Hi everyone,
I have around $12k sitting in a checking account and no savings account I know, not the best setup. I have been hearing about Marcus High-Yield Savings Accounts (HYSA) and their compound interest over time. I am thinking about moving 70% of my checking account balance into a Marcus HYSA.
I don’t see any reason why a HYSA couldn’t be my sole savings account.
Hi Gavin! Moving 70% of your $12k checking account balance into a Marcus High-Yield Savings Account (HYSA) is a smart move. HYSAs typically offer better interest rates than traditional savings accounts, allowing your money to grow over time with compound interest. This can help build your savings more effectively while keeping the remaining 30% accessible in your checking account for everyday expenses and emergencies. It’s a great step toward a more balanced and beneficial financial setup.
Ignore Marcus. HYSA will place a hold on your account without providing any form of alerts or notifications. I’ve had a hold placed on my account twice this year. The first time was to confirm a transaction from over two years ago.
Moving 70% of your $12k checking account balance into a Marcus High-Yield Savings Account (HYSA) is a smart move. HYSAs usually offer better interest rates than regular savings accounts, helping your money grow with compound interest. Keeping the remaining 30% in your checking account ensures you have funds available for everyday expenses and emergencies. It’s a great way to balance growth and accessibility.