Skip to content
10 min to set up

Get a High Interest Savings Account

Default setting

Money deposited in a low-yield savings account

Better setting

Money growing in a high-yield savings account

Benefits

Why change?

Keeping your savings at a traditional bank loses you money. In 2019, the average bank savings rate is 0.09%, which is way below the U.S. inflation rate of 1.8%. There are now many secure and convenient online accounts that offer interest rates of more than 1.5%, which translates to an extra $150 for every $10,000 of savings.

Steps

Sign up for a high-yield savings account and move your rainy day fund money there.

  1. NerdWallet has a great list of high-interest savings accounts: nerdwallet.com/best/banking/savings-accounts
    (I personally recommend Goldman Sachs)

Enjoy the ongoing benefits of your updated default setting! Get an email when a new one is posted.

Have a friend who should do this? Share it: