Everything you need to know about high-yield savings accounts.

Best HYSA for Gen Z

Today we’re going to explore the wonderful world of high-yield savings accounts and how they can make your money work for you. 

If you actually want to achieve your financial goals this year, a high-yield savings account can be a great asset to add. These high-yield savings accounts are worthwhile to check out! 

In this post, we will be going over the best high-yield savings accounts for Gen Z.

What is a high-yield savings account? 

Well, simply put, it’s a savings account with a higher interest rate than your average savings account. That means more money in your pocket without doing much other than depositing and watching it grow. There are savings accounts at certain banks with pitiful APYs. On the other hand, most online banks have high-yield savings accounts with sizable annual percentage yields (APYs) that let you earn more interest.

What should I look for in a HYSA?

Now, when it comes to choosing the best high-yield savings account for you, there are plenty to choose from. Some of my personal favorites are in my 2024 free money guide! Download your copy now! 

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It’s important to compare interest rates, fees, and account features. It’s like trying to find the perfect pair of jeans – you want something that fits you just right! 

Interest rates

Compare the rates offered by different banks and choose the one that will give you the biggest bang for your buck.


I can’t complain 😅 because some peeps are still earning less than 1% on their savings…. Want learn more about my top recommendations and how to open one? 🤫💸 Click the link in my bio and download my free money guide for my HYSA recs 💸✍️ #hysa #moneytips #financetips #highyieldsavings #amex #moneysavingtips #wealthtips

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No one wants to pay monthly maintenance fees or minimum balance requirements. Look for a savings account with little to no fees to keep more money in your pocket.


Do you prefer a bank with physical branches or are you all about that online banking life? Choose a bank that aligns with your lifestyle and banking preferences.

How do high-yield savings accounts work?

The short answer is: compound interest! It’s like that magic ingredient that makes your savings grow. The more you save, the more interest you earn, and the faster your money grows. Your traditional savings account is most likely earning 0.01% but with a HYSA you can earn up to 4% sometimes 5% with certain accounts.


Deposits and withdrawals are pretty straightforward with high-yield savings accounts. Just keep in mind any restrictions or fees that might come into play.

What can you use a high-yield savings account for? 

Savings accounts with high yields are ideal for storing emergency funds.

Ideally, you won’t need that money and it can sit there earning sweet interest—extra cash for you.

A high-yield savings account is also a fantastic place to put money set aside for future goals like a down payment on a car or house or a planned trip you want to take the following year.

In a HYSA, you can still access your money as you would in any other account, but over time, you will receive higher interest.

The Best High-Yield Savings Accounts For Gen Z

Updated 02/01/24

Capital One 360 Performance Savings

This account has a 4.35% APY, no deposit minimums, no maintenance fees, and no minimum balance requirements.


Sofi is an online banking platform where you can get up to a 4.60% APY and no account fees. This online bank is also FDIC-insured. 

American Express

When you open an American Express® Savings High Yield Savings Account (HYSA), you’re helping to grow your own money at a rate higher than the national rate. Earn up to a 4.35% APY. 


There are no monthly maintenance fees and no minimum opening deposit. Earn up to 4.35% with an Ally HYSA. This platform allows you to use savings buckets to organize your money and visualize what you’re saving for. 

Marcus By Goldman Sachs

 Earn a 4.50% APY 

  • No minimum balance or deposit
  • No monthly fees
  • No limit on withdrawals or transfers
  • Easy-to-use mobile banking app

For more HYSA information and recommendations, download my free money guide!

Disclosure: This post may contain affiliate links, meaning we receive a commission for purchases made through these links, at no cost to you.

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