Young Adults Seeking Better Savings Options
79 posts across 8 communities in the last 30 days; 56% from r/personalfinance.
“Ask them if they offer a moneymarket account. If they do, that might get you a similar rate on amounts over $25,000. [re: Why do CD rates always feel like such a scam]”
“put in a hysa or a high % cd, talk to someone at your bank if your not money smart about cd, usually you can go for 3 months at the highest interest, then redo it after 3 months. depends on bank but cd usually has higher rates than hysa, but you cant take it out anytime like…”
“I am 25yo (m) and I bank with Chase, Amex, Capital One, Wells Fargo, and Ally (testing out SoFi as the replacement for Ally). I am planning for a wedding, moving to a Chicago neighborhood, and financing a car pretty all at the same time. Also just wondering if I’m doing things…”
Young adults, often with fluctuating income or limited banking history, are actively seeking high-yield savings accounts (HYSAs) to manage their finances, build emergency funds, and optimize interest rates. They face challenges like limited banking relationships, unfamiliarity with account transfers, and a desire for features not readily available at traditional banks.
SOURCES (60)
“Okay smartass, what banks do you use? The largest banks out there do not offer same-day unrestricted ACH for no fee. Chase only offers it for business accounts and charges up to $25. BofA's "same day" option is literally just a $30 wire. Wells Fargo…”
“Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics . Banks and CUs: https://www.doctorofcredit.com/high-interest-savings-to-get/amp/ https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions /r/CreditCards [re: 22 y/o looking for Guidance + Next Steps]”
“Hi everyone, I'm looking for some recommendations on UK banks, building societies or savings accounts where I could deposit approximately £29,000, or potentially half that amount. I've been investing through Stocks & Shares ISAs, but given the current economic uncertainty, I'm considering moving some of my money into something more predictable, where I can earn a reasonable return without worrying as much about stock market fluctuations. At the moment, I'm considering two opt”
“You could just leave a buffer in the first account. Only transfer money that exceeds the buffer into your second account. [re: Do I need a third checking account?]”
“I have to think about this. I like the idea of HYSAs, probably because I can remember when a simple savings account paid 5% annually — that was by definition, the difference between a checking account, and a savings account. BUT…you bring up an excellent point that I have not considered! [re: Is moving $100,000 investments to a bank to get 4% catch all credit card worth it?]”
“Keep any money you need for emergency fund and other savings out of a brokerage, HYSA is the correct place for that. At least 3 months of expenses, more if able. Money you save for retirement goes to the brokerage to be invested long term. Debt free before you move out would be a very nice place to be, even though it is cheap debt, no debt is still a great place to be. Particularly as it'll help your affordability for mortgage if you decide to go down that path. Follow the guidelines in the”
“Google Bank bonuses and Doctor of Credit and you can get a bonus at plenty of banks for opening a savings or checking account. Make sure there is a decent savings rate. It isn't 1950 anymore and you don't need to go into a bank to open an account. Check out SoFi. [re: I'm 16 and confused on what bank to open up with. Any advice?]”
“Wondering what a reasonable time frame is to have cash sitting in fixed income cash type accounts. My interpretation of fixed income accounts is HYSAs, CDs, T Bills. If the cash is a more significant amount, what would be an unreasonably long time frame to keep it in such account types that really only barely stay ahead of inflation? submitted by /u/interpreterdotcourt [link] [comments]”
“Most do not have any monthly fees.. I have Marcus which is 3.5% interest and no monthly fees or minimum [re: Are there any high yield saving accounts without monthly fees?]”
“Hi everyone! I currently have a HYSA with Acorns. Only reason was because my husband and I were investing on there and doing the Roth IRAs. We have since taken those investments/IRA out and they are with a financial advisor that has come highly recommended by my FIL and his best friend so we’re content on that front. This is my first HYSA so I don’t know much about them. I pay the $8/month Acorns fee to have the HYSA. I make about $56/m in interest right now. APY is 3.59%. I’m really trying to p”
“SoFi does. If your checking account goes below zero, it will pull in funds from your linked savings account to cover the balance. No fee. Cap 1 too I hear, but haven’t tested. [re: Is there a checking account that automatically transfers in funds when account balance hits X?]”
“I usually keep all my short term savings in cashapp (as in things I'm saving up for that I'm going to buy in a few months, trips I'm going to go on, etc). It works out great for me because of the huge interest cash app gives monthly. My credit union only gives a small amount, and it's yearly, so I wouldn't get it on the money I put aside like cash app does. But recently I've seen a lot of posts online talking about how you should never keep large amounts of money in cash”
“Looking to downsize my savings significantly and put funds into a conservative reliable dividend funds and also be diversified. Ideally, I would like for it to be something a little bit better then a HYSA can anyone offer suggestions? submitted by /u/01Cloud01 [link] [comments]”
“You can pull from outside bank, no limit [re: Talk me into or Talk me out of putting my life savings into XMoney for the 6% HYSA. Save me or encourage me: GO!!]”
“Hello, I'm saving for house to purchase hopefully in 4-6 years. Currently I have my money in a HYSA sitting around 3.9%. I'm wondering what the general consensus for saving would be? My amateur thoughts: eroding value of US dollar makes me think my HYSA wont keep up and I will lose money over my planned time frame potential AI bubble bursting over my time frame makes me a little nervous about something like S&P500 (I do think AI will pay off long term but could pop and make big loser”
“It is FDIC insured. Google will confirm. [re: “Good” Heigh Yield Savings Banks people like]”
“Ally Bank American Express Allsouth Federal Credit Union (4.59% APY on balances below $10k with direct deposit into their checking account) [re: Best & Reliable Bank in US for…]”
“Ask them if they offer a moneymarket account. If they do, that might get you a similar rate on amounts over $25,000. [re: Why do CD rates always feel like such a scam]”
“Go to the Money saving expert website and use the bank comparison section to find the best bank for your circumstances. Choose at least one bank that has branches as online-only banks are not well staffed and often no branches. Good luck 🤞 [re: UK bank account]”
“find a credit union in your region and join them. they are a type of bank that is run more as a cooperative business - they pay "dividends" to you (which is like additional interest) and, due to their tax structure, they have more to pay than most banks do, and thus can pay higher rates on deposits. [re: Best & Reliable Bank in US for…]”
“Except the OP is clueless. You can easily get 4% interest rates on savings. [re: Anybody Else Remember When Banks Used To Compete For Your Business?]”
“I have about enough funds for emergency funds in a 3.5% HYSA for a year, I have low 5 figures in Checking that I am using to pay down 0% int debt over the next 5 months, which is at $10k, $2k per month going towards that. I maxed out my 401k and Roth-IRA. Finally got my debt under control been adding funds to savings, but got an offer on a 4.75% 12-month bank CD. So I have been very conservative with my money after my former best friend stole a bunch of money from our business that put me in a m”
“Basically I’m curious how much people keep in their personal account vs their HYSA. Should I put everything minus what I typically spend on a monthly basis out of it? submitted by /u/TKDboy145 [link] [comments]”
“Good afternoon all, I have been saving up money throughout college, and right now, I have around $10k sitting in my Chase savings account. I am looking to move it into a HYSA where it is accessible(ish), and make me money as it sits there. Any recommendations? Please let me know, and thank you! submitted by /u/ReactionBudget6757 [link] [comments]”
“Yes the SUBs for checking are more than you would get in interest. The WF biz checking was $825 for $25k for 2 months. That comes out to 19.8% APY. [re: HYSA sign-up bonus chasing?]”
“They have a new one now - $900 if you DD $10k over a 90 day period. You don't have to leave the money in Chase either. [re: Anybody Else Remember When Banks Used To Compete For Your Business?]”
“I added mine to a local credit union that was doing a 4.9% CD for 18 months. This was before interest rates started to climb. [re: Where do you store your “emergency savings”?]”
“Your parents were not getting 5%. Most banks have promotions that pay a set amount for opening new accounts. I was bored during the pandemic, opened I think 11 accounts, and made a few thousand dollars. You need $3-500 to open each account, and direct deposit. [re: Anybody Else Remember When Banks Used To Compete For Your Business?]”
“put in a hysa or a high % cd, talk to someone at your bank if your not money smart about cd, usually you can go for 3 months at the highest interest, then redo it after 3 months. depends on bank but cd usually has higher rates than hysa, but you cant take it out anytime like hysa [re: Im about to get paid out from a settlement.]”
“Why would any bank put a limit on how much you can deposit? That sounds incredibly stupid. Every bank and credit union I have ever done business with wanted your deposits. Hell Somerset even offer incentives for deposits. [re: How do you get cash into online banks?]”
“im 19 with no savings besides whats in my checking account (about $2500) and make around 1800 a month, my only real expense is gas. what would be the best savings account to open? my parents say chase savings or capital one 360 but i want to know all my options and what would be the best for my situation. i dont really know anything about saving or savings accounts (hence why i dont have one already) and i want to, but i dont know where to start. id like to capitalize on the fact that i have no”
“Don’t bank brick and mortar. You can get high rates right now. Banks compete all the time. Do basic research before posting things that are just flat out wrong. [re: Anybody Else Remember When Banks Used To Compete For Your Business?]”
“CD rates are like 4%-4.25%, its just regular savings account have low APY. [re: Anybody Else Remember When Banks Used To Compete For Your Business?]”
“I am dumping money into CDs that I plan to use in the next couple years. Getting slightly better than my HYSA. That is the only reason I have them. Can’t afford the risk of investing since I need the money for college. [re: Why do CD rates always feel like such a scam]”
“I like a layered emergency fund, some cash on hand, some cash in a bank, then cds if rates are decent, and other decreasingly liquid savings [re: Why do CD rates always feel like such a scam]”
“Hey everyone! I wanted to share my Marcus by Goldman Sachs referral link in case anyone is looking to open a high-yield savings account! It's a good option if you're trying to save money and earn interest on it instead of letting it sit in a regular savings account. Whether you're saving for a big purchase or just trying to build up your savings, it's definitely worth checking out! Here's my referral link if anyone wants to use it: [ https://www.marcus.com/share/BRE-AQ4-JXXY\”
“I’ve heard that some banks will let you do something similar with debit card transactions. It will round each transaction to the nearest whole dollar and transfer the “change” to a savings account. A few cents per transaction can really add up over time. [re: Every time I break a twenty]”
“Now put it in a high yield savings account so it can earn interest! 😊 [re: Every time I break a twenty]”
Elevault [re: High yield savings account alternatives to SoFi?]
“You’re not being overzealous. A HYSA and one starter credit card can be reasonable, but you don’t have to open everything at once. A HYSA is just a savings account that pays more interest. Look for one at an FDIC-insured bank with no monthly fees or minimum balance you’d struggle to keep. It’s a sensible place for your college savings and an emergency cushion. For the card, I wouldn’t stress about future upgrades yet. Compare the current terms, especially annual fees. Put something small you alr”
“I've been going split 50/50 into both an investment account and a HYS account but now my savings account has reached a 6 month emergency fund (~$24000) and I'm wondering if I should continue to add to it or just invest 100% of the money I put aside every check for savings. (I have investment accounts please don't lecture me on them) submitted by /u/Synestia125 [link] [comments]”
“Probably no banks and probably just credit unions [re: Best bank for a checking account? And Best bank app?]”
“who do you recommend? [re: Who has Chase Bank for both personal AND business checking accounts? How is that?]”
“Hi, as the title says… I’m looking for a high yield savings account alternative to sofi. Preferably one with vaults. I’m having a crap experience with them having portions of my money transfers on hold for days on end, with no explanation. Despite my other bank saying the transaction was fully posted, so I’m unable to cancel anything. It genuinely seems random. Customer service is just an AI bot that won’t let me actually speak to a person. I’ve never submitted a transfer over $300. And the comp”
“I have bank accounts with the following 1. Chase 2. American Express 3. Capital One 4. Citi 5. Morgan Stanley (under my E*Trade Account) [re: Money 101: How many active BANK ACCOUNTS do you have with different banks?]”
“I’m trying to save a little bit of money to go towards a down payment on a car. My lease is up in 5.5 months. I do have an old mutual fund account with about $1000 in it right now. Am I better off opening a new HYSA and putting money in that every paycheck, or should I be putting that money into my mutual fund? I know it won’t be a lot either way since it’s only 5 months. submitted by /u/iridescent_felines [link] [comments]”
“I think the first goal is you should build up your cash savings to a point where you don't need to worry about breaking open any type of investment. With CDs typically being roughly equivalent to many higher yield savings accounts, I really don't use them personally. [re: How much attention do you pay to the early withdrawal penalty before opening a CD?]”
“Try Happen Bank for the Level Up Savings Account and for a Monthly Deposit Of $250 Dollars You get a 4% percent interest rate on your account balance and a ATM card for deposit and withdraw to your account Also wire transfer to the bank account for FREE. [re: Openbank or other HYSA]”
“I'm asking this more for my edification to understand what banks do. If I put money in a HYSA or a CD with my bank, presumably they're going and investing that money in something and then giving me a portion of that. Can I just go and invest in that something to cut out the middle man? Or is their investment strategy just too complicated for a single amateur like myself to do? Maybe the fundamental service a bank provides is the ease with which you can invest with them, rather than the m”
“Even if you bank online it's good to have a local bank or credit union for stuff like this. [re: How do you get cash into online banks?]”
“see no issues with higher sums , but a good practice to have diff bank accounts too [re: What is your review on bunq? Is it worth using this neobank?]”
“there is protection of deposits up to 100k euros - is it a small sum to you? :D the bank is licences, safe to proceed with...overseas it really helps [re: What is your review on bunq? Is it worth using this neobank?]”
“Find a local bank that is offering a sign up bonus for opening a new account. You should have one anyway. [re: How do you get cash into online banks?]”
“I currently have 6000 in savings and work a slightly above minimum wage full time job. I have good credit and need to be making more money and I heard a high yield savings account could help. I'm in my early 20's and just starting to learn about budgeting my fiances and need some help picking a bank to do this with. Thank you so much!! submitted by /u/Mediocre_Dog9655 [link] [comments]”
“We have 100k in a high-yield savings account.this is our “ rainy day” account - in case our family business turns sour, big, unexpected purchases, etc. So we don’t plan on touching it, but would like to keep it low risk. Would you put it into something else? I’ve never purchased treasury bonds, but it looks like they have a higher yield than 4%? Any advice would be great! submitted by /u/Woodlepoodle85 [link] [comments]”
“Hello, I am 1.5 years post grad living at home. Planning to move out soon and have some money saved up in checking. Do I move some of my savings to a HYSA? I am always hearing about it but unsure if it’s worth it. What stocks do I invest in that will be worth it in 10-15 years? As I am prepping to move out I want some liquidity within my savings for unseen circumstances but I also want to start investing in my future. submitted by /u/ToeApprehensive1313 [link] [comments]”
“Hi, just asking for an advice. I currently have 13k in my cash.to on wealthsimple. I use that as my savings account in there. They currently have 2.1% interest I believe. However my Simplii account is offering me 3% until January. Do you guys think it’s smart to move my money (Atleast 10k) from cash.to to my Simplii HISA. I jusy don’t know the implications of moving from a TFSA to non-TFSA tax wise for few months, then moving it back to cash.to once it’s over since it’ll probably drop back down”
“There is a link to access the Truth in Savings Disclosure at the bottom of the webpage. The document will contain information about the interest rates. The interest rate is 0% if it is not mentioned.”
“Is the CIT Bank HYSA a good option for me to put my money? I’ve been looking for a HYSA that has buckets but I’ve heard such bad reviews about Ally and I don’t want to do direct deposits from SoFi. Wealthfront kinda scares me since it’s not directly FDIC insured. Capital One is a very good option and would love to do it since I already have a credit card with them but they don’t accept my address. So I’m getting out of options. Is CIT bank good at 3.65% and FDIC insured, $0 fees and the buckets”