Our Favorite Bank Account
Another Tuesday, another Wise Deal incoming…
Right now, Our Favorite High Yield Savings Account has a welcome bonus that's worth up to $400!
This is the exact account that the Wiser Wallet team has been using for years and it's one of our first recommendations when people ask where to park extra savings.
This specific account has no monthly fees, no minimums, and FDIC insurance - but here's 3 reasons why we love High Yield Savings Accounts in general:
1️⃣ Real Returns
Big banks pay pennies on savings accounts because they are footing the bill for their physical branches on every neighborhood corner.
Online HYSAs skip that overhead and pass the savings on to you, often at 8-10X the national average APY.
$15,000 sitting in an account at a competitive APY can earn well over $250 in just six months.
2️⃣ Added Flexibility
Your money isn’t locked up for a period of time like it is with a CD (Certificate of Deposit).
Some HYSAs even let you transfer to a checking account instantly, giving you options to pay bills quickly.
3️⃣ Mapping The Money
Each room in our homes serves a purpose - one for cooking, one for sleeping, and one for watching LeBron James win the NBA championship in Philly this year (hopefully)...
We can treat money aspirations in a similar way with savings buckets for different purposes and goals.
Savings buckets or "Vaults" are another feature we love with Our Favorite HYSA because we can create multiple sub-accounts for free - and they all earn the exact same high APY rate.
To learn more about direct deposit requirements for the up to $400 welcome bonus, check out this link!