How Long To Hold Onto The Dwindling HYS Accounts

happyharold4 | Oct 4, 2024 | 390 posts since 2022

Amazing how clear hind sight is. In my scenario, I don't need the liquidity of the HYSA, I just used them because of the good rates without being locked in. For my situation it would have been better to lock in almost all those funds in smaller amounts, so that if I needed cash I could take the hit of the EWP on that smaller amount. Simply put, instead of one CD at 100K---four 25K CD's. Bad move on my part as I still have a very large amount sitting in HYSA's. We actually had plenty of time and warnings to make the adjustments---I just procrastinated too long---Hope most of you were more diligent than myself.

Post a comment

racecar | Oct 5, 2024 | 628 posts since 2014

Sorry to hear that. Upon maturity of my CDs recently I immediately grabbed whatever dwindling CD deals were left instead of doing HYS. Luckily I got the tail end of the 5%-range deals, ranging from just-under 5% to 5.25% for 12, 18, and 24 mos. Took a lot of research, planning, and of course luck that a few were still left. At this point now, I won't need new CDs for a while, except at the new year, when I can contribute to my IRA again.

I have a couple HYS accounts for use as a temporarily holding area, or where I keep a small emergency amount, but other than that, I don't really use them.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.