There was a time in my life where I did not have any money in savings, nor did it bother me! Truly!

It was in pre-martial counseling that my now-husband discovered this about me, and although he was confused by this, he was clearly undeterred 🤣

Needless to say I've learned a lot in the last ~14 years about money, and I always feel excited when I meet with someone who used to be in a similar spot as me. Because clearly, there's hope!

So, if saving money is important (because you know: non-monthly expenses, emergencies, retirement, etc..) where's the best place to store that savings?

Introducing: a high yield savings account. You may have heard of it.

But first, a not-so-distant history lesson:

Pre-March 2020 (or thereabouts), high yield savings interest rates were silly. Like 0.010%. Told you: silly.

Because post-March 2020, rates jumped 500% to ~5%.

Nowadays, they're riding closer to 3%. Why did they go back down? Well, the federal reserve has been trying to help a slowing economy, so they've been adjusting their benchmark rate downward which is closely linked to banks' savings rates.

Most people I talk to don't remember how low HYSA rates once were. And if the fed keeps lowering their rates, expect HYSA rates to continue to drop. Right now, HYSA rates are juuuust keeping pace with inflation. Yet, these rates are still better than most regular bank savings accounts.

Here are my top 5 recommendations paying 3-4% w/no min balance:

1. ALLY BANK*
2. SOFI
3. MARCUS BY GOLDMAN SACHS
4. VIO BANK
5. WESTERN ALLIANCE

*Not the highest interest but I like the Buckets feature - you can organize 1 account into many named buckets (e-fund, travel, Christmas, etc).

As always, ensure any bank you use is FDIC or NCUA insured, and check for fees. If you have a living trust, ensure this and any other financial account you open is named in the name of your trust.

Cheers to earning money by letting it sit in an account 🎉,

PS If you're not currently saving money but know you should start caring at some point, let's talk! Schedule a no-cost consultation with me here​

NW MONEY COACHING | TAMING YOUR CASH FLOW CHAOS TOGETHER