ProperCauldron posted:

how is a High Yield Savings Account supposed to work? Or, how does it help save and generate money?

I give a bank $10,000 and must never go under to avoid fees. And I generate maybe if I'm lucky ~$400 a year?

But that untouchable $10,000 is off the table for the rest of my life? Like what does the end game of a HYSA look like? Handing over 5-figs forever to generate 3-figs, what??

I don't understand why HYSA get recommended, moreso are even considered essential.

Seems scammy but many use them. Maybe they're good advice coming from a monied background? Seems like a monetary version of "work hard everday doing 120% and eventually you'll be recognized and rewarded for your great deeds in our pure meritocracy" type bullshit. Like of course wealthy people gobble that up and espouse it.