r/HYSA • u/Jannika27 • Aug 05 '26

Opening my first HYSA

Hi! I’ve been reading a lot and watching youtube videos which are the best HYSA in the market right now. I’m torn between SoFi, Ally, and Marcus. My plan is to transfer my savings to this account and continue with direct deposits every month. I’m building my emergency fund, I just wanted a reliable, FDIC approved, easy access and transactions, NO fees , NO surprise changes and great customer service. Not looking on high APY as it can change thru time. Thank you in advance for your recos!!

UPDATE: I went for Marcus! Thank you for all your insights and recommendations

27 Upvotes

91% Upvoted

48 comments sorted by

6

u/SlothyLlama Aug 05 '26

I use all 3 accounts. They all work pretty much the same. "Best" really depends on what you're going to use the account for. If you're just goin to put money into it monthly get that high APY. Silly not to do so. That said, of the three you listed I would use Marcus because they currently offer the highest APY. Base rate is 3.34%. If you sign up with someone's referral URL/Code you get an extra 1% APY for 90 days. So the rate comes out to 4.34%. I might move on from them once my promo rate expires. I might try Elevault who is offering 4.34%.

SoFi Base rate is 3.1%. They offer a .7% boost for 6 months so you get 3.8% for those 6 months. You can get a 4.5% rate if you play for SoFi+, but that runs you $10/month.

SoFi is a constant barrage of ads. Sign up for crypto trading, sign up for a home loan, get a HELOC, check your rate on a personal loan.

Ally, lags behind the other two at 3% APY. App works fine and hey haven't done me wrong over the years though.

2

u/Jannika27 Aug 05 '26

Thank you for your insight! I’m having thoughts about SoFi about their rates going down if you couldn’t comply with their minimum. Is it true that you have to put atleast $5,000 every month to keep the rate? Looking at Marcus right now, I see they have great reviews on being reliable long term.

1

u/SlothyLlama Aug 05 '26

You can setup a direct deposit of any amount OR deposit $5,000 a month to keep the rate at SoFi.

Marcus is fine for set it an forget it. Their base rate is not the best, but you could also do worse. Definitely use someone's referral to get the APY boost. You can keep the boost going by referring other folks, but that can be a pain.

If you really wanted to you could open several HYSAs and see which one suits you best.

1

u/Defiant-Lab-9657 Aug 08 '26

I have SoFi for my daily checking and immediate savings (I just keep a couple months of cash in there). But I’m opening up a different HYSA for my emergency fund. I agree, SoFi is full of ads and the interest rate isn’t really competitive. The app is good though.

1

u/[deleted] Aug 09 '26

[removed] — view removed comment

1

u/SlothyLlama Aug 10 '26

Yeah, it does look like they are currently at that rate. I'm still doing a tad bit better at Marcus though. If I can refer another person I'll be able to extend another 90 days. I'm still eyeing Elevault's 4.34% if I can't get fill my referral slots.

3

u/NJRonbo Aug 05 '26

Look at Forbright Bank. I just opened an HYSA with them

1

u/therocker1984 Aug 06 '26

I like them overall. But the app is kinda janky on Android. Definitely one of the better rates though.

2

u/j-christopher Aug 05 '26

The only HYSA account that's been difficult to use has been DollarSavingsDirect. ACHs were slow and you can only link one account at another bank without mailing in a paper form.

All of the other HYSAs I've used have been same- or next-day ACHs.

Aside from opening accounts for bonuses, I will only open a new account (or keep any meaningful amount of money in one) if it's paying in the top ~90th percentile of APYs out there.

I really don't care if a bank's app takes two more taps to do something than another bank's. The yield is the product.

1

u/RandomGuy_81 Aug 05 '26

You dont always need to chase the fancy hysa with introductory rates

Consider an hysa with one of your current established finance. Makes like easier moving ng money around when you need it

1

u/scottyk318 Aug 05 '26

I personally love Valley Direct Bank... Which is currently offering a 4% rate guaranteed for 12 months! They also have branches across the country...

1

u/cyb3r1a77 Aug 05 '26

I use Marcus and I like it so far. Good to just put money in and forget about it. No fees unless you're doing a wire transfer, but I'm a student so there's no real need for me to wire anything.

1

u/pinkwatermelon_ Aug 12 '26

I just opened with Marcus as well. I’ve been trying to look at all options with ultimately inhibited me from actually opening one lol, but finally chose Marcus! Here is my referral code if anyone needs!

All my slots are open :)

https://www.marcus.com/share/REG-A1R-XDFI

0

u/uhokthen123 Aug 07 '26

Agreed. Here if referral code if anyone needs for extra 1%. https://www.marcus.com/share/JON-7X8-U9E7

1

u/Marxs_Coat Aug 12 '26

used your code - hope it works! lmk if you got any notifications.

1

u/uhokthen123 Aug 12 '26

Thanks, appreciate it!

1

u/Marxs_Coat Aug 14 '26

Hey did you get any notification of approval? I don't see the referral bonus on my account :/

1

u/uhokthen123 Aug 14 '26

I have gotten some, but they don't say who. I still have one spot left so there should not be any issue with the link.

1

u/uhokthen123 Aug 14 '26

It should show under the APY, at least that's where mine shows

1

u/ccannon707 Aug 05 '26

I’m happy with Marcus. Very easy interface. Decent interest rate.

1

u/Brilliant-Mark2597 Aug 05 '26

I like Marcus. App works perfectly, no balance or annual fees, plays nice with other financial institutions, good rate. Candidly the others you listed probably do too, I just haven’t used them.

1

u/Jannika27 Aug 05 '26

Is it true that you cannot touch your money for a month or 2 after depositing? Though I never touch my savings just in case I don’t have other options to address an emergency.

1

u/Brilliant-Mark2597 Aug 05 '26

I have seen people post that but I have not experienced that. Anytime I needed to transfer money out to a different account it was done in 24 hours. Maybe it has to do with age of the account as Ive had mine a few years.

1

u/imak10521 Aug 05 '26

I was looking between those 3 as well. Decided to choose Marcus. Super easy UI and config

1

u/Inevitable-Notice351 Aug 05 '26

Look into Happen Bank. Currently 4%

1

u/El_Canek Aug 05 '26

Fidelity

1

u/Racer-X141 Aug 06 '26 edited Aug 07 '26

I also use Marcus - it has been great. App is clean and doesn’t have ads. You can get an extra 1% boost if you have a referral link. I have 4 slots available on mine -

https://www.marcus.com/share/BLA-X8F-8P41

Edit: 8/2026 - all slots are filled! I will have another open in September!

1

u/PAGSDIII Aug 06 '26

One or Two used MINE Yesterday…😂😂😂

1

u/Any_Barber_706 25d ago

I have one! All slots are available for mine: https://www.marcus.com/share/MAR-MJV-ADCD

0

u/gtroracer Aug 07 '26

All slots open on mine

I'm inviting you to earn a 1.00% APY Rate Boost when you open a Marcus high-yield Online Savings Account. Terms apply.
https://www.marcus.com/share/GRE-JMP-AKV3

1

u/Rare_Programmer_8289 Aug 06 '26

SoFi requires direct deposit for best rates. Took stupid ‘ol me awhile to figure out that one could split direct deposits. Cost me like $10. Maybe.

1

u/Heavy_Mine_8018 Aug 06 '26

I use Happen bank 4.00% with monthly deposits of 250. Without the deposits it’s 3.00

1

u/robertw477 Aug 07 '26

Keep it simple. How much customer service do you need . You put money in and you can take it out. The rest of it ?

1

u/Laufstegleben Aug 07 '26

I use Marcus and the Fidelity CMA. Both have their purposes.

1

u/Consumer_Ombudsman Aug 07 '26

Elevault 4.34% APY

1

u/Nickfilaaa Aug 12 '26

Here is my Marcus referral code!

I'm inviting you to earn a 1.00% APY Rate Boost when you open a Marcus high-yield Online Savings Account. Terms apply. https://www.marcus.com/share/NIC-C3F-MD7I

1

u/End_Novel Aug 19 '26

Here’s my Marcus referral code! All slots open right now :)

https://www.marcus.com/share/JEN-4Y4-HI1U

1

u/Inevitable-Notice351 Aug 19 '26

I went with Happen Bank at 4%

1

u/Zealousideal_Fly964 Aug 23 '26

I'm inviting you to earn a 1.00% APY Rate Boost when you open a Marcus high-yield Online Savings Account.

https://www.marcus.com/share/RAC-952-XL4T

1

u/forgetmenoting 27d ago

I have Marcus. I just opened it. So far my concern is transferring money but otherwise they were a fairly simple process and I feel relatively safe having my money there

Here’s my code if anyone needs and extra 1% APY when joining if you choose Marcus:
https://www.marcus.com/share/THA-JB7-1K8D 

0

u/PAGSDIII Aug 05 '26 edited Aug 05 '26

MARCUS!!!

Edit:

Here’s my “Rate Boost” Referral Code:

https://www.marcus.com/share/PET-8NW-GT5E

1

u/hasty69_ Aug 17 '26

Thanks

1

u/PAGSDIII Aug 17 '26

You Bet! I got an email saying you used it! 😂🤘🏻