How I was paid $452.16 by my bank

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”)!

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

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.

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.

🏎️💨 Resources to get you started

• Select the best high-yield savings account using the Lifestyle Method
• The 5 Best High-Yield Savings Accounts for August 2023

📚 Other Notable Resources

• Last Week’s Post: “Welcome to the first edition of The Thursday Trailblazer!”
• What is credit card point hacking? (Article)
• $200,000+ over budget for my first real estate investment (Video Update)