Blind, holding more cash than I probably should right now. What are the cons to a HYSA and which do you reccoemend and why? Thank you! TC: actual peanuts $98k #personalfinance #investments edit: already bought ibonds looks like ill just dump some months emergency fund into sofi later. thanks y'all
Cons: 1. Your interest rate is lower compared to your other investment opportunities. This the price you pay for stability. 2. All of your income is taxed yearly at normal income. In the stock market you get the asset appreciation which isn’t taxed until you sell it.
Sofi - 2% with direct deposit GS Marcus - 1.70%
Wealthfront is 2% without any conditions
Wealthfront has a savings account too? That’s nice
Cons? Even though rate is coming back up, it’s still not an ideal place to “invest” your money vs index fund, etc.. Pros? It’s a good place to store emergency fund. Gaining more interest than standard saving account As for a good one, just google for a list of HYSA and pick one with high rate and a good web portal that you like. Some folks like ally.
yeah, just looking for a better place to store emergency funds than my chase savings. Thanks for the reply!
Try Amex it’s at 1.9%
hmm only shows 1.65% for me?
It’s 1.65%
Have you thought of new issue corporate medium term notes/bonds? You can get 4% for a 1.5 year new issue bond from credit suisse, or various other bank new issue bonds.... you can find those new issues in any of the trading platforms such as td ameritrade (now schwab)......
its 2.35. you get another 1% for 3 months if you refer someone.
That’s awesome Can I use this ?
Series I bonds 10k per ssn 9.62% rate for next six months
You’re not allowed to withdraw for 3 years if you want that rate
U sure ? I thought it's 1 year