Frugal Friends Podcast

Episode: The Best High Yield Savings Accounts of Fall 2025
Hosts: Jen Smith & Jill Sirianni
Date: October 28, 2025

Episode Overview

In this episode, Jen and Jill break down the current landscape of high yield savings accounts for Fall 2025. Drawing from their hands-on experience, they go beyond APY rates to compare features, fees, and “hoops” (requirements) across banks and fintech platforms. The hosts also discuss the importance of regular account reviews, their own savings journeys, and highlight an emerging high yield checking option. Anchored in their usual friendly, practical style, Jen and Jill aim to equip listeners to make smarter decisions for their emergency and sinking funds—without unnecessary hassle or hidden gotchas.

Key Discussion Points & Insights

Why High Yield Savings Accounts (HYSAs) Matter

• Compound Interest Opportunity:
  Jen and Jill stress the powerful difference a high yield account can make.

  • Jill: “In two and a half years, I have earned approximately $6,000 just on interest.” (02:34)
  • Jen: “Controlling your spending is hard to do... you could be missing out on thousands of dollars in savings just by keeping your emergency fund in the wrong place.” (01:23)

• Traditional Options vs. HYSAs:

  • Older methods (standard savings, money markets, CDs, whole life insurance) typically pay far lower returns and add complexity.
  • HYSAs now offer similar or better returns than CDs, with almost no minimums or fees and much better liquidity.
  • Jen: “Nowadays high yield savings accounts offer as high or higher rates than any money market or cd... They’re just so much easier to access for emergencies.” (06:18-07:34)

How HYSAs Work & What to Watch For

• Where You Find HYSAs:
  Usually online-only banks, which pass on higher rates due to lower overhead. Funds are FDIC/NCUA insured.

• Difference from Checking Accounts:
  HYSAs typically limit withdrawals (max 6 per month), so not a substitute for day-to-day banking. New high-yield checking products are emerging—covered later in the episode.

• Review Regularly:
  Rates and offers shift constantly—quarterly reviews recommended.

  • Jen: “Even videos from three months ago are already outdated.” (10:03)

“Hoops” — The Pitfall of Chasing High Rates

• Many advertised top rates require a series of actions—direct deposit, transferring set sums, integrating checking accounts, etc.
• These requirements often make so-called “best” rates impractical.
• Jen: “My pet peeve with high-yield savings accounts... all the hoops you have to jump through to get to advertised rates!” (11:18)

Top HYSAs Reviewed for Fall 2025

1. SoFi (Disliked for Excessive Hoops)

• Advertised Rate: 4.5% (only for 6 mo. with direct deposit, checking enrollment, etc.)
• Ongoing Rate: Drops to 3.8% after promo period.
• Jen: “If you just want a place where you can set it and forget it, this is not the place.” (13:18)
• Best For: Account hoppers/churners. Not ideal for most.

2. CIT Bank (Hosts’ Favorite)

• Two options:
  • Platinum Savings: 3.85% APY, requires $5,000 in account for advertised rate, $100 minimum to open.
  • Savings Connect: 3.75% APY, $100 minimum to open, no minimum balance to get rate.
• No fees or hoops to qualify for rates; straightforward, reliable.
• Bonuses:
  • $225 bonus for Platinum (if depositing $25,000+; until at least Dec 8, 2025).
• Jill: “This is the specific account that I have, but the one that we typically recommend for our audience is CIT’s Savings Connect.” (17:24)
• Best For: Most people—great for both emergency and sinking funds.

3. Raisin.com (Aggregates Top HYSAs Across Many Banks)

• Platform, not a bank—lets you hold/manage deposits across 75+ banks/credit unions with one login.
• Rates: As of the episode, most offer 4.25% APY with no hoops; some slight promo rates for first 60 days.
• Bonuses: $75 for $10K+ deposits, $250 for $25K+, up to $1,000 for $100K+ (must maintain balance for ~6mo).
• Perks: Filter for credit unions, local impact, minority-led banks, etc.
• Jen (on Raisin): “I tested this...created an account with Raisin...if I were to choose another bank and hit save now, Raisin opens the account for me...” (24:58)
• Best For: Savers seeking flexibility to “rate hop” without repeated applications, or values-driven banking.

4. “Headline-Grabbing” 5% APY Accounts (Read the Fine Print!)

• VARO Bank:

  • 5% up to first $5,000; 2.5% on anything else.
  • Requires checking account, $1,000/mo direct deposit, and maintaining both accounts in good standing every month.
  • Jill: “Who is this best for? If you have a side hustle you can use...but making sure funds are over $5,000 every month.” (29:19)
  • Best For: Side hustlers or those willing to micromanage transfers.

• Adelphi Bank:

  • 5% for new members, up to $5,000.

  • No direct deposit requirement. 2.25% for $5-10K; 0.35% above $10K.

  • Minimum to open: $25; minimum $1,000 to qualify.

  • Jen: “Not good for an emergency fund, but great for a sinking fund.” (31:38)

  • Best For: Sinking funds, temporary savings.

  • Overall advice: These accounts can be part of a multi-bucket strategy but don’t offer 5% on large balances and can change terms abruptly.

High Yield Checking (New Market!)

Crew (trycrew.com)

• APY: 3.7% on checking balances (not just savings!)
• No minimums, no fees, fully FDIC insured.
• Supports features similar to budgeting apps (“buckets”), family accounts/teen cards, automated allowances.
• Jen: “It works just like a checking account...very compelling.” (36:10)
• Best For: Day-to-day spending, families seeking integrated finance tools, anyone who wants high interest on liquid cash.

Taxes & Practical Considerations

• Interest and bonus payments on HYSAs are taxable as normal income (not capital gains) and reported on 1099 forms.
  • Jill: “With both the bonuses and the interest...you will pay income tax on that.” (21:04)
• FDIC or NCUA insurance applies up to $250K per institution—spread funds over accounts/institutions as needed for coverage.
• Consider using multiple accounts for insurance coverage or money “buckets” (emergency vs. sinking funds).

Tips for Listeners

• Review your HYSA every quarter. Rates/policies change frequently.
• Don’t be dazzled by the highest advertised APYs—read the requirements before moving your money.
• Take note of bonuses—can be a worthwhile reason for switching.
• Be organized if you use multiple accounts: keep track of logins, set beneficiaries, and check for Zelle or other feature needs.

Engaging Quotes & Memorable Moments

• On the importance of switching to HYSAs:
  “Don’t be me or start now because otherwise you’re gonna regret that you just didn’t start now...” —Jill (02:34)

• On “hoops”:
  “The bane of my existence is all the hoops you have to jump through to get to advertised rates on different high yield savings accounts. You’ll see something like 7%... it is insane the ways they’ll try to trap you.” —Jen (11:18)

• On Raisin:
  “If I were to choose another bank and hit save now, Raisin opens the account for me with my saved information and I can just move my money.” —Jen (25:43)

• On the value of checking bonuses:
  “It can be worth potentially every year switching out where you have your money.” —Jill (19:46)

• On the new high yield checking (Crew):
  “Blew my mind.” —Jill (34:19)

Timestamps for Key Segments

• [01:23] – Main theme: Why HYSAs, what listeners could be missing by ignoring them
• [02:27] – Hosts’ personal savings journeys and HYSA experiences
• [05:40] – Traditional options vs. HYSAs: overview and pitfalls
• [08:18] – Concrete comparison: How much more you can earn in HYSA
• [09:16] – Why HYSAs aren’t checking accounts, importance of withdrawal limits
• [10:51] – How the episode is structured: Three things to look for in every account reviewed
• [11:18] – The hidden “hoops" problem: SoFi and others exposed
• [16:52] – CIT Bank deep dive (Platinum vs Savings Connect)
• [21:04] – Taxes on HYSA interest/bonuses
• [22:54] – Raisin.com as a “meta-bank”/aggregator
• [28:58] – "Headline" 5% APY options: The fine print
• [33:10] – Importance of quarterly reviews / How to keep up
• [34:19] – Introduction to Crew high yield checking account
• [36:10] – Crew features (budgeting, family accounts, etc.)
• [42:26] – Bonus segment: How many HYSAs do the hosts have and why
• [44:31] – Practical tips: Using Zelle, minimizing complexity, setting beneficiaries

Listener Engagement & Call-to-Action

• Ask: Share which HYSA you use or if you found better rates.
• Invite: Suggest if this sort of episode should be a recurring feature.
• Reminder: Watch for bonuses and set beneficiaries on all accounts for safety.

Notable Listener Submission

• “Bill of the Week”:
  Listener Alison from Colorado describes negotiating her Internet bill down by $32/mo ($400/year):
  “I did it with screaming children underfoot...I locked it in for five years.” (38:01-39:09)

  Both hosts praise her calculation of time spent vs. annual savings, emphasizing the value of negotiation.

Tone & Takeaways

Lighthearted yet pragmatic, Jen & Jill cut through marketing hype to deliver actionable advice that respects their audience's time and intelligence. Their repeated, adamant stance: Don’t settle for tiny interest on your savings; with a little strategy—and minimal “hoops”—you can maximize passive returns and keep your money flexible, safe, and working for you.

Resource Links Mentioned:

• CIT Bank Platinum Savings & Savings Connect accounts
• Raisin.com aggregator
• Crew high yield checking
• Search for other high yield accounts and verify up-to-date rates quarterly.

Want More?
Let Jen & Jill know if you want regular HYSA round-ups or a deep dive into high yield checking next time!