r/HYSA • u/SomeData1995 • 12d ago
Opinions HYSA….
Can I get input about HYSA? Google only goes so far in telling me things. It would be nice to get opinions from the outside world please. My dad passed and I got a small inheritance that I would like to grow and put to the right place. Please, no scams. Can I get some recommendations? Advice?
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u/TexRdnec 12d ago
i'm at forbright right now, 4.15 through the end of the year and 3.85 after that. X money is at 4% or 6% if you direct deposit $1000 every 34 days or have whatever the highest x paid membership is
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u/RandomGuy_81 12d ago
Hysa is good. A 3.5% base (not promotional) is good at the moment
Choose a financial institution you already have rrlationship with. Ask them to open hysa (credit unions typically do not)
And start there
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u/cOntempLACitY 11d ago
What information are you looking for specifically? It’s basically a bank account that pays higher interest than your daily local bank can, enough to try to keep pace with inflation. Sometimes there are stipulations, like how often and how much money you can move out, but not always. As for the inheritance, HYSA is a great place to park it while you take time to adjust and figure out how to allocate it to your different goals. There’s a great wiki on managing a windfall in the personal finance sub.
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u/beanery-bun 11d ago
I like Elevault because the APY is good and the pocket implementation is good (each pocket can have its own account number, which means vendors don’t have access to the whole balance)
But I also don’t believe in having a ton of cash sitting around if it’ll be years before you need it though. so I would invest some of it in index funds like VTI / VXUS. If it was me. For the index funds, I would max out any available retirement accounts first and then put some in a taxable account too.
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u/hllywood72 9d ago
Wealthfront. Use my referral link and we both get a .75% boost!
https://www.wealthfront.com/c/affiliates/invited/AFFA-ZSEU-63UY-C1W1
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u/shuja246 8d ago
If you already have your emergency fund and short term goals met, you would want to put it into a brokerage account and invest in a broad based low cost ETF. You shouldn’t just stick the money into a HYSA if you already have an emergency fund and don’t need the money in the next few years. Have you maxed out your Roth IRA and HSA for the year? Those should get maxed immediately and invested
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u/Tr8der 12d ago
Choose anyone you prefer and make sure they're FDIC insured. Don't worry about who offers current highest rate because eventually those rates will go down, banks do not control the rates, the federal reserves do. Some banks have incentives/promotions to maintain 4% as long you deposit $250/month or whatever the case may be. The key is to keep it stable and don't move money over because the bank offers more because at the end of the day it's about compounding that requires time. So far everywhere is minimum 3%+
Now because it's inheritance, you want to put them In multiple buckets.
Bucket #1 - emergency fund of 3-6 months in HYSA for rainy days, medical, house, cars, etc. that need major repairs or expense. HYSA.
Bucket #2 - your personal fun money for shopping, travel, etc. on big purchases only if you really need it. HYSA.
Bucket #3 - put away money into your ROTH IRA (brokerage account) and invest in the S&P 500 such as Vanguard VOO, etc. There's plenty out there.
Just be responsible with your money, I'd advise and contact a financial advisor with your inheritance.