When it comes to online savings account, is there any reason not to just pick the highest apy one ? Why would one pick any of the other ones?

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Gotta get Marcus by Goldman Sachs to brag to people that you bank with Goldman Sachs

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sometimes it also comes to convenience and UX

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The rates aren't fixed so it's very likely that which ever is the highest now, won't be the highest in 6 months. There are a few companies that tend to be top, but with the changing rates, it's important to make sure you like other aspects as well. For example, I'm not going to chase down an extra .1% interest rate in the short term if it means having to open a savings account with a different company than my other accounts.

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Some come with restrictions (e.g., minimums, # of withdrawals allowed etc.)

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If you look at a list of the HYSA paying top rates you'll see a handful that are always competitive but rarely top of market (HSBC, Ally, PNC, Citi accelerate, CapOne, etc). Those basically only rise/fall with the fed. Some do it early, others later meaning good chance HSBC drops .25 at some point. The others are mostly lesser known banks trying to get market share. While they are higher now, they may drop any time. If you don't mind changing again and have no established relationship with one of the above by all means pick one that has a higher rate. Don't spend your time chasing .1 or .2% as unless you have an absurd amount sitting in cash you're time is more valuable

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For eg: I see that Ally and Discover (1.7%) are popular options but HSBC (2.01%) offers largely the same benefits with a slightly more APY. Not a whole lot, but any reason it’s not a no brainer to go with HSBC

Some have apps. Some don’t. Some are quicker and easier to get money in and out. Some are more of an intermediary and send your money elsewhere. Just depends.

Does anyone have a savings account in multiple banks so as not to "put all your eggs in one basket"? Currently have mine in one but thinking about chopping it into two

Definitely spread out in that case. But isn't the FDIC insured amount around $250k? Do you need more than that sitting around in cash?

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