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When you frame it like that, it's an easy choice. And even if interest rates continue to fall as expected, the difference will still be massive. Just like traditional bank accounts, HYSAs are FDIC-insured up to $250,000, so your money is totally safe. Top HYSAs also offer perks like: No account fees or minimum deposit requirementsNo-fee overdraft coverageEarly access to paychecks Ready to earn hundreds more on your savings? Check out our full list of the best high-yield savings accounts today. What should you keep in your HYSA? High-yield savings accounts are perfect for earning interest on any money you want to keep completely accessible. Here's what I keep in my HYSA: Emergency fund: Three to six months' worth of expenses.Short-term savings: Money for things like vacations and large purchasesExtra cash: Any additional money that I don't need in my checking account It's not great for long-term investments, or money you want for everyday transactions, but for almost everything else -- what I call your "in-between cash" -- an HYSA is the perfect place. Open an HYSA in just a few minutes Moving your cash to an HYSA is, in my experience, a piece of cake. It took me less than half an hour to open mine -- and I did it all from my laptop without leaving home. Here's how to get started: Compare top options. Look for HYSAs with a high APY and no fees.Apply online. Applications are usually quick and easy.Transfer your funds to your new account.Move direct deposits and other automatic transfers to your new account, too. Once you're all set, you might decide to close your old account if it no longer serves a purpose. Then your HYSA journey is complete -- it's that simple. Want to earn 4.50% APY on your savings today? See our full list of the best high-yield savings accounts available now.
