYSA, but recently discovered SGOV which holds ultrashort term US T bills so it’s low risk and yields above 4%

[Megan]

Sofi gives 3.8% decent. Can have a debit to quick transfer if you need, connected.

[Winston]

Open up a fidelity cash management account (CMA). Once you open it, you can set your sweep/core position to one of two money market fund options:
SPAXX
FDLXX

SPAXX has a slightly higher 7-day yield at 3.98%, whereas FDLXX has a 7-day yield of 3.90%.

The difference between the two is that FDLXX is a treasury-only money market fund whereas SPAXX contains non-treasury indices too.

The consequence of this is that if you live in a state which has state income tax (e.g. California, Michigan, Massachusetts, and others), then any interest you earn will be taxed by the state, if the interest is earned from non-treasury sources.

So, if you live in a state which has state income taxes, then FDLXX might be the better choice to set your core position to, since FDLXX consists entirely of treasury indices.

This means that the interest you earn will be state-tax exempt. So even though SPAXX has a higher yield, part of that yield will be subject to state income taxes, hence making the EFFECTIVE yield lower than the yield of FDLXX.

However, if you live in a state without state income tax, then the above analysis doesn’t hold and so you should go with SPAXX, since it has a higher yield.

Note that the interest you earn from other banks like Marcus, Ally, American Express, etc will also be subject to state income taxes (if you live in a state which has that), so this is why I prefer Fidelity’s FDLXX money market fund over the more widely-used HYSAs from various banks.

With FDLXX, not only are you getting really good interest rates, but you’re also saving money in income taxes (again, assuming that you live in a state with state income tax).

You don’t have to have a minimum deposit amount for the CMA, and they won’t charge you monthly fees. It’s free to open and free to maintain.

[Mitchell]

If you have Fidelity, just open an individual (or Joint) brokerage account and keep it there.

Many simple choices there.

[Jesse]

If you have the Apple credit card, Apple offers you a savings account.
It is sitting at 3.75% APY right now. (Better than CapOne at 3.6% or AmEx at 3.7%)

I like that I have both services in the same app (Wallet on iPhone).

This includes no monthly service fees, minimum balance requirements, no cap on transfers or fees for withdrawing funds.

You can transfer money from the savings account to your Apple Cash or a linked external bank account without any charges almost instantly.

Sure, I could open a Sofi account for up to 3.8% APY. But I would rather not have another account/company to keep track of.

I opted to automatically deposit my Daily Cashback to my savings. I’m still learning, but I think this is a great option! :))

I noticed most “Top 10 savings accounts of 2025” websites don’t even mention it at all despite its competitive rates, why is that?

[Jennifer]

FourLeaf federal credit union is at 4.5% HYSA, and just found out that Utilities Employees Credit Union has a 5% Kasasa checking up to $15k!

(Pennsylvania residency requirement for UECU).

[Author]

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