How I Was Paid $452.16 by My Bank

Read time: 3 minutes

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I get paid to keep my money in the bank.

Over the past 12 months, it was $452.16.

A traditional savings account pays a national average of just 0.42% APY according to the Federal Deposit Insurance Corporation (FDIC).

Last month I got 4.15% APY.

That is ~10x the national average!

No, this isn’t some get rich quick scheme…

…it’s a high-yield savings account (“HYSA”)!

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My Journey to Discovering HYSAs

Growing up I had a standard checking and savings account with Bank of America.

I thought getting $0.01 every month was normal.

It is for the uninitiated.

I first discovered HYSA in 2018.

✅ FDIC-insured

✅ Trusted brand name banks

✅ Easily access my money

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Why Did It Matter?

At the time I was stashing cash to buy my first piece of real estate.

What that meant was there was a large sum just sitting in my bank account…

…doing nothing.

Correction: losing value due to inflation 😳

I’m all about getting the most for my money, especially in low- to no-risk ways.

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The Lifestyle Method

I’ve compiled the past 5 years of factors I look for in a High-Yield Savings account in a framework I call, The Lifestyle Method.

There are other things to consider beyond just the highest interest rate.

Related Resources:

• Select the best high-yield savings account using the Lifestyle Method
• The 5 Best High-Yield Savings Accounts

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The Bottom Line

If your money is sitting in a traditional savings account earning pennies…

…you’re leaving hundreds of dollars on the table every year.

It took me 15 minutes to open my first HYSA.

That 15 minutes has earned me over $450 in the past year alone.

What’s stopping you?

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This article is for educational purposes and not financial advice. Please consider consulting with a licensed professional before making any financial decisions.