75% of Americans don't have a High Yield Savings Account

According to a Credit Karma 75% of Americans don't have a high yield savings account. If I'm being honest, I didn't even know what a high yield savings account was until last year. My savings account earns 0.25% and my money market account 0.80%.

I have left so much money on the table by not having a high yield saving account. My very first high yield savings account was with SoFi their current rate as of 3/4/2020 IS 1.10%. It was 1.80% when i first signed up but it adjusts with the market. Besides the rate change, I have no complaints.

You can always check out the current best high yield savings accounts on Bankrate. You can even put the balance you'll be transferring and it will tell you what your estimated earnings will be. (Always read the fine print, some have fees).

Unfortunately the year to date inflation rate for the US is 2.28% according to the Stat Bureau. So one cannot depend on savings alone.

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