How to open a HYSA

If you always want to open a high yield savings account but then don't exactly know when to open one, then this might be the video for you because in the next 60 seconds I'm gonna explain how to open one where even my grandma could understand. First things first is choosing an app or company that you want to open a high yield savings account with. I use American Express, but there's so many great ones like SoFi, Wealthfront and the list goes on and on. I also create a video every month covering the highest rates for that month. Once you choose a company that you want to open a high yield savings account with, you want to go ahead and link your bank account to that account. You put in your account number, routing number, yada yada yada. Once you have that linked, then you want to transfer some funds over to your high yield savings account. It's always recommended to keep a six month emergency fund in your high yield savings account. For myself, a six month emergency fund would look like around $12,000 because I spend about $2,000 every single month. High yield savings accounts are extremely simple. There's no investing at all. You just put the money in your account and you watch it grow. Let's say you put $100 into the account with a 3% interest rate, you'd be looking at $3 for free doing nothing for. So obviously the more money you put in, 10,000, 20,000, even 30,000, the more money is going to multiply and your money is going to keep growing. If investing has ever scared you and you know for sure you don't want to do it, no matter how much, I recommend it, high yield savings accounts are definitely the account that you want to open up.