This explains why you haven’t opened a high-yield savings account (yet)

Imagine there are 2 people offering you a reward for letting them hold your money:

• Person A offers you 0.01%, but you know them.
• Person B person offers you 5%, but you’re not familiar with them.

After 1 year, $10,000 of your money earns $1, or $500 depending on who you pick.

This hypothetical explains why so many people skip out on earning more money with high yield savings accounts, and instead stick with banks that pay them almost zero interest.

It’s all about trust.

Before diving in, here’s an outline with jump links to each section on my blog:

1. The game that banks play with your money
2. The mind hack to get started with new bank accounts
3. How much money should you transfer? The break-even technique
4. Shopping for banks is like shopping for new grocery stores
5. How to choose a good account + what I use
6. Putting it all together

The game that banks play (with your money)

I worked on the launch of Credit Karma Money™ Save, so I know a thing or two about HYSAs-high yield savings…