High Interest Savings Leaderboard

HYSA are great but even better are buying money market funds or tbills.<p>Money market funds restrictions are they can be bought&#x2F;sold during market hours and tbills have a specified lock up period, like a month or more. Both can be bought from your broker, it’s intimidating but actually quite simple.<p>For example buying money market vusxx fund today is giving an equivalent 6.25% apy for high tax earners in California - this is because much of it is tax exempt whereas hysa is not.<p>This google sheet has all of the current rates and is useful: <a href="https:&#x2F;&#x2F;docs.google.com&#x2F;spreadsheets&#x2F;d&#x2F;1v3fn3sZRvkSgqb-RnN2gSWqgXdbGbDO8GdKaxE-MYEM&#x2F;edit?usp=sharing" rel="nofollow">https:&#x2F;&#x2F;docs.google.com&#x2F;spreadsheets&#x2F;d&#x2F;1v3fn3sZRvkSgqb-RnN2g...</a>

For the Canadians in the audience:<p>* <a href="https:&#x2F;&#x2F;www.highinterestsavings.ca&#x2F;chart&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.highinterestsavings.ca&#x2F;chart&#x2F;</a><p>* <a href="https:&#x2F;&#x2F;www.ratehub.ca&#x2F;savings-accounts&#x2F;accounts&#x2F;high-interest" rel="nofollow">https:&#x2F;&#x2F;www.ratehub.ca&#x2F;savings-accounts&#x2F;accounts&#x2F;high-intere...</a><p>There are also &#x27;HISA ETFs&#x27; like CASH.TO:<p>* <a href="https:&#x2F;&#x2F;moneyguynow.com&#x2F;best-canadian-high-interest-savings-etfs&#x2F;" rel="nofollow">https:&#x2F;&#x2F;moneyguynow.com&#x2F;best-canadian-high-interest-savings-...</a><p>However note:<p>&gt; <i>The biggest difference between HISA mutual funds and HISA ETFs is that ETFs are not CDIC-insured. This occurs because HISA mutual funds allow investors to be registered with the deposit institution as individual depositors, whereas a HISA ETF bundles the sums provided by all investors and invests the proceeds in the ETF’s name. However, HISA ETFs mostly invest with systemically important financial institutions (SIFIs), which are subject to greater regulatory requirements than non-systemically important ones. In Canada, we have three types of SIFIs.</i><p>* <a href="https:&#x2F;&#x2F;www.pwlcapital.com&#x2F;high-interest-savings-account-etfs&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.pwlcapital.com&#x2F;high-interest-savings-account-etf...</a>

Not to overcomplicate things, but anyone planning to save money for &gt;12 months should be using the BOXX ETF (<a href="https:&#x2F;&#x2F;etfsite.alphaarchitect.com&#x2F;boxx&#x2F;" rel="nofollow">https:&#x2F;&#x2F;etfsite.alphaarchitect.com&#x2F;boxx&#x2F;</a>) to convert the interest income into a long-term capital gain. Even if you end up cashing out before the 12 months, you are still going to pay the same taxes as with a savings account, so there is truly no downside.

While it may be tempting to pick whatever is on top of the list, you should make your decision after factoring in bank locations, reputation, customer service, online tools, ATMs, fees etc. rather than just go for the extra 0.04% in interest.

Theres a much more comprehensive list here: <a href="https:&#x2F;&#x2F;www.doctorofcredit.com&#x2F;high-interest-savings-to-get&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.doctorofcredit.com&#x2F;high-interest-savings-to-get&#x2F;</a>

If you can handle not being FDIC insured, check out Ford Interest Advantage. This is the money that Ford uses to fund auto loans. In practice, it works like a checking account with ACH deposits&#x2F;withdrawals.<p>5.5%<p><a href="https:&#x2F;&#x2F;www.ford.com&#x2F;finance&#x2F;investor-center&#x2F;ford-interest-advantage&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.ford.com&#x2F;finance&#x2F;investor-center&#x2F;ford-interest-a...</a>

Top of market interest rates are a signal that the bank needs capital (yours).<p>Be careful with more than $250k in any one regional bank right now.

I&#x27;ve been using depositaccounts for years to check rates for savings and CDs <a href="https:&#x2F;&#x2F;www.depositaccounts.com&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.depositaccounts.com&#x2F;</a>

If you&#x27;re a US citizen, don&#x27;t sleep on I-bonds for your emergency fund.<p>The current rate for I-bonds is 5.27%. It adjusts up or down automatically with inflation. The only catch is you can&#x27;t put in more than $10k per calendar year, and if you withdraw before 5 years you give up 3 months of interest. Much, much better than a CD.<p><a href="https:&#x2F;&#x2F;treasurydirect.gov&#x2F;savings-bonds&#x2F;i-bonds&#x2F;i-bonds-interest-rates&#x2F;" rel="nofollow">https:&#x2F;&#x2F;treasurydirect.gov&#x2F;savings-bonds&#x2F;i-bonds&#x2F;i-bonds-int...</a>

Optimizing one&#x27;s savings rates always seemed to me to be high effort, low reward. Like coupon clipping or credit card churning. You either live with convenience and low returns or you get a slightly better return by making &quot;opening new accounts&quot; your entire life.<p>I already have a credit union account for checking, multiple brokerages, an HSA account, a 401(k) account (different from my brokerages), a Roth IRA account, a 529 account, an account at TreasuryDirect, and probably others I&#x27;m not thinking of. Now if I want the best yield savings, I need to open yet another bank account? If I want the best CD rates, I&#x27;ll need further another account? Yuck!<p>And when I want to move funds from one asset class to another, it&#x27;s a ACH transfer or some other needlessly multi-day transfer from one institution to another. It&#x27;s exhausting.

There is some missing nuance if you just look at the list.<p>Orion FCU is listed at 0.01%, but you can get 6% (on the first $10K) if you open a premium checking acct.<p>Although you have to deposit at least $500&#x2F;month and use the atm card as much.<p>Not exactly what people with large amounts outside their network are looking for, but still.

This is cool! I&#x27;d love to also see the leaders&#x27; rates over time, rather than a point-in-time snapshot. Switching banks is relatively time consuming. I&#x27;d prefer to choose a bank with the highest rate over the last 1yr, 2yr, 3yr+ periods.

HYSA may not be the absolute best thing, but they&#x27;re simple enough for dumb laymen like me.<p>At some point I might transfer some, or all, funds out of my HYSA but for now it&#x27;s good enough to park things in while I do some more research on what options I have.

The list is missing American Express HYSA. It&#x27;s at 4.35% APY.

Using a convenient bank is more important than squeezing a few more basis points in yield.

Great idea. Would love to have the same for the UK!

I really miss how Vanguard used to allow writing checks from its brokerage account;[1] it combined the best of savings and checking accounts (complete with a six transactions-per-month limit, back when that was a thing). Is there something like it elsewhere? I have accounts at Vanguard and Schwab; I think I&#x27;ve heard that there is something like it at Fidelity but don&#x27;t know anything about it.<p>[1] I am not talking about &lt;<a href="https:&#x2F;&#x2F;personal.vanguard.com&#x2F;us&#x2F;whatweoffer&#x2F;accountservices&#x2F;checkwriting" rel="nofollow">https:&#x2F;&#x2F;personal.vanguard.com&#x2F;us&#x2F;whatweoffer&#x2F;accountservices...</a>&gt;

VIO Bank is classified wrong and should be at the top of the list.<p><a href="https:&#x2F;&#x2F;www.viobank.com&#x2F;cornerstone-money-market-savings" rel="nofollow">https:&#x2F;&#x2F;www.viobank.com&#x2F;cornerstone-money-market-savings</a>

I opened a Sofi account when interest rates started rising after having only a Truist account paying 10 bps. Sofi paid $300 bonus and that was what actually got me to actually make the switch (their average cac must be over $400!). Its so interesting how the switching costs are very low but still feel high enough that it is tough to actually open new accounts even when you can easily earn $500 extra per year per $10k in balance. I wonder if fedNow adoption will make it more common to bank hop without the delays of the ach network

For folks who don&#x27;t know: In these HYSA, every time the interest pays (monthly), it triggers a taxable event. This might be important for you to consider. If you invest longer term in bonds and good securities instead, you could time your tax better (i.e.: sell when your income tax is lower; retirement).<p>In the US, you can get &quot;lifetime&#x2F;permanent insurance,&quot; which has a cash component that can be invested in bonds and enjoyed on much better tax terms (eating less into your bond&#x27;s return).<p>This is not financial advice.

This is really cool! Any reason Apple savings isn’t included?

For the Dominicans in the audience: I made a tool like this one one for our market.<p><a href="http:&#x2F;&#x2F;crecepesos.com" rel="nofollow">http:&#x2F;&#x2F;crecepesos.com</a>

This warrant&#x27;s a little caution, there may well be some negative selection bias here. The banks most likely to go bust are the ones most desperate for cash so they offer the highest interest rates... If it&#x27;s FDIC insured you are good up to $250k but I don&#x27;t know exactly how much inconvenience is associated with your bank going bust and potentially collecting FDIC insurance.

I’ve been using <a href="https:&#x2F;&#x2F;apy.fyi&#x2F;" rel="nofollow">https:&#x2F;&#x2F;apy.fyi&#x2F;</a> since it’s Show HN (<a href="https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=33058601">https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=33058601</a>). I haven’t checked it in a while but there are significantly less entries on it now compared to this one

6 month treasuries through XHLF... 3bps management fee, yielding above 5% can be traded in any brokerage account: <a href="https:&#x2F;&#x2F;bondbloxxetf.com&#x2F;bondbloxx-bloomberg-six-month-target-duration-us-treasury-etf&#x2F;" rel="nofollow">https:&#x2F;&#x2F;bondbloxxetf.com&#x2F;bondbloxx-bloomberg-six-month-targe...</a>

In the UK banks will create a new high interest savings account and then after a few years quietly reduce the interest rate and launch a new one. So you waste lots of time applying to open new savings accounts every few years. Not sure its worth the hassle unless you&#x27;re loaded enough that the interest will offset the wasted time.

Can someone clarify for me what the other pros and cons would be for these different banks aside from interest rate? Should I perhaps not go for an extra 0.05 - 0.15% if there are unusual rules around withdrawals, or are some known to have shady data privacy practices?

There&#x27;s a an etf USFR that tracks the treasury notes all these companies buy anyways. Buying it you can use your favorite brokerage and sell whenever you want, without having to deal with another bank or the interest rate at your bank becoming less competitive.

There are some Credit Unions that are offering even higher rates, I saw for a time 6 or 7%, but they sometimes had limitations for either joining the CU or upper limits on how much each account could have (though you could spread money across multiple CDs)

VUSXX - 5.29%

As long as you don’t put more than the fdic insured amount in those highest ones

I&#x27;m pretty surprised to see notable differences between Wealthfront, Betterment and SoFi. I&#x27;d assume these types of services would be in a dead heat in terms of the interest offered.

4.97% in Fidelity for money just sitting in the account. No need to buy, sell, lock, transfer or do anything. Not FDIC insured but I somehow trust Fidelity not going under.

Interesting that Evergreen Bank Group went straight from 0.35% to 5% in a little over a month. Every other bank had gradual rate increases. Anybody have any info on this?

Bank of America still paying a cool 0.01% interest, incredible.

In Switzerland we can&#x27;t hope for anything more than 1%.

Impressive rates. I have been using a ultra-short bond ETF (VUSB or similar) for storing excess cash rather than a savings account. Maybe I should reconsider.

It should be noted this is specific to the United States.

Missing Apple Card Savings, which yes is currently the same as Marcus by Goldman Sachs but hasn&#x27;t always been

Best in Sweden seem to be SBAB 4.25% (3 or 6 months lock). Or, anything better?

In the Netherlands best we can get is 2.85% or so.

Not listed: 5.1% on USDC at Coinbase

Id like this same thing but for cds!

Who created this?

Eh, please include banks that don’t offer an affiliate link.<p>I use VIO, which offers 5.3% on all balances.

Don&#x27;t keep cash or cash-based assets. Only what you need for personal liquidity and emergencies. The govt will steal your money through inflation. If you don&#x27;t wanna mess with or don&#x27;t have enough money saved to buy real estate, buy an index ETF or a real estate fund.

There are many banks which give you far better rates. [0] has 47% for example<p>Clearly it&#x27;s not talking about Lira then, but it doesn&#x27;t mention currency or country

And not one intelligent person is asking, how is the bank giving me a return for seemingly nothing?<p>HYSA investments are wildly irresponsible and risky. They degrade the financial system and support horrible practices and institutions.<p>I challenge anyone to find ONE financial instution which discloses what HYSA is invested in.<p>These aren&#x27;t even good investments. VTI is up 25% y&#x2F;y. With these &quot;high interest&quot; investments below the prime rate, you&#x27;re literally guaranteed to lose money, all while taking a massive and unncessary risk.