Hi 👋 I’m about to receive a settlement offer of 195k not taxable since personal injury, and I’m looking for the best high yield saving account that’s consistent to put my money in for now until I figure out what else to do with it. I do wanna keep most of it sitting there to gain interest
Only one I’ve look at is SoFi, pros and cons?
Posted by Marina_heyy
28 Comments
Check depositaccounts.com , doctorofcredit.com or depositquest.substack.com
Marcus by Goldman Sachs is solid, currently at like 4.5%. Ally is another good option that’s been reliable for years. Just make sure whatever you pick is FDIC insured and doesn’t have weird fees or minimum balance requirements
Banks and CUs: https://www.doctorofcredit.com/high-interest-savings-to-get/amp/ https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions
I’ve found Ally to be a “good enough” HYSA, and have had them for a few years now with no complaints. It may not have the absolute highest APR available (I currently get 3.3%), but comes with zero hoops to get what they advertise, and they’re on par with most other places I’ve seen. They require no minimum balance, no direct deposits, or signing up for any other product. Changes in their rate from things like fed announcements is pretty quick, but that’s going both up or down. I’ve had banks where they were quick to reduce their rate but slow to increase.
Their app is easy to use and supports mobile check deposit. ACH transfers to/from my “real” accounts currently take 1-2 business days. But I think that’s a perk offered after being a customer for one year, before that it was 3-5. You can set up scheduled automatic transfers to/from linked accounts, which I’m currently using to rebuild my emergency fund after having to tap it last year. They also support Zelle and wire transfer from the HYSA, but I haven’t used those myself. I also haven’t had any situation where I needed to deal with their customer service, so can’t say what the quality of that is.
A six-figure amount may justify shopping around for other offers. You’d obviously meet any minimum balance, which might get you a boost of 0.1-0.5%.
I use SoFi and love the ability to setup different savings buckets. The biggest drawback is that you are required to have $5000 of direct deposits to qualify for the higher interest rate.
What does “best” mean in this context?
I use Ally.
Capital One will give you $1500 more if you put 100k into their savings vehicle right now. I’d split it over a few to get similar signup offers.
Popular Direct
Sallie Mae Bank
Marcus by Goldman Sachs
Synchrony Bank
Barclays US
Or you can try a MMF at a brokerage like Vanguard, Fidelity, or Schwab. You can find many over 3%
I already bank at Capital One, so their HYSA was the easiest to integrate into my system. It is currently at 3.40%
In your case, I would be mindful that FDIC Insurance covers $250k per depositor per bank/institution. Depending on your other accounts, you may not want to deposit this in your regular bank as that may push you over the insurance limit.
Check if you credit card offers one. If you already have an AMEX card, their HYSA is pretty good and you don’t need to create an account.
Whatever bank is convenient for you. All the rates are so similar, dont go nuts chasing rates and sacrifice convenience for it.
You shouldn’t keep that much in just a savings anyway.
Do you already have an emergency fund setup?
Keep around 6 months worth of expenses in the HYSA. The rest you can invest in a brokerage account.
And since thats a good idea to do anyway… instead of a HYSA, you can invest that same amount in SGOV. So you can have your brokerage and cash fund at the same place!
And SGOV is a fund thats as secure as a HYSA, about the same rate (sometimes more) AND can give you a state tax deduction.
I’ve been happy with capitol one! Plus I think you get a bonus for depositing such a large amount.
Openbank by Santander is offering 4.2% which is near the top for HYSA’s
Wells is offering a 3.5 apy savings account for 12 months and has branches and atms everywhere is that’s something that matters to you.
I’ve used Barclays for nearly a decade. No complaints whatsoever. Currently at 3.6%
i would open a Vanguard brokerage acct and deposit in the cash account , it pays monthly dividends.
Depends on if you have state income tax. If you do then SGOV will outperform most/all HYS accounts because you’ll be state tax exempt.
Open a brokerage account and buy short term treasury ETFs that have better rates than HYSA while also having the tax advantages of holding treasuries.
I use CIT bank which offers me an apy of >4% if you maintain a high balance. I’ve never had problems with depositing or withdrawing large volumes of $.
I’ve been using VIO bank for probably a decade at this point. They’ve consistently had higher interest rates than competitors. As of December ‘25 I’m receiving 3.77% which is down from December ‘24 when they were paying 4.72%
If you open Moomoo account – they give +4.25%booster for the first 3 months (it becomes (%7.65 total for the first 3 months )- so highly recommend to park your money there while shopping around , I am doing the same while looking for an apartment
Personal injury lawyer here. Have you discussed with your attorneys the option of a Structured Settlement? Incredible yields.
I use AMEX and have been satisfied with it. I was already a CC holder so I love that I can open the app and see both CC balance and HYSA balance in one place.
HI Betterment is the best bank. Insure up to 2million dollars. Its a must look
I use Amex and Capital One. I am often affraid of others since what happend to Yotta.
I have used synchrony bank HYSA for the last 6-7 years and they have a relatively higher rate than most of the banks. Currently their rate is 3.65%. I am pretty happy with their service and app interface
I’ve been using eTrade for some time now and it’s very easy to fund and intuitive. Currently the rate is at 3.5% but that will change with fed rate (was 3.75% a couple of months ago and 4% during the summer). I believe they will give you a bonus for moving significant amounts of money in so be sure to reach out to them for latest offers.
Newly using Ally. Been positive so far- good app, helpful customer service!