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In today’s environment not that much better, but better nonetheless. They generally have higher interest rates (2-5%). Today you’ll have trouble finding one higher than 1%, which is still better than nothing in a normal checking/savings.
Just using my USAA checking and savings accounts vs my Marcus HYSA for a quick comparison:
USAA Classic Checking - 0.01% APY
USAA Savings - 0.04% APY
Marcus Savings - 0.6% APY
So my Marcus HYSA has an annual interest yield 15 times that of my USAA standard savings account. Which is why I only keep like ~$1000 in the USAA one for immediate transfer/overdraft protection to the checking account, and put everything else into the Marcus account.
HYSA APY rates are closely tied to the Fed Funds Rate, which is why we’ve seen them dip from 2% down to 0.6%, which tracks the declines in the Fed Funds rate from ~2.5% in Jan 2019 to 0.9% today.
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They are better than your brick and mortar bank savings accounts in every way
-Most have no fees, no minimums
-Higher interest rate (even .6% is better than .01%)
-Most allow you to set up multiple accounts if you want to have a dedicated house fund, wedding fund, etc.
Downsides? None. They take only a few minutes to set up. You can move cash to and from your checking account ina day or two or just pay bills directly from HYSA. Most offer free atm access if you really need cash.