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My banker spouse was referring to “Henry” so much I inquired about his new office mate. Turns out, it stands for High Earning Not Rich Yet. HENRY is how the financial industry refers to folks who have a decent amount of discretionary income and stand a good chance of becoming wealthy in the future.

The Makings of a HENRY

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Many millennials are at the point in our careers where we are feeling the benefits of a little cash flow and are suddenly being targeted by banks. Therefore, it’s a good time to start thinking about the future. We’re talking about where to stash that hard-earned cash, invest, or at the very least, maximize your savings potential.

Banks and investment firms want to get in early with HENRYs as millennials begin and grow their careers. Somewhere after the paycheck-to-paycheck years, in the sweet spot of when having roommates is suddenly not cool. Financial institutions have a theory that we may be the last generation of true brand loyalists. If they can get our business now, while we’re up-and-coming in our careers, they’ll retain us once we have enough money to invest and grow our financial portfolios.

In fact, HENRY millennials are one of the most desired consumers out there. Marketers see millennials as smart, busy, and more focused on travel and experience than material things. A new car is nice, but public transportation is socially responsible, and knocking destinations off the travel bucket list is far more enriching.

So when we make purchases, it counts. Millennials are taking over baby boomers as the largest generation of living adults. Therefore, we’ll soon hold the majority of the purchasing power; but marketing to us requires a different approach.

Facts, Not Flufff

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HENRY millennials want transparency. What differentiates one shop from its competitor? What makes it better? Show us real people’s reviews to back up your claims. When we spend money, we expect no surprises. Cited as the best-educated generation yet, we tend to be skeptical. We do our own research on products and like to make educated purchasing decisions based on facts, not fluff.

We are a generation of market researchers. It’s hard to get a message across to our demographic, especially when it comes to something as important as our financial future. When I started reading about the American Express® Savings (member FDIC) I realized the American Express High Yield Savings Account is one of the only high-yield savings accounts that earns enough interest to beat inflation. Many banks have lowered potential rewards in the savings space during the pandemic, so this is a time when saving seems especially important.

HENRY Must-Have

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First thing’s first: When comparing savings accounts, one of the most important factors is the Annual Percentage Yield, or APY. The American Express High Yield Savings Account has one of the highest on the market—much higher than the interest of the average savings account! Next, consider fees. Some providers distract with a higher APY and then get it back with monthly or annual fees. American Express® Savings doesn’t charge any maintenance fees or require a minimum balance. It’s also easy to link accounts so you can effortlessly transfer funds between accounts online.

With the American Express High Yield Savings Account, I feel assured that I’m armed with one of the best savings resources on the market. Even though I’m nowhere near rich yet, I am confident that I’m setting myself up for the future by being smart with my earnings.

Join the HENRY Club

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So are you a HENRY? If so, I highly recommend you check out the American Express® Savings (member FDIC). Aside from the high-yield benefits, it has one of the smoothest all-online account setups I’ve ever encountered. Bonus: American Express® Savings does a really nice job of clearly explaining what to expect step-by-step throughout the process. Now I’m excited about saving money!

Next step: Drop the “not rich yet” from the high-earner status.

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