Ready to be financially free?
Join here. Terms apply.
High-yield savings accounts (HYSA) are a type of savings account that earns a higher interest rate than traditional savings accounts. Here are some of the benefits:
Banks offer a variety of savings accounts with different features and benefits. Some banks offer savings accounts with sign-up bonuses or no monthly fees. Other banks offer savings accounts that are designed for specific purposes, such as a college savings account or a retirement savings account. A HYSA is just another alternative!
Banks offer HYSAs to attract new customers and to keep existing customers. The more customers, the more deposits, the more they can lend out, the more money they make!
An emergency fund is a bucket of savings that you can use to cover unexpected expenses, such as a job loss, medical emergency, or car repair. It is recommended that you have at least three to six months of living expenses saved in your emergency fund.
Here are some of our top picks:
You can start by setting a goal for how much money you want to save. Make sure you create a budget that leaves some room for savings - the best is to automate your savings by taking it directly out of your paycheck. By stashing your emergency fund in a HYSA, it can earn interest all by itself, helping you achieve that end goal quicker!
Option 1: Set up an auto-transfer from your bank
To set up an auto-transfer from your bank to a HYSA, you will need to:
Once you have set up the auto-transfer, the money will be transferred from your checking account to your HYSA automatically on the schedule you specified.
Option 2: Set up direct deposit from your payroll (preferred)
Each payroll portal may vary slightly, but these are the general steps you should take:
If you can’t do it directly in the portal, you can contact your employer directly and request a change to your direct deposit information. You will need to provide your bank's routing number and your account number. Once you have submitted this information, your employer will start depositing your paycheck into your HYSA!
HYSAs are a great way to save money for your goals. They offer higher interest rates and no monthly fees, which means that you can keep more of the interest that you earn on your savings. If you are looking for a safe and convenient place to save your money, consider opening an HYSA today. To upgrade your money mindset and earn-cash back rewards while doing it, check out Debbie!
Debbie is where you start your journey to debt freedom. It’s the program that guides, motivates, and rewards you for paying off debt! Debbie users have paid off 3x more debt than the average borrower, as well as saved around $100/month on average. Do you want to be part of this elite crowd? 👀 Join now at joindebbie.com to start earning cash rewards now!
Debbie is an app that uses behavioral psychology and prizes to help you pay off debt for good. The app rewards you for paying off debt with lower interest rates on your current credit, as well as cash. Start our free money psychology course today to get qualified. Start Now →
Going through a divorce is undoubtedly one of the most challenging life experiences. Apart from the emotional toll, it can also have a significant impact on your financial well-being. Taking proactive steps to protect your money before a divorce is crucial to ensure a smoother transition and secure your financial future. So let’s explore some effective strategies to protect your assets and navigate the financial aspects of a divorce.
Filing taxes is a task that many people tend to procrastinate. But, there are numerous advantages to filing your taxes early. Here’s why filing early can be a smart financial move.
Americans are opting for quieter, more comfortable weeknights, choosing self-care and peace over the hustle and bustle of midweek outings. This transformation is reshaping how individuals approach their leisure time and spending habits.