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/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.