For Leslie, a 40-year-old first-generation Latina immigrant to the US, her inspiration for opening a new high-yield savings account came from Instagram, specifically The Avocado Toast Budget and Delyanne the Money Coach.
Until 2021, Leslie (who asked that her last name be withheld due to the sensitivity of discussing finances) had not known what a high-yield savings account was. She dropped out of college in her early 20s and had worked various retail and customer service jobs, but she hadn’t learned about credit and had damage to her own, she said.
“Last year,” she explained, “I got a new job, [and] I had a lot more money than I normally ever had, so I felt like I probably should start doing something with it.”
Hearing about high-yield savings accounts on social media combined with finally having the stable, livable income to set aside money prompted her to start researching different accounts, she said. After…