High-Yield Savings Account

I have had a checking and savings account with Wells Fargo since I was around 15 years old. Last year, I earned $10 in interest on my savings account. This wasn’t really a surprise to me because I’ve known that savings account won’t typically make you any money. It’s a liquid account with no risk, and therefore not an actual money-making investment. Wrong!

I decided to ask around and see what people were using for their High-Yield Savings Accounts (HYSA). I took a poll, and although a few recommendations were given, I ultimately landed on Marcus. It’s a brand of Goldman Sachs, and the accounts are FDIC-insured. The online savings account interest rates were more than 4%, and because I received a referral from a friend, I earned even more percentage points. I am currently receiving 5.4% on my savings account and 5.05% on my CD. When I opened the accounts I was receiving slightly more on the CD, which is why I opened it in the first place, but I may not extend it after it matures.

I opened my accounts earlier this year, and between my savings and CD accounts, I’ve made over $2K in interest. I went from making $10 a year to multiple thousands. And, these are my liquid accounts, both FDIC-insured. Why wouldn’t I move all my money over? I was nervous to do it at first and did so slowly, initially. I had been with Wells Fargo my entire banking experience! But, the more money I saw being deposited into my account each month, the more I knew that I had to make the change.

I encourage everyone to do the research and see what’s right for you. To me, this one is a no-brainer. Free money, and no risk! If you’re curious to learn more, you can check out FAQs | Marcus by Goldman Sachs®

And, if you’re ready to open an account, you can use my referral link to received the Marcus Referred Rate (higher percentage points) for 3 months.