Goal : by EOD today I want to transfer 50k into my first HYSA ever . Challenge : I don’t have a hysa . Help a noob out ! 👩🏽 (p.s. I do have 50 k in my account )

likesmart
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I think you should put it into a producing asset, like a rentable condo.

funny

Completely different risk profile.

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Couple options.

> Sofi savings 3%, $25 bonus with referral, $250 bonus with direct deposit. Could you seek out slightly higher rates? Sure, but would it be more than the bonus? Probably not. Sofi overall is pretty nice anyways with 2 day early paychecks, stocks, crypto, loans, etc.

> Marcus 3%, but you can get 4% for 3 months if signed up through referral. No cash bonus though, so it's essentially 3.25% for the year. Good platform though.

> Wealthfront 3.3%, might be a small sign up bonus but not sure.

> Discover and Ally are solid but not the best rates. They do have cash bonuses last I checked.

> 4 week Tbill ladder somewhere in the 4% range I think. Not an HYSA though.

likesmarthelpful

Barclays is 3% as well

Go to website of one the main banks Ally, Discover, Marcus, etc and sign up for a savings account, the process should be straightforward (fill a form, connect your account to your existing bank, transfer money, etc).
Also, consider sign on bonus offers that the bank might offer.

smartlike

Opening an account will take mere minutes. If you must transfer the money same day, you will likely need to do a wire transfer. ACH will take several days, and even if it could go same day, they will almost certainly flag / block it since it’s a large amount and a brand new account.

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Ally or Marcus. Sign up, initiate a transfer.

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Happy to give you a referral for Marcus to get 4%!

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Referral link - here you go.

I’ve had Marcus for a few years and like it. Owned by Goldman Sachs, super clean UI, and easy to transfer to/from other bank accounts. From what I recall account set up took me like 5 minutes. With referral you get 4% interest. If you don’t plan on needing the money for a while, they also offer 1 year CD with higher interest

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You can also put it in a brokerage account that pays interest. I think Robinhood is current up to 3.75% and InteractiveBrokers is paying around 3.3%

These are even higher than some HYSAs and you have the added benefit of setting up a brokerage account you can use to buy stocks when you feel like it

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