How I’m Using a High-Yield Savings Account to Reach My Goals Faster

By Beelinger Staff
Estimated read time: 4 minutes

For years, I kept my emergency fund in a basic savings account at a brick-and-mortar bank. It earned around 0.01% interest—translation: pennies per year.

Then I learned about high-yield savings accounts (HYSAs)… and let’s just say I felt like I’d been robbed by my old bank for *years*.

Now my money is finally doing something while I sleep—and it’s helping me reach my goals faster.

What’s a High-Yield Savings Account?

A HYSA is just like a regular savings account, but it pays you way more in interest—often 4.00% APY or higher, depending on the bank.

That means if you have $1,000 sitting in a HYSA, you could earn $40 a year instead of $0.10. It’s not millions, but it adds up—especially when you’re saving long-term.

Where I Opened Mine

I compared a few of the best options and chose SoFi for their 4.60% APY (at the time), mobile-friendly app, and no fees.

Other great options I considered: Capital One 360 Performance Savings, Ally Bank, and Marcus by Goldman Sachs.

How I Use It

• I keep my emergency fund and short-term savings here—so it grows safely with zero risk.
• I set up automatic transfers from my checking account every payday.
• I resist the urge to touch it by keeping it at a separate bank from my everyday accounts.

The Results

In just six months, my emergency fund grew by over $100—without me doing anything extra. That’s more than I ever earned from my old savings account in years.

If you’re already saving, don’t let your money nap. Put it to work.

A high-yield savings account isn’t flashy, but it’s one of the easiest money wins you can score today.

And once I saw the difference it made, I couldn’t believe I waited so long to switch.