Recently, I have been on a 'save for retirement' campaign because...well...I want your future self to win.
Whether you have a retirement account or not, you can still save money in a product that will allow your money to make more money for you.
Although one of the first principles of money we learned was to SAVE, for some of us, saving money is hard and requires a certain level of discipline. So why wouldn't you want to put your money into a product that will reward you with high interest payments no matter the amount you're saving and how often you're saving it?
Have you heard of a High Yield Savings Account, better known as HYSA? An HYSA is one of the best saving products you can put your money in. Especially good for your emergency fund, vacation fund, or any other short term financial goal.
Too often I hear people talk about their money being saved at a bank. Traditional savings accounts at a bank will pay you .01% interest on your money, which equates to pennies on a dollar per year. So, why are you putting your money there?
I want to share 5 financial institutions that I know are offering you the best annual yield percentages* (APY) with no minimums and no fees! Better than any major bank.
Wealthfront - 4.55% APY
SoFi - 4.30% APY
Capital One 360 - 4.15% APY
American Express - 4.00% APY
Ally - 4.00 APY
Once you see your money growing with little effort, you will be encouraged to save more.
As always, research the best savings product for your saving goals. Retirement savings is a long term goal so be sure to have it invested somewhere.
Do you have questions about HYSAs and other savings products? Feel free to reach out.
*Rates mentioned are accurate as of 07/09/2023. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.