Who can I talk to in person about high-yield savings accounts?

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  • #122024 Reply
    Cassie

      Where do you go or who do you talk to, to find out all the info you need about high yield savings accounts?

      Some of the options I’ve seen are not through banks, but I’d really like to talk to someone in person since I don’t know very much about HYA’s, but have some money I’d like to invest.

      There’s just so many options.

      #122025 Reply
      Danny

        HYSA are not Investing. They are just savings accounts. Pick a bank and put the money in.

        If the difference in a few basis points is a lot of money you probably have too much cash.

        Or put it in a MM fund at your brokerage.

        #122026 Reply
        Christopher

          I used the “dr of credit” website. But honestly, it doesn’t matter much – Ally or Discover are effectively interchangeable, and you should probably use your brokerage’s money market settlement fund anyway rather than a HYSA.

          Cash isn’t really investing, and is unlikely to usefully outpace inflation especially over longer periods of time.

          Cash should generally be held in smaller quantities.

          #122027 Reply
          Kendal

            They’re all the same, it’s just a savings account. What kind of questions do you have?

            Money goes in, interest is paid, you can withdraw funds in usually 24-48 hours.

            #122028 Reply
            Jasmine

              HYSA is not investing, it’s saving. Saving and investing are two different things.

              HYSA is literally just a savings account. I assume you’re familiar with savings accounts? And perhaps already have a savings account, or have had one in the past?

              If a savings account is marketed as a ‘high yield savings account’, it just means it likely pays a higher interest rate.

              So, I guess my question is: Do you want to invest the money? Or are you actually just looking for a good savings account?

              #122029 Reply
              Mark

                For most competitive rate and simplist solution is Just use ur brokerages mmf

                #122030 Reply
                Jessica

                  Most of the HYSAs with decent rates are online banks. I would pick one that is well-known and FDIC insured. Set up an account, then link it to your primary checking account.

                  This will allow you to move money back and forth quickly online.

                  It’s generally not worth chasing HYSA rates though. Pick one and stick with it – unless they stop meeting expectations or otherwise are paying way below market rates.

                  Don’t laugh too hard, but I’ve been using the same credit union for nearly 40 years and the same HYSA online bank for more than 20, and I’ve lived in many cities.

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