Why You Need HYSAs
Wiser Wallet + Great Deals = Wise Deals and we had to keep you guys in the loop about this one…
Right now, Our Favorite High Yield Savings Account has a welcome bonus up to $400.
A great HYSA like this one has FDIC insurance, no minimums or fees, and a competitive APY to earn additional income on cash you have sitting around.
HYSAs are one of the best financial products out there for consumers, so here’s 4 reasons why you need to get one:
1️⃣ The Right Choice
Saving accounts at big banks pay pennies compared to online banks because of expensive physical locations.
Traditional checking accounts have almost non-existent APYs as well.
CDs (Certificates of Deposit) also lock your money up for a set amount of time and include penalties if you try to withdraw early.
But with HYSAs you have…
2️⃣ Easy Access
Need a quick transfer to pay for something unexpected?
Instantly transfer online from savings to checking if you're using our top HYSA - or access your HYSA transfers in as little as 1 business day from most HYSAs.
You also can opt to pay directly from some HYSAs with the account and routing number that you're given.
3️⃣ Build a Money System
In high school, you probably had a different color folder for each class you took...
Well, some savings accounts let you separate your money into different “folders" too.
These different sub-accounts can allow you to earn the same competitive APY in each one, while also designating them for goals.
Separate short-term goals like upcoming weddings, a beach trip, or a new car can be a great way to keep everything organized!
4️⃣ Strong Returns
HYSAs are perfect to earn interest income on your money with very little effort.
$15,000 in a HYSA at 3.80% APY can earn more than $275 during a 6 month period.
You can learn more about direct deposit requirements to earn a $400 welcome bonus and an elevated APY by checking out this link.