Young Adults Seeking Better Savings Options

“Chase (Secure Banking) and Wells Fargo (Clear Access Banking) both offer checking accounts that don't pull a history report to open. If you're under 25, there's no monthly fee for either, otherwise either one is $5/mo (which is comparable to the moneycard).”

“EDIT: Made it sound like index funds were a guarantee....they are NOT If you are looking at high yield vs a regular savings there are two big differences in my experience. Regular accounts give you quicker access but less interest. You can generally take money out any time, even an ATM. High yields give more interest(substantially) however it's not as accessible. There is likely a waiting period if you want to transfer that money out. Personally though, at your age I would be riskier than ju”

“Step 1: know where your money comes from and goes. Track your income and spending either manually or using one of the apps out there. I use monarch. Step 2: save a minimum of 3, preferably 6, months of expenses as an emergency fund. You can put that in a HYSA. You’re a big boy and can google it yourself. Step 3: make sure you’re contributing the max you can to your work’s 401k/roth accounts. Talk to your HR and get a handle on that. Consider your own Roth IRA. Google it. Come back once you’ve cr”

“I am living with family, a full-time student and working on getting a part time job + reselling. My family funds me and are stable financially, so my recurring expenses are basically none. Over the next few years I will be needing multiple major surgeries as well as a few treatments only partially covered by insurance, plus the post-op and travel costs associated with that. I want to fund these expenses myself to take some burden off my family and ideally not have to worry about a payment plan e”

he says he has 125k, he probably makes 300-400/month in interest

“hi all, i’m 19 and wanting to be much better when it comes finances but i just don’t know much about anything. i’ve been reading up a bit on high yield savings and what they are,, and my biggest questions are which banks are the best for beginners? i see capital one was a bank that came up for opening both a credit card and a high yield, is it the best option for beginners? i’m currently saving up a bit of money for CNA schooling, and when i do open a hysa, would it be best to transfer what i’m”

“Most banks should only require photo id, proof of address (which driver's license/state ID meets) and SSN/TIN. Some will also validate that info using a third party service, which you might falter on because you don't already have utilities/mortgage/etc... that's where other paperwork comes in. Utility bills are the most common, but most of the time legal paperwork from state or federal courts, Immigration notices, tax bills, even the letter that came with your social security card a”

“I (20 y/o girl), opened a HYSA with AMEX about 2 years ago when the APY was closer to 4%. It's now 3%, and I've been thinking about opening a new HYSA with a bank that offers a higher APY. For context, I'm a college student with a couple thousand saved from restaurant work / odd jobs. Wondering if chasing the higher percentage now will pay off in the long run. submitted by /u/Plastic_Astronaut282 [link] [comments]”

“I need to get a bank account to save my money as my current card I have my parents can see how much money I actively have and when I take out money when I move out I need to be able to access my money without them knowing. I was planning to get a new bank account since I’m 16 and I can get it in certain banks with out my parents consent but I need proof of my address and I’m not sure what I can sign up for that will not be that expensive for me to get physical mail for proof as I’m planning to h”

“Charles Schwab International is good for this. While not a bank, can keep money in treasury money market, make dollar based payments and transfers, etc.”

“I just opened a HYSA through Ally Bank earning 3.0% APY, is it better to just move all my money to Fidelity and keep it invested, and keep the rest in SPAXX? SPAXX is earning around 3.3% and I've seen people say even though it's not FDIC insured, it's safer. What are your thoughts? submitted by /u/One_Emu5299 [link] [comments]”

“I’m looking to open a HYSA here soon. I have my emergency fund and am budgeting well. I have to reevaluate my budget next pay check as I just got a raise. But is there anything I should be looking for in terms of comparing HYSA’s? I know there will be different rates. But do they all allow easy transfers to my “regular checking account”? submitted by /u/PositivelyFocussed [link] [comments]”

“I am putting around $400 week into a Fidelity individual investment account. Originally I planned to keep it in SPAXX as an alternative to a HYSA. I want to move most of it into VT with the plan to use it for purchasing property in 5-10 years. How bad of an idea is this? I just want a better return than just keeping up with inflation at 3%. I am also ok with delaying a purchase if there is a 2+ years downturn. Any better ideas or suggestions? submitted by /u/bighaifive [link] [”

“Just curious what others are doing for this. I want to find a way to automate moving a percentage of every deposit into a savings account. I have been doing this manually for the last 5 years, but I frequently miss deposits and come up short. I have been using QuickBooks, but I am contemplating changing to a different system. My current top contender is Invoice Ninja and Stripe. I am also thinking about hiring my first employee along with an independent sales agent so I would like some automatio”

“If wealthfront goes bankrupt(unlikely but), they lock your accounts. Exactly what happened to Yotta. Find an actual FDIC insured bank for long/very long term savings”

I rather take the 3.9% in an everbank savings account

“Look into bank account bonuses. Many banks will give you $750 or $1000 for parking $25-$50k for 30-60 days. Once you satisfy the terms, move the money out(it’s likely not collecting any interest). Collect your bonus, close out account a few weeks after bonus posts. Move onto next bonus. Can make $10k a year easy with a little effort and organization.”

“So I have normal accounts in both and pay for Monzo max. I see more and more people seem to use revolut and the package accounts you get seem good value for money especially for people who travel a bit even locally in UK. is revolut ultra etc worth it ? submitted by /u/S16PRK [link] [comments]”

“Ally Bank. I use them and they have no overdraft fees and no account minimums. And you can easily connect with Paypal, Venmo, etc. that you might be using for selling online.”

“so iv just been geting into the more techncial details of modern finance and heard HYSA but also in my research heard the.... intresting situations that fintech companies cause which run most of these HYSA's and that currently there basically regulatory blackholes So i come to the people whov been doing this longer then me what are some good banks that work between US and Canada that have the best competitive HYSA submitted by /u/leader425 [link] [comments]”

“I’m looking to simplify my finances and could use some advice. Right now I have accounts with several different banks and credit unions, and I’m starting to wonder if I have more accounts than I actually need. Here’s what I currently have: Truliant Federal Credit Union: Checking, Money Market, and two savings accounts. This is currently my everyday bank, but I’m thinking about closing these accounts. State Employees’ Credit Union (SECU): Checking and savings. Navy Federal Credit Union: Checking”

“You need to come up with $10K more and do the Cap One $1,500 offer for a $100K new money deposit.”

“Have $40k that I want to use as a down payment on a house, but won’t be in the market for another year minimum. I was looking into HYSA accounts, but it seems like CD accounts make more money. And the HYSA accounts I’ve seen recommended seem to be app only savings accounts. Should I get a financial advisor? submitted by /u/juliusduude [link] [comments]”

“I’ve had a money market account through my credit union that I keep most of my personal (not shared with my wife) money in. It’s never a lot, sometimes it’s barely more than the required minimum of $2500 that the credit union requires to maintain the account. It earns about 1.05% interest so not a lot. Seeing how well my 401k has done made me want to invest my money rather than having it sit in this money market account- I understand that my 401k gets constant deposits and has been active longer”

“I have $90,000 in savings, I should be able to maintain that number. I've been looking at it and realizing how kind of dumb I've been to keep it just sitting at Chase. I was looking at opening a HYSA through another bank but not quite sure if I want to go that route. I would transfer about 70K and leave 20K in my account. Would it be best to open a Vanguard Money Market? That is not FDIC insured. I want to make the money work for me. If I put into the HYSA does that interest get deposite”

“I have $90,000 in savings, I should be able to maintain that number. I've been looking at it and realizing how kind of dumb I've been to keep it just sitting at Chase. I was looking at opening a HYSA through another bank but not quite sure if I want to go that route. I would transfer about 70K and leave 20K in my account. Would it be best to open a Vanguard Money Market? That is not FDIC insured. I want to make the money work for me. If I put into the HYSA does that interest get deposite”

“Wondering whats the highest rate i can get. College kid working for the summer depositing roughly 10k. Want no maximums/ minimums that would restrict me. Would love to hear advice/recomendations submitted by /u/Accomplished_Soil984 [link] [comments]”

“Hello all, I I just created a Roth IRA and I’ve been thinking about creating a high yield savings account to make more money out of the money that I have in my regular savings account. I would be using the money from the high yield account to invest in my Roth IRA and save for whatever I may need it for in the future. The only thing I don’t exactly understand is the taxes part of it. If someone could explain that to me, I would really appreciate it! submitted by /u/Inside_Intention31”

“Depends on the bank, and the type of checking account it is. Some have zero or low minimum balance required, some have high minimums (think 5, 10, 20+k). I would be more worried about the amount of activity/transactions in a year.”

“Hey everyone! First time poster, long time lurker. I had 10k sitting in a CD for 6 months that yielded about $100 after maturity, and I'm wondering where else I could place it. I bank with a credit union and would like to just open another account through them if possible. Should I open a Money Market account? Should I just open another CD? Should I open a Ally Financial or Capital One HYSA account? Or just take all my money and throw it in a big mattress? submitted by /u/museamu”

“Hi all I have around 10L in my savings account which I want to move to another autosweep FD savings bank. I do not want to invest in mutual fund or any other places due to its volatility and I want cash available in near future anytime. I have axis bank account already which provides 6.45% but their service isnt that good. I have icici account but bank employees itself are finding it difficult to explain me their autosweep facility. Any suggestions for safe bank to keep this specified amount wit”

“I'm not the most financially literate person , and please correct me if I'm wrong, having cash sitting in a chequing account and not being invested is it basically "Losing value".. right? I've tried to tell him but he says he "lacks trust in the banks not losing all his money if he were to invest", how do I/should I convince him? submitted by /u/PolynomialPigeon [link] [comments]”

“It depends on the bank and account type. typically you want to have enough to cover any service or maintenance fees if that is a thing your bank offers and then make sure you do have some type of transactions and not let it just sit or it could be considered dormant (inactive) which would lead to it being closed and the balance being sent to your state for you to retrieve. Overall if you already have one go into a branch and just ask for a product disclosure which is just the fine print of every”

“Hello I recently turned 18 and I have been attempting to get a high yield savings account (HYSA) but every time they tell me they cannot verify my identity. The issue first started when I tried to use the Golden 1 app for regular banking and it kept telling me there was an error. After calling and having my account manually verified I was able to get it. However, the same is not happening when trying to get a HYSA. First, I tried Marcus by Goldman Sachs and after speaking to both customer servic”

“I've had an Ally account for a couple years. Last month (June, 2026) the APY was 3.00%. It looks like there are incentives for new accounts that will bump the rates up. If OP can put the money away for 9 months, Marcus has CD's for 4.00%.”

“A high yield savings account is an easier first step. There are many no-fee ones if you maintain a certain minimum. I discovered them in my 30s after saving all through my 20s. I would have had thousands more dollars due to interest earned had I discovered them sooner!”

“some banks make you pay just to open up a savings account. only thing you get is checking submitted by /u/DeliveryFar7630 [link] [comments]”

“Have about 20k saved and will be going to grad school so this will all go towards rent, etc.. Want the most convenient and accessible and good rates. Have the Apple Card and used their hysa in past but rates aren’t good now. Any tips or recommendations would be much appreciated. submitted by /u/ApprehensiveCorgi645 [link] [comments]”

“So I was looking into another way to more streams of income. I was thinking about opening an account for CDs but then I was told about treasury bills . I’m more familiar with CDs but I am also aware that since I live in California I’d likely pay more taxes . Therefore T bills would be a better option for me. Are there any downfalls to Tbills ? Like after everything is said and done , are there any pitfalls I’m not aware of? submitted by /u/SillyAdventurer [link] [comments]”

“Curious if anyone else is doing this or has thoughts. My credit union is offering 3.90% APY on a 12-month CD right now, which beats most HYSAs I've looked at (Marcus is 3.40%, most others in the 3.10–3.40% range). The thing that makes this interesting is the early withdrawal penalty (you only forfeit the interest earned to that point. Principal is always fully accessible). So in a true emergency, worst case, I pull the money, lose a few hundred dollars in accrued interest, and walk away with”

“Hi, (Referring to the U.S) Does anyone know of a savings account offered by banks with a good High Yield rate? It doesn’t matter if it’s online or both branch + online as long as recurring transfers aren’t required and no need to open a checking account alongside the savings. Also, are there good banks that allow you to have mutiple savings accounts or savings pockets (again w/o checking and recurring transfers requirement). submitted by /u/SoftLast243 [link] [comments]”

“I currently have my emergency savings account in SPAXX on my Fidelity. However, I know that getting an actual HYSA would make me FDIC protected. I've talked abt it with a few friend all they've all had differing opinion so I want to ask here. I'm asking this because I've heard Fidelity will almost always offer higher gains but at the same time I'd probably want my emergency fund to be the most protected since its well, an emergency fund. submitted by /u/dinidusam”

“Sofi lowered their high-yield savings account APY again down to 3.10 pay when I used to have it at somewhere around 4.1. At the time I have $14,371.49 and I plan to have it up to 20k towards the end of this year. Does anyone have any recommendations of any other banks where I could get a higher APY? submitted by /u/browniebear_02 [link] [comments]”

“I've been looking into starting a HYSA but don't know much on the topic. The whole goal with the account is to have a good sum of money after I graduate college in 4 years to use as a down payment on a house. (I'm moving tf outta da house when I graduate) I was wondering what a good amount would be to be putting into it and how often? Do I have to put in the same amount each time or can it vairy? Is there penalty's for withdrawing early and if so how do I avoid those in four year”

“I am anticipating a large chunk of money in the coming Weeks and I am planning on parking it in a HYSA until I have a bit more clarity on how I want to invest it. However, while looking at HYSAs, I found this Chase account* which would reward me several thousand dollars for putting the money there for 90 days. I don’t think it’s a high-yield interest account though. Can I park the money there for 90 days, get my bonus, and then transfer the money to a true HYSA? Is there anything wrong with that”

“So I’m not the best with money (especially when it’s in the same spot) and don’t know best with financial literacy so I’ve been trying to figure out a way to set a different system, but I’m asking for opinions on what accounts I should open and if I should do it separately and how I should go about it. At the moment, I have a Wells Fargo checking and savings, capital one credit card and, a discover credit card. I’ve seen it’s better to have an High yields savings account instead of a regular sav”

“I'm looking for a place to park my money. I'm on track with my 401k and IRA goals, I have no outstanding debts and I'm accruing money that I'd like to save in a low-risk account like an HYSA, just to have something readily available and resistant to stock trends. The stock market roller coaster terrifies me and I don't want to put my eggs into that basket. I had my money in a Discover savings account, which is now being rolled over into Capital One with a rate cut to 3.00% AP”

“Ive read alot of people when investing won't add bonds to their portfolio but will setup a cash plus account, HYSA , savings account with a APY or a CD What would be the best choice for someone thats 30? submitted by /u/master_chilln [link] [comments]”

“I currently have my emergency fund in a HYSA, but I’ve noticed the rate doesn’t go up when the fed rates do. SGOV follows that rate more closely. If the fed rate increases I’d like to capture that ASAP. Is there a reason why I shouldn’t take my full emergency fund out of an HYSA and stash it in SGOV? submitted by /u/bubbapora [link] [comments]”

“Currently I have two savings accounts, a $10k emergency fund (basically enough to cover an unexpected medical or vet bill, or most house repair issues, without having to put it on a credit card) and I have a second account where I keep 12 months of living expenses (to live off of should I ever get laid off) Lately I've been wondering if there might be a better place to park the 12 month account, though, to earn more than I'm getting on a high yield savings account (especially if interest”

“Hi! I have a Vanguard account for brokerage funds and an Ally account with emergency savings. I noticed that brokered CDs carry a higher rate than Ally’s CDs even with a 1 month period, so I moved funds to the brokerage to buy CDs. I wonder if I should move my savings to a high yield savings account at Vanguard and then do CDs in that account, or should I keep adding funds to the brokerage account and do the CDs inside that account? Does it matter? Vanguard’s high yield savings account has a tem”

“What the title says. I turned 18 in April, and want to get my finances in order before I go to college. I currently have a debit card and a simply checking and savings account with DCU in NH. However, I am going to college in Lower Manhattan, and I want to be prepared for being in an expensive area alone for the first time. Any answers and additional advice for me would be greatly appreciated. submitted by /u/catrockstar143 [link] [comments]”

“Hi everyone. I’m wondering what HYSA is best for a college student with about 7k in savings. I already have a ROTH IRA and investment accounts managed by my financial manager. submitted by /u/No-Masterpiece1766 [link] [comments]”

“So I made a post about 2-3 weeks ago about any advice about high yield accounts and stuff like that I was of course told abt Roth IRA which I will be opening soon on fidelity I just recently opened a Sofi account too and use that for my high yield and possibly a brokerage account if not I’ll find another bank Is there any downside to Sofi and possibly switch to another bank with a good high yield ? I looked into Wealthfront, ally, MCU, and CIT bank as well submitted by /u/Phoenix-Del”

“I hear a lot about American Express and Amex (I think it’s called.) my current bank has no high yield saving account but has a HY checking account which I don’t quality for. I’m also thinking of switching credit cards too, the only perk on mine is getting points for dumb stuff, example is 8000 points for a $10 vacuum. I’m thinking about American Express but I hear you need to wait to pull out your funds if you need them. submitted by /u/Zach-12345 [link] [comments]”

“Leaving out personal details, I’m pretty young and until now I’ve been using a shared account for all my finances and I want to start my own at a separate bank along with getting into investing. I don’t really have anybody in my life I can ask about this stuff so I came here. I mainly care about being able to grow my money over time passively without micromanaging it, and was told about HYSAs and index funds. I was thinking about starting a HYSA with Ally, and then investing through index funds”

“I’ve always ever had a checking and savings account. I stumbled upon this thread through a Google search and I’m hoping people smarter than me can point me in the right direction. 38 and I have a few grand in savings, but living paycheck to paycheck. I was recently told about how I should put some of my money in a high yield savings account? No clue where to start with that it is it possible to also have a checking account with them? I have absolutely no idea how investing or stocks work. I knew”

“Hi all! What accounts are good for starting a HYSA? I have about $10k to put into one right now. Is there any disadvantages with having one? Such as having to report it on taxes and paying taxes on the interest it gives you? I have no idea how it works. Any advice is great. submitted by /u/Pink_barbecue [link] [comments]”

“Hi all! I’m considering opening up a HYSA; however, I live in a state with state taxes. I’m trying set up a three month emergency fund and was wondering if it would be best to buy FDLXX? Any advice? I’m new to finances and most professionals won’t help me unless I’m already a millionaire 🙃. submitted by /u/_amazingly [link] [comments]”