On my first day at a restaurant job 10 years ago, a coworker gave me some savings advice that’s helped me pay taxes, save for retirement, and make major purchases – Business Insider

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  • In 2011, I started a new job at restaurant in New York City. My coworker, Todd, showed me the ropes on my first day and gave me some advice: Save 20% of your tips every night to pay taxes.
  • I knew I needed a separate savings account to store that money, so I opened an account with Ally. I appreciated its high APY and transparency.
  • A decade later, I’m still using Todd’s advice: Putting money aside throughout the year to pay for major expenses and fund financial goals. And I still have my Ally account.
  • See Business Insider’s picks for the best high-yield savings accounts ยป

It’s still hard for me to believe that there was ever a time I didn’t keep my cash in a high-yield savings account, or HYSA. With every passing year, I was leaving money on the table, missing out on interest payments while my money stagnated in my checking account or the standard savings account offered at my bank. 

But all of that changed when I opened my first HYSA, an Online Savings Account at Ally. It offers a competitive annual percentage yield (APY), refreshing transparency, and has served me so well that I continue to sing its praises a full decade later.
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