r/u_eglisxo • u/eglisxo • 8h ago
Best HYSA 2026 ?
hi all , my boyfriends grandfather passed away and is said to leave him some money . we’re not sure of the amount but we’re both 22 and thinking it’s about time to open a HYSA anyways.
i was wondering what people think is best now . I hear Capital One & AmEx are good, as well as Ally and Sofi.
But then i see in the comments like this would’ve done so and so if you put it in Voo , not sure what that is.
I’ve also had my boss recommend i talk to a financial advisor since they have more “markets” so to speak… in terms they’re able to the guarantee your rates don’t go below a set amount or something like that . I live in tallahassee so any recommendations on one would be nice .
I also don’t think it’ll be an insane amount of money he’d be getting. but i’d like to see what you guys recommend for the different amounts & like the savings we have now.
let’s say
1-5k
5-10k
10k-25k
let me know ! i tried looking online and tiktok videos and it just feel so ad ridden and the comments are all always contradicting or hateful so not really sure where to go from here. appreciate all the help !
1
u/Swimming_Range737 6h ago edited 4h ago
Here is what I do.
Half of my emergency fund is at Ally. The current yield for a money market account is 3.10%. There is no minimum amount required and you can get an ATM card. My wife has Capital One HYSA. Every time I check, the yields are the same. I personally think that Ally has a little better customer service. She speaks Spanish and Capital One has that option.
The other half is with Fidelity. I use a brokerage account, but i would recommend a Cash Management Account (CMA) over a brokerage. CMA has bank like products. ATM card and checks. Note: Fidelity is not a bank and money is not FDIC insured. Money market account are backed by the full faith and credit of the US government. SPAXX, which is a core holding yields 3.27% at the moment. A CMA or Brokerage account will allow you to buy VOO. VOO is essentially buying into the S&P500. If you believe that S&P500 will continue to rise OR you have a long term horizon, then this is an option.
You can look around and find better HYSA rates. I chose these based on reputation and customer service. I split between the 2 just in case an account gets locked for too long.
ADD: Where money goes is largely a decision based on what and when it will be used. The usual recommendation is 3-6 months of expenses saved in an emergency fund. What is the purpose of money beyond that ? House or car down payment? Roth contribution. Investing…. etc