Hello, can anyone suggest a good high yield savings account? Also, is it worth it? Pretty new to things and would love some ideas. Thank you.

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What do you mean is it worth it? It's just a bank account. There's no risk in having one and it takes like a minute to set up.

Any account like Marcus, Ally, Sofi are fine. Maybe look for one with a sign up bonus. Chase and sofi both have one right now if you check all the boxes.

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This is a good time with interest rates going up, mine went up by .7% Marcus

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Similar arrangement: Wells Fargo cash to pay off credit cards. Marcus for emergency funds & wealth preservation

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I have Marcus (opened it earlier this year) and my biggest regret is not opening one earlier. The interest rate is 1.7% right now. I was earning pennies (literally) before, but now I’m seeing $20+ a month in interest alone. Won’t get rich off of interest, but it’s $20 I didn’t have before!

I guess a “downside” is since it’s all online, you won’t be able to withdraw from it at an ATM or anything, but it’s very easy to do an online transfer to and from a checking account at, say, Chase, so you could then withdraw it at an ATM.

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It depends how much you have in your savings account, 20 dollars may not but big but 1.7% of bigger savings might as well.
For reference the highest interest against a savings account has been 2.2% in last 7-8 yrs so you get it
And I guess leave a portion of your money in your checking to withdraw cash. Honestly I don’t remember the last time I used cash, didn’t know ppl still do, credit card to win points and cash backs, rest save in Marcus to get interest. Or just invest in market- bonds and interests for this market

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Marcus is the one I use, it’s easy and moves money quick between banks compared to other online savings accounts. Currently 1.7%. If you want a referral shoot me a DM. You get 3 months of an additional 1 % (total of 2.7%) because of the referral link.

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Wealthfront Cash acct: 2%

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SoFi continues to impress with proactive rate increases. 2% at time of writing and easy to use app

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Agreed. Happy with SoFi. I also have my brokerage account with them and have been happy so far.

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I use Bask Bank. Recently went up to 2.2%. DM me if you’d like a referral link

If you do not need the money for 1 year consider iBonds

It’s all a matter of relative return for the risk taken. HY savings is like the least risky thing out there, but the return is smaller than investing that money in the stock or bond markets, which would produce higher returns over time but incur additional risk (and, therefore, some price volatility) in achieving those returns. To me the best HY savings accounts are at “too big to fail” institutions like GS (Marcus) or Amex. SoFi or Ally is prob fine too.

Any legit bank or credit union is insured by FDIC or NCUA. You don't have to stick with big names. FDIC historically pays out pretty quickly in the event of bank failure. I've used plenty of no name banks before (that were insured).

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