I don't know all that much about personal finance, but I'm interested in opening a savings account and found this list. Is it as simple as picking the one with the highest APY? Is there anything else that I should consider? Have you used any of the ones mentioned? I'm open to other recommendations; I'm here to listen and learn all that I can.

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It could be that simple … some have minimum balances you have to keep and some have minimum numbers of deposits per period. Some may be easier to transfer out of than others.

So it really depends on how much you plan for your first deposit and how much you plan to keep in the account. There could also be service fees.

Personally I went with Ally bank they have a 4.2%APY with no fees and a minimum balance of $25. It’s not on your list but it was good mix of what I needed they also have checking available. The down side is they are a virtual bank and as such do not accept any cash deposits. They also don’t have any brick and mortar branches but their customer service when you call is fantastic.

uplifting

Thank you so much! :)

It’s mostly as simple as that.
Here are a handful of other considerations:

1. Compare Interest Rates
2. Check for Fees
3. Consider Accessibility
4. Look for FDIC Insurance
5. Understand Compounding Frequency
6. Review Additional Features Like ATM

I got Wealthfront and love it. Currently 5.00% rate with a 0.50% bonus with a referral. I got a referral bonus here on Fishbowl. Here’s my referral code if you choose to go this way:

Use this link to open a Wealthfront Cash Account. Once you fund it, you'll get a 0.50% APY boost! https://www.wealthfront.com/c/affiliates/invited/AFFB-S6TV-9EHQ-OWEW

uplifting

Thank you so much, I'll look more into all of that and make my choice :)

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