Friday, November 28
Smart Money Moves
Why Leaving Cash in a 0.01% Checking Account Is “Losing Money Safely” - HYSA Edition
Last week, a retired friend asked me a question I hear more and more lately:
“My money’s safe in my checking account, right? Isn’t that good enough?”
It’s a comforting thought — but with today’s rates, “safe” often means “slowly losing value.”
With inflation still ticking, keeping tens of thousands in a checking account paying 0.01% interest is like watching your money quietly shrink.
But there is a better, safer, and smarter option.
Enter: High-Yield Savings Accounts (HYSA) - accounts that give you easy access AND much higher interest rates. Below, I compare 3 top options (as of today), show you how much more you could earn, and explain why moving a portion of your cash might be one of the “safest growth moves” you make. 👇
🌟 Today’s Highlights
HYSA vs. checking: the real interest difference
3 top-rated HYSAs paying 4%+ APY right now
How to move cash safely - step by step
When a HYSA doesn’t make sense (and why)
📊 Stat of the Day
The average U.S. savings account pays just 0.47%, while leading HYSAs are offering 4.25%–5.25%.
Source: Bankrate
🔗 https://www.bankrate.com/banking/savings/rates/
That gap can mean hundreds of dollars a year in lost interest.Bankrate+1
💡 HYSA Deep Dive: How It Works and Why It Matters
✅ What is a HYSA - and why it’s better than checking/savings
A HYSA is a federally insured (FDIC or NCUA) account that offers higher interest rates while still letting you access your cash when you need it. Fidelity+1
Online banks and credit unions typically offer higher rates because they have lower overhead costs (no physical branches) - savings passed directly to you. AOL+1
You get daily compounding interest, which helps your savings grow faster - even without any extra deposits.
🏦 Top 3 HYSA Picks Right Now
Bank / Institution | Approx. APY (as of 2025) | Notes |
|---|---|---|
Marcus by Goldman Sachs High-Yield Online Savings | ~4.40 % APY, no fees, no minimums Forbes+1 | Good balance of trust and yield |
SoFi Checking & Savings / Online Savings | ~4.30-4.50 % APY, flexible access, no monthly fees NerdWallet+1 | Useful if you want both saving + checking features |
Barclays / Synchrony / Other Online-Only Savings Banks | ~4.20-4.35 % APY, no monthly fees, easy transfers Encyclopedia Britannica+1 | Great if you want no-frills savings with top yield |
“Putting money into a HYSA instead of a 0.01% checking account isn’t aggressive investing - it’s smart safety.”
⚠️ When HYSA Might Not Be Right
If you need frequent cash withdrawals in cash (not transfers) - some online banks don’t offer easy ATM access. NerdWallet+1
You plan to invest aggressively for long-term growth , stocks or bonds often outpace HYSA yields over decades. InCharge Debt Solutions+1
You prefer in-person banking and physical branches, online banks operate mostly digitally. Encyclopedia Britannica+1
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🔑 What You Should Do This Week
Check how much cash you currently have in low-interest checking or savings accounts.
Pick one high-yield account from above (or compare via a rate-tracking site) and open it online.
Transfer enough cash to cover 6-12 months of expenses - treat it like a “mini retirement fund.”
Let the compound interest grow that buffer while keeping the rest invested or used as planned.
📬 Question for You
If you moved $20,000 from your regular checking into a HYSA with 4.25% APY, how much extra would you expect to earn next year?
Reply and I’ll show you the real math in next week’s issue - you might be surprised what a small move adds up to.
With careful savings and clear thinking,
Sarah