The Best Place to Save Your Money as a Student-Athlete

What Is a High-Yield Savings Account (HYSA)?

If you're saving money (for literally anything) the best place to keep that money is in a high-yield savings account.

Most student-athletes use whatever savings account came with their bank. It feels simple. And it is. But that traditional savings account is likely paying you 0.01% interest...which is really close to 0%.

A high-yield savings account (HYSA) is a type of savings account that pays you significantly more—usually 3-5%. That's free money for simply letting your money sit there.

Why It Matters

Let's say you save $100/month for 4 years in a regular savings account. You'll end up with $4,800... and maybe 94 cents of interest.

Now put that same money in a HYSA earning 3.5% and you'll have around $5,144. That's $343 of free money, just for parking your savings in a better spot.

The more you save, the more your interest grows. And unlike investing, this money is 100% safe and always available (with a 1-3 day transfer delay).

Where to Open One

HYSAs are typically found at online banks, not your regular checking account provider. A few common options include:

Look for one that offers at least 3.5% interest, has no monthly fees, and allows easy transfers back to your checking account.

How to Use It

Only move money you don't need right now. If you transfer your entire bank balance into your HYSA, you'll be stuck waiting 1-3 days when you need it.

Keep your spending money in checking. Let your post-grad fund, emergency fund, or other savings grow in your HYSA.

If you get consistent income (scholarship, NIL, job, etc.), set up an auto-transfer to your HYSA. Even $25/month will train your brain to save often and will add up over time.

Final Thoughts

High-yield savings accounts are one of the simplest financial wins you can get. They:

You don't need to be rich to open one. You just need to take five minutes and make the switch.

Start building your future with smart, simple moves like putting your money in a high-yield savings account.

Your future self will thank you.

Conner

Owner, Locker Room Finance

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P.S. I've had a HYSA for 5 years and every single month I've gotten free cash deposited into my account. This free money has helped me save for trips, cars, even a wedding!