I am 23 saved up about 10k in my chase savings .i dont know its good rhing or bad to start hysa but it looked better than chase savings .which are rhe good options for hysa .online bank pros nd cons because i dont know a single person in person who has hysa .
I am 23 saved about 10k in chase savings HYSA
byu/Long_Bison_6506 ininvesting
Posted by Long_Bison_6506
3 Comments
Hysa is a great place to keep savings/emergency fund in
HYSA is better than a traditional savings account but what is your goal? If it’s emergency funds that you might have to take out within the next 5 or so years then that’s fine but if this is specifically for long term growth you really should have it in an ETF like VOO instead.
For online vs physical banks the main difference is that online banks don’t have a physical location to go to if you have any issues and some online banks have bad customer service. As long as the bank is FDIC insured though you’ll be fine.
10k is a good Emergency Fund. You want it liquid and accessible. HYSA is the move. Have that 10k making you some money why it sits there. Compare APY of different places. Discover Online Savings is a good one. You’re local Credit Union might have one. Compare those rates to yours at Chase. 3.4% is a lot better than some “Savings” accounts that are only .05% or .5%. 3.5% on 10k starts add up. Likely not going to beat current inflation rates, but it hedges against the devaluation of your hard earned money. Now that you have an emergency fund, look into Mutual Funds/ETFs to invest what you can into. Leave your Emergency Fund alone tho.