HYSA Archives - DIYmoneytrack.com

Now may be a particularly good time to pay attention to where your cash is earning interest. Interest rates are rising, and banks are competing aggressively for deposits, creating opportunities to earn more by moving your money between high-yield savings accounts (HYSAs).

That’s the basic idea behind rate shopping: periodically comparing the rates available on your cash and moving your money when you find a meaningfully higher APY.

Platforms such as Raisin make this strategy easier by giving you access to savings products from multiple banks through one platform.

Keep reading if you are interested in learning how cash rate shopping works.

Are you maximizing your short-term savings return?

If your answer is “I don’t know” or “probably not,” then read this post to find out how to make ‘easy’ money simply by moving shorter-term savings to higher yielding accounts.

Whether you’re saving for an emergency fund or a vacation, improving the return on your savings accounts will help you reach your goals faster.

The difference between leaving cash in a traditional bank or brokerage savings account and investing it in a high-yield savings account can be worth thousands of dollars. Opening and moving money between savings accounts has never been easier, so chasing short-term yields online can be done with a few ‘clicks’.

And with annual inflation currently around 2.4% in the U.S., a short-term savings account yielding over 3% (assuming 20% tax rate) may even increase your purchasing power.

Read on to learn more about maximizing your short-term savings rate and where to find the best accounts.

Tag: HYSA

Rate shopping: How to earn more by moving your cash between HYSAs

How to maximize your return on savings to reach financial goals faster