Why Your Rich Best Friend’s Vivian Tu Says When It Comes To Your HYSA That Factor Is More Important Than A Savings Rate


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Don’t get stuck analyzing which account is the best – choose one and start earning.

Key points

  • The average rate on the National Savings Account is 0.21%.
  • High Yield Savings Accounts offer interest rates of 2% APY and above.
  • The most important factor is simply opening an account.

Putting money in a savings account is a great way to separate your savings from your funds for day-to-day expenses while earning a little interest. Unfortunately, your local bank does not help you maximize your savings potential. According to the FDIC, the national average savings account rate is currently 0.21%. This means that if you deposit $100 into your savings account in one year, your balance will grow to $100.21. This is not a drop in the ocean considering how much money banks make by lending your deposits to other customers.

According to Vivian Tu, better known as Your Rich BFF, the best way to maximize your savings is through High Yield Savings Accounts (HYSA). The financial influencer and former Wall Street trader claims you can earn interest ranging from 1.5% to 2.25% (as of September 2022). You say interest rates are currently on the rise, and as federal rates rise, interest rates on high-yield savings accounts will also rise.

As banks compete to offer the highest interest rates to attract customers, you want to find the HYSA with the highest APYs. As Your Rich BFF suggests, the most important factor is simply choosing an account and applying.

Save: click here to discover a top-notch savings account that can earn you 15 times your bank

More: Check out our best online checking accounts of 2022

What is a High Yield Savings Account?

A savings account is a type of bank deposit account designed to store funds for short-term spending purposes. National and local brick-and-mortar banks offer traditional savings accounts that earn minimal interest. A High Yield Savings Account is a type of savings account commonly found at online banks. They work just like traditional savings accounts, except they pay much higher interest rates and usually don’t have monthly service fees.

Money kept in a high yield savings account is as safe as deposits in your local bank. Most banks and credit unions protect customer deposits up to legal limits. Bank deposits are FDIC insured up to $250,000 per depositor per bank. Credit union deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per stock owner, per insured credit union.

Opening a HYSA is more important than finding the highest rate

We all want to earn the highest rates on our savings because earning a higher rate helps maximize savings efforts. A High Yield Savings Account is one of the best ways to earn high APYs. According to Vivian Tu, “A high-yield savings account might not be the only thing that makes you rich, but it’s a much better place to store your savings and emergency fund than a bank. traditional.”

Where do you suggest opening a high yield savings account? “It doesn’t really matter,” she said. Consumers often get caught up in what she calls “analysis paralysis,” spending too much time hunting for the highest rate instead of earning interest now by opening an account.

As mentioned in his YouTube video, rates fluctuate regularly. High Yield Savings Accounts come with variable interest rates that can change at any time. The bank offering the highest rates at the moment may decide to remove them later.

“I wouldn’t sign up for any account just because they currently have the highest rate,” Tu says. Your Rich BFF’s advice is simple. Choose a brand that has the best user interface that you are comfortable with and start growing your savings.

Where to find high yield savings accounts

You can find high-yield savings accounts at online banks, credit unions, and other non-traditional financial institutions. Online banks have less overhead than local and national banks because they don’t have a physical location to manage. Lower overhead allows online banks to pass the savings on to customers through higher interest rates and lower bank fees.

Credit unions are non-profit organizations that serve their members. Instead of taking advantage of customers, credit unions offer additional benefits to members, like more competitive APYs and lower fees.

When choosing a high-yield savings account, consider the following factors:

  • APY: Don’t get bogged down in locating the bank with the best rate. Shop around for banks that offer competitive APYs and choose the one that suits your needs.
  • Costs: Fees may reduce interest earned on the account. Check to see if the bank charges monthly fees or other fees that could undermine your profits. Choose a bank that doesn’t charge fees or offers simple ways to waive fees, such as maintaining a minimum balance each month.
  • Accessibility: Choose an account that allows you to access your funds through the convenient methods you prefer.

As Vivian Tu suggests, don’t bother dissecting which bank offers the highest rate. Choose a HYSA that you are comfortable with and that pays you a competitive rate and start growing your savings. If you end up not liking the account, you can always switch banks later. The most important thing is to open an account.

These savings accounts are FDIC insured and could earn you up to 18 times your bank

Many people miss out on guaranteed returns because their money languishes in a big bank savings account earning almost no interest. Our choices of best online savings accounts can earn you more than 18 times the national average savings account rate. Click here to check out the top picks that landed a spot on our list of the best savings accounts for 2022.


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