Letter from the Senior Digital Editor: Seriously, Get a High-Yield Savings Account Already

I promise we'll get to finance and savings accounts. But first, let's talk soccer. 

If you've been following the United States' run at the World Cup this year, you've probably heard some discussion about roster management. There were some surprises in the team announcement, but bigger waves came as the tournament started up and U.S. women's national team coach Vlatko Andonovski showed some apparent reluctance to make use of his substantial bench.

This came to a head in a high-pressure match against the Netherlands, the toughest team the U.S. would face in the group stage. Throughout those 90 minutes, Andonovski made just one substitution. The U.S. ended with a 1-1 draw and ultimately eked through the group stage of the World Cup. 

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Instead of using the incredible depth of the USWNT bench, Andonovski (arguably!) tired out his forward line, including Alex Morgan, Sophia Smith, and Trinity Rodman. Meanwhile, potential game-changers like Lynn Williams, Ashley Sanchez, and Alyssa Thompson are heading into the knockout stage of their first World Cup with barely any minutes under their feet to shake off any nerves and get comfortable with the lineup. 

It's not a good position to be in as we head into this weekend's match against Sweden — yikes.

As I rant at anyone who'll listen about how on earth you could take 23 of the top players in the world and turn them into a lifeless mob of incomplete passes (sorry not sorry), I've been thinking about how we make use — or fail to make use — of our own benches in our daily lives. 

Not having a high-yield savings account in a year with spectacular rates is kind of like leaving Lynn Williams on your bench in the 60th minute. See? I told you we'd talk about finance eventually.

While the Fed keeps raising interest rates, savings are benefiting. Rates on savings accounts generally follow what the Fed is doing, so now we've got high-yield savings, money market, and CD accounts with rates over 4% and, in some cases, over 5%. That means that if you've got any cash you're saving sitting in a regular bank account, you're leaving money on the table. 

I mean it, check out the rates with our tool in partnership with Bankrate:

They may sound fancy, but high-yield savings accounts are fantastically simple. In fact, I showed a friend how to use a Marcus by Goldman Sachs account while sitting in the stands of a Gotham FC match this spring. You can transfer money in and out with just a few clicks on the app, and there are no restrictions in moving that money around, like there is with a CD, for example.

Andonovski said he didn't use more subs during the Netherlands match "because sometimes a substitute comes in and it might take a minute or two to get into a rhythm." And, sure, it'll take a few minutes to set up a high-yield savings account. But is that minute or two of adjustment worth missing out on interest earnings over the lifetime of an account? I certainly don't think so. 

Plus, there are more ways to use your roster when it comes to these accounts. Many savings accounts have bonuses that can boost your rate even higher. Marcus, for example, currently has a referral program where if you refer a friend to open an account, you'll both get an additional 1% APY for three months. 

My friend left that Gotham FC match this spring and set up his own high-yield savings account. Now, on the first day of the month, we text each other to celebrate what we call "free money day," when the interest hits our account. 

Don't leave free money on your bench. And Vlatko, where's Kristie Mewis?!

Thanks,
Alexandra

What I learned this week:

• Anne Kates Smith from Kiplinger's Personal Finance Magazine on the state of the apparent new bull market
• Contributor Charles Sizemore broke down what inflation is
• Did you know there are back-to-school sales tax holidays? Tax writer Katelyn Washington explained how to find them
• Personal finance writer Donna LeValley looked at how to buy and sell bonds
• Walmart+ has some new travel perks