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    High-Yield Savings & I Bonds

    Make your cash earn real money. Same FDIC protection.

    Why this matters

    Your local bank pays 0.01-0.10% on savings. Online banks pay 4-5% — same FDIC insurance, same instant access. On $50,000 in savings, the difference is about $2,000/year. Pure profit for moving once.

    Best high-yield savings accounts

    • Ally Bank — best overall. Strong customer service, easy app. ~4-5% APY.
    • Marcus by Goldman Sachs — high rates, simple interface.
    • Discover Bank — competitive rates, integrated with Discover credit card.
    • SoFi — highest rates if you also direct-deposit.
    • Capital One 360 — slightly lower rate but Capital One has physical branches.
    • American Express Personal Savings — solid rate.
    • Wealthfront Cash Account — high rate, FDIC-insured up to $8 million.

    All FDIC-insured up to $250,000. Same protection as Bank of America.

    How to open one

    1. Apply online at the bank\'s website (5-10 minutes). Need name, address, SSN, ID.
    2. Link your existing checking account.
    3. Transfer money — first transfer takes 2-3 days.
    4. You\'re done. Money earns interest.
    5. Withdrawals take 1-3 days to your regular bank — fine for emergency funds, retirement income, etc.

    CDs (Certificates of Deposit)

    Lock money for a fixed time, get higher rate. Often 4.5-5.5% for 6-12 month CDs. Same online banks above offer them.

    Penalty for early withdrawal — usually 3-6 months interest. Use only money you don\'t need access to.

    Treasury I Bonds (savings bonds for inflation)

    Government bonds that protect against inflation. Currently paying about 4-5%. Tax-deferred federally, tax-free for state.

    • Buy at treasurydirect.gov (the only place).
    • Up to $10,000/year per person.
    • Hold at least 1 year. Hold 5+ years for full interest.
    • Best for an emergency fund or 5-year savings goal.

    Money market funds (in a brokerage)

    If you have a brokerage account (Vanguard, Fidelity, Schwab) — keep cash in a money market fund. Currently paying 4.5-5%. Different from FDIC-insured savings, but extremely safe and pays a great rate.

    Examples: VMFXX (Vanguard), SPRXX (Fidelity), SWVXX (Schwab).

    Quick math

    If you have $25,000+ in a regular savings account at 0.05% — moving to a 4.5% online account earns you ~$1,100/year in interest. Pure profit for 30 minutes of paperwork. The risk is exactly the same (both FDIC-insured up to $250k).

    High-Yield Savings & I Bonds — Make Your Cash Earn 4-5% | TekSure