I was sure those high yield savings accounts were a scam until I opened one

For years, I kept my emergency fund in my regular bank, earning maybe 5 cents a month. I figured anything offering 4% or more had to be fake. Then my credit union in Austin started offering one, so I moved $1,000 over as a test. After three months, I actually got over $10 in interest, which proved it was real. Has anyone else been surprised by how much they were leaving on the table?

4 comments

4 Comments

piper_kim2mo ago

Oh man, that reminds me of my old fear of online bill pay. I was convinced hitting "submit" would just send my rent money into the void forever. I'd still drive checks to the leasing office like it was 1998. One month I was out of town and had to try it, and it worked perfectly. Felt like a total dinosaur for all those years of extra trips.

dakotab931mo ago

My bank once lost a check but never lost an online payment.

the_zara2mo ago

But you know, I actually get why you were so careful. That "void" feeling is real because once you send it, you lose all control. A check is a physical thing you can stop or track. With online pay, you're just trusting a system you can't see. My cousin had a payment get stuck in processing for a week with no help from the bank. Sometimes being a dinosaur just means you like having a paper trail.

victor7792mo ago

My buddy kept his down payment in a regular checking account for years. He finally switched it to a high yield account and made enough in a few months to cover his moving truck rental.