33 - Hunting for a New High-Yield Savings Account HYSA

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It has been years, actually, over a decade since we changed banks for our high-yield savings account (HYSA). But this is the year, I had a bad experience. I’m actually kind of embarrassed about it, but more on that later.

Long story short, we were not being valued as loyal customers and I refuse to stay with a bank that treats me unfairly.

Housekeeping note: I have no affiliate or partnership relationships with any of the banks mentioned. This is just my own experience and opinion. There are no referral or affiliate links in this article.

A Quick Backstory and What Happened

Originally, we’d started our first high-yield savings account with a company called ING Direct. I’d spent quite a bit of time researching different banks and settled on ING Direct because they had great rates, I could easily open several accounts, nickname my accounts (this actually wasn’t that common 10+ years ago), and their customer service was great.

Fast forward, they were purchased by Capital One and rebranded as CapitalOne 360 Savings. Okay, no problem. Customer service was still great, rates were great (or so I thought), no worries. I was checking my accounts and renaming one for a goal we’ve established in conjunction with Money Day this year. I noticed my interest rate on my accounts was 0.3% - not the 4.35% that Capital One shows on the site.

I called and they said I had a “legacy product” and would need to reopen my accounts in order to get the current rates. Needless to say, I was pissed! If I have to open brand new accounts, I’ll be opening them with a different bank. The hunt begins.

My Criteria for High-Yield Savings Accounts

I am very particular about my high-yield savings accounts – up to a point. I’m very aware of my tendency to analysis paralysis. I’m a natural overthinker, but once I settle on a decision, I generally feel very confident about it.

There’s also a couple other reasons why I’m not too particular about some things but more particular about others. Chasing high fees or jumping on the “trendy” HYSAs can get you into trouble or end up not being quite as awesome as the marketing makes it seem.

Because I tend to go overboard comparing, I have to set my criteria and not get too wrapped up in the tiny details. In reality, when I set clear criteria, there’s likely only a few banks that will fit the bill.

Here’s the main things I look for in a high-yield savings account:

1. Competitive Rates

2. No Fees!

3. Ability to Open Multiple Accounts

4. Checking Account Available at Same Bank

5. Quality Customer Service

6. No Hidden Rules and “Gotchas”