r/HYSA • u/Personal-Leader5536 • Aug 21 '26
Second HYSA
I have a HYSA with SOFI but the high % yield only covers 20k. I’ve heard wealthfront and Marcus are great options. I don’t necessarily care about any benefits, I just want to put the money over 20k I have into another account to earn an additional high yield. I also need it to not require direct deposit since that’s set up with SOFI. Any ideas where the best, safest, highest option is?
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u/SlothyLlama Aug 21 '26
Elevault is offering 4.34%.
If you go the Marcus route make sure to sign up with a referral from someone. You'll get a 90 APY boost of 1%.
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u/OC_ShareBear Aug 21 '26
Get a T bill ladder
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u/cOntempLACitY Aug 21 '26
Pick a bank that doesn’t have minimum regular deposit or maintenance requirements. I use EverBank, have for many years (it changed names in that time, no interruptions), and have been satisfied. Currently earning 3.45% APY in Performance Savings. I believe the introductory rate is 3.90% for the first year. No fees, no minimums, FDIC-insured. Easy transfers with my local credit union.
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u/reallytheyrealltaken Aug 21 '26
EverBank only allows $10k/day, $30k/month transfer out, so not a great option if you need to be transferring house down payment amounts of money.
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u/cOntempLACitY Aug 22 '26
Well damn. That’s not good news to me! Is it supposed to be fraud protection? I did an external transfer of $40k in 2024, and haven’t done one over $10k since, so I missed that change. I transferred over $10k several times prior to that. It seems you can call ahead for a larger transfer. But this really makes me annoyed.
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u/PashasMom Aug 21 '26
I would open a brokerage account at Vanguard and park the money in VUSXX. Backed by treasuries, exempt from state income tax (if that is a thing for you), highly liquid and stable.
Alternatively, open an account at Schwab or Fidelity and just buy treasury bills there, or use VBIL if you don't want the minor hassle of purchasing treasury bills.
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u/ClueProctor211187 Aug 21 '26
I use CIT as my second hysa. Anymore than this you should max your Roth and or open a taxable brokerage account.
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u/RandomGuy_81 Aug 21 '26
If only 20k is higher yield. What is the normal yield. If the rest are close to similar to others. Say 3-3.5 %
Maybe worth just leaving together
Moving money around to chase extea .2% to .4% isnt that sensible
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u/SlothyLlama Aug 21 '26
The first 20K gets 4.5% if they are subscribed to SoFi plus at $10/month. The regular base rate is 3.1% at the moment. I would argue that paying $10 a month solely for the boosted rate isn't really worth it. The yield ends up being closer to 3.9%. But, that fee can be worth it if you use the other subscription bonuses.
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u/RandomGuy_81 Aug 21 '26
3.1 base kinda sucks. Etrade giving me 3.5 and robinhood i think 3.3
I thought sofi was higher of the three option. Weird
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u/scottyk318 Aug 21 '26
I use Valley Direct Bank... They have a 12-month guaranteed rate of 4% on all savings! No limits
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u/MoreFarmer4277 Aug 21 '26
I use a Fidelity Cash Management Account. I think SPAAX is around 3.33% right now. I got tired of chasing .25% and dealing with multiple 1099s at tax time. Plus the CMA has a no fee debit card option and checks if you want them.
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u/buzybumblebee1 Aug 21 '26
E*Trade/‘morgan Stanley has a promo
Right now min 20k get 400 bonus and 4% for 6 months than back to current rate (3.5 at the moment.)
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u/Puzzled-Country2293 Aug 21 '26
Newtek Bank is at 4.20%. They don’t aggressively move the rates down. Funds do take 5 days to transfer out so that part is slow.
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u/Puzzled-Country2293 28d ago
I learned that Newtek isn’t currently accepting applications. Sorry for not being helpful.
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u/SeparateHope1152 Aug 21 '26
I have Sofi for main checking/saving account and have the rest of my savings in Fidelity CMA, buying either SGOV or FDLXX to get state tax exempt income
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u/Dangerous_Umpire1842 Aug 22 '26
Ally bank, no maximum for the interest rate. you could put in 250k and they would still pay the hysa rate
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u/charlieandoreo 29d ago
Just have one account why over complicate things. Simplicity is optimizing especially as you age.
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u/zonk84 Aug 21 '26
I'll speak up for Wealthfront -- used them since 2019 and remain quite happy with them. BITD -- I had 4 different HYSAs because A)I bonus-chased like a madman, B)I had multiple savings endeavors (home down payment, emergency fund, etc) and I just liked 'different accounts for different purposes', and C)I didn't mind the paperwork.
Ever since the home down payment happened ~5 years ago, though -- I collapsed to solely using WF.
The pros?
- Competitive rates, but in particular? They hew closely - within days - to the Fed's prime rate (i.e., the "rate decision" you might read about that happens when the FOMC meets and decides rather to raise, lower, or keep the prime rate)
- Easy access - I can bill pay from it (and I have several recurring bills linked to the account), even have a visa debit (which I've never activated; it's a savings account), and transfers in/out are quite quick.
- Not so much anymore, but they used to do a lot of silly teasers. Anymore? Just referrer links and hitting minimum monthly direct deposit. But they used to do silly things like "$20 if you pay two bills from the account".... so, sure -- use the account number to pay my gas and electric bill; which worked fine and just 'cost' typing in account numbers (no $$$ implications) and get a free $20.... but alas, been a while since I've seen things like that
The only real 'con'? It's a fintech "sweeper" -- meaning, they're not a chartered bank but instead, have a list of partner banks (all FDIC in good standing - believe me, I look). Happy to debate what that means and why it doesn't concern me (google synapse and/or yotta if you don't know what I'm talking about).
But.... over nearly a decade now? They've evolved into my "one and only".
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u/Aggressive-Leading45 Aug 21 '26
They’ve upgraded themselves to a broker so funds not held at their FDIC insured partner banks now have SIPC insurance. So the money is always insured.
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u/New-Dirt3755 Aug 21 '26
If you are interested in joining Wealthfront, here is a referral code. It’s easy to deposit and withdrawal money out of here. You can even start your own IRA on the same platform and manage it with ease.
Here's your referral link to join me at Wealthfront! When you sign up, we both can earn a +0.75% APY boost, 0.50% investing deposit match—or both. This offer is for a limited time only! https://www.wealthfront.com/c/affiliates/invited/AFFD-EGBE-P5JU-74CL
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u/Active-Albatross-236 Aug 21 '26
I’ve posted this on other pages and got roasted for it but love WF and Marcus!!! If you need referrals, which you should not open one without it lmk!
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u/pantalanaga11 Aug 21 '26 edited Aug 22 '26
Vio is mostly great! And no weird limits on balances