The 6 BEST Bank Accounts of 2023 (High Yield)
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- Опубликовано: 29 сен 2024
- In this video we are looking at the 6 best bank accounts of 2023. These are mostly high yield savings accounts that pay high interest rates as a reward for keeping your cash with these banks! Almost every high yield savings account in this video has an ability to pair a checking account with it as well, so that gives you a lot of options for what you can do with the money you keep in these best bank accounts.
For me, SoFi has been one of my personal favorite bank accounts to use with their checking and savings account combination. But lots of other bank accounts and high yield savings accounts in this video from Capital One, Ally, Wealthfront, and Discover are great options as well for earning a lot of interest on any deposits. I also really like the Charles Schwab Investor Checking Account for its ability to still earn a pretty good APY on checking balances, but this account also gives customers unlimited ATM fee reimbursements which is amazing!
I personally like to pair some of these accounts together to get the best features and benefits that they all offer on their platforms. But no matter what bank accounts you choose as your checking or savings accounts, just make sure that they are high interest with a good APY. Also, make sure that they have absolutely no fees or minimums! There’s lots of options out there, but these are some of the best high yield savings accounts of 2023 in my opinion.
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Hey Daniel, you just earned my subscription. You speak, summarize, edit and present the information very well. Keep going this way.
Hey Marcel, thank you so much for saying all of that! I really love to hear it and thanks for subscribing!
Intro 0:00
1) Sofi Checking & Savings 0:55
2) Capital One 360 Savings 4:37
3) Ally Online Savings 6:27
4) Wealthfront Cash 9:10
5) Discover Online Savings 12:00
6) Schwab Checking Account 13:43
thank you.
do not recommend Schwab at all
@KlaudiaShaefferr why?
What about VARO and AMEX
@@KlaudiaShaefferrLOL first thing that popped into my mind too. they will penetrate thee cabinet
It's easy to think that 3% back isn't very much, but it's important to keep cash somewhere, and that 3% or so is part of a bigger picture of making good financial decisions. 👍
agreed
I agree with you that 3% back isn't a huge amount of money, but it can add up over time. And as you said, it's important to keep cash somewhere, so why not earn some extra money while you're at it? There are a number of credit cards that offer 3% cash back on all purchases, so it's worth doing some research to find one that's right for you. And even if you only use your credit card for a few big purchases each year, you'll still be able to earn a significant amount of money back. So don't underestimate the power of 3% cash back! It's a great way to make good financial decisions and save money in the long run.
Do NOT choose Bank of America, their security is so shit 💀💀 my account got hacked and my money was stolen and this has also happened to my mom 3 TIMES
Shame on your mom for not changing banks after the 2nd or 3rd time. Hope she was able to recover anything through FDIC insurance.
Perfect timing! I have been looking for a HYSA to put emergency funds and this was just what I needed. Ended up going with Wealthfront for the high interest rate.
Ally actually increased to 3.60% as of a few days ago 👍🏾
SoFi to 4.00
Love to see the increases! I knew they were going to probably increase sometime shortly after I uploaded this which is why I put that disclaimer in there haha
@@Daniel_Braun you’re just too good man! Keep up the good work 🙏🏻
@@atg758 only if you have direct depost. i only get 1.20 at sofi as i have no direct deposit
Marcus byGoldman is 4.15 apy:)
SoFi doesn't allow beneficiaries for their accounts. Also, for any HYSA, you will need to report the earnings in your taxes.
Good to know thank you
Yes , and will it affect our tax return ? Like we need to pay more taxes ?
@@curesnow6493 yeah you'll end up having to pay taxes on what you earn since it'll be seen as income
@@vaioBands36 so it’s not worth it?
@@carlosc8572 it depends what you want out of an HYSA. They're for sure worth it, just have to read the fine print & do research. As for the tax, it's probably not going to break the bank. Also, SoFi is the company suing the Fed to get student loan repayment started again.
Chase pist me off. They were charging one of my accounts each month until it went negative. I cannot stand that bank anymore.
What account?
Something about putting my money in a bank that just started last year seems risky to me 😐
See if it is FDIC insured. If so, there's no risk involved unless you are putting in more than $250,000
I am not sure I would say no risk. Laurel Road is another online bank and I was reading about people having their accounts frozen. Having money tied up for like 3 weeks. That is a risk I don't want to take.
Took all my money out of chase and put in in Amex savings and sofi.
Hey, Daniel! Love your channel! CIT Bank is now offering 4.75% APY on savings over $5,000. Any info on whether this bank is a good option?
I have it and it's amazing!!
Looks like SoFi has made some changes in the last couple weeks. Interest rates are different.
Something else of note: they say they allow unlimited transfers from savings accounts but federal law limits 6 transfers from savings accounts 🧐🤔
I thought fed relaxed that rule now didn't they?
Sofi just changed to 4.2% APY !!
How do I go about checking accounts? I know SoFi is both but what other options are there? Or should I just not have alot of money in checking
Which HYSA is best for savings account with no direct deposit set up?
I'm wondering the same thing
He did say in the video he uses SoFi and earns 1.5 without DD.
Wealthfront is what I use
I’m having trouble finding a hysa that also allows atm access with no fees
What do you think about PayPal Savings offering 3.75%?
Underrated. Add the 2% flat cashback credit card from PayPal mastercard.
Someone mentioned how it’s maybe not FDIC insured so be careful
I've notice you haven't talk much about Golden 1 bank. I would like to know what you think. Make a video about it please
What account should i use to get my direct deposit on and then which one i put money to buy stuff use the card plz help if it's not a good idea plz lmk
Great channel, great video, I'm subscribed and used your Sofi link to open an account. Keep dropping 🔥🔥🔥🔥
Thank you so much for all of that Stan, I truly appreciate it!! And I’ve got plenty more content coming up! Thanks for being a subscriber and helping to support the channel with using that link 👍
Alliant credit union should be an honorable mention.
Varo bank is now 5% APY on savings up to 5k
I have had Varo for the last 5-6 years. No issues with them. I also have Citibank and a credit union.
Does Ally require Direct Deposit for the full APR like Sofi?
4.2% APY with SoFi
I’m a 13 year old kid looking to find the best bank to save in for college (I want Toto be an architect so I’d like financial freedom)
It seems that residents of certain States, like Florida and Texas, will not be accepted for a bank account without a previous business relationship with US Bank. Customer service tells me need to apply for and be approved for another product first, like a credit card
Great video, very informative.
Lendingclub HYSA is at 4% APY
Ally Bank vs Wealthfront?
Man discover eas bad wass gave me 1 percenr casg back cut everything gor 200 Back every month
Daniel, Have you seen BASK BANK?
I used to bank with Bask and never had any issues, but I switched to CFG Bank cause they are always staying in the top 3-5 banks for MM accounts. They are currently at 4.55 APY while Bask Bank is at 4.25 APY, but it's best you choose whatever is more convenient 4 you. I certainly wouldn't hesitate banking with Bask Bank again though!
If we create these account don’t we need to file taxes for this
Yes, you have to report your 1099-INT (interest tax form) on your taxes.
Current is a really good one. They have 4% apy per savings pods up to 2k, and up to 3 pods. So 12% between all 3.
Apy doesn't add up like that. Your return is just 4%. If that were the case, the return would beat the S&P 500 by over 2 percent.
The "P" in APY stands for "percentage"
In other words, "average"
If you add up three 4% earnings accounts you don't have 12% now lol
It's still 4%.
@@navydinosaur Oh I am super aware of that. I was just stating you have a lot of gain there. 12 total but in 4% of the 3 pods. Yes you don't get 12% apy xD, but I hope you get what I mean.
@@navydinosaur It's 4% per pod; max 3 pods, and 4% up to 2k. So I think that's pretty good.
I have friends who use BOA. I don’t think it’s checking account even pays interest. I don’t think my small bank pays interest on checking accounts, either. It would be nice if they did
Insightful video. I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I'm 27, and earn nothing less $150k per year, but nothing to show for it yet.
When people have money, they spend it. And some people spend more money when they have more of it. If you want to improve your financial management, you should consult with a financial advisor.
@@kashkat987 That's right, you can avoid the traps of lifestyle inflation by consulting an expert advisor to help you plan for your short- and long-term goals; it all comes down to proper guidance. Over the past two years and six months, I have seen my income build wealth and now have a fully paid off house and at least $650,000 in stocks. All this is the result of subsequent investments with my savings and the application of expert advice.
@@MIchaelGuzman737 Nice, who is the Financial Advisor aiding you if this is not much i'm asking? my retirement plans are going down the drain with my 401k particularly losing everything it gained ever since 2021.
Her name is "JILL MARIE CARROLL", can't divulge much. Most likely, the internet should have her basic info, you can search her online as she is SEC and FINRA regulated.
@@MIchaelGuzman737 Thanks for sharing, I just looked her up on the web and I would say that she really has some impressive investing experience. I will write you an email shortly.
Something notable about capital one is that you can deposit cash for free at CVS.
And Targé🎯 I believe
@@adaywithaleks6556 REALLY???
Of course they make it easy to give them money..getting the money out is the part they make you work for.
@@VattanaThach sorry late reply yes the ATMs there are free to use last I heard, you can maybe try and report back? I'm not with capitol one...yet! Lol 😆
Target and Capital One no longer are partnered so you can't deposit in target anymore
Sofi is suing the federal gov to restart student loan payments so they can get first dibs on refinancing. They suck
Also no more ATM reimbursements
Keeping your emergency fund in a HYSA is a great way to get that great interest rate while also incentivising people to save!
That's the way to do it with an emergency fund! Get paid a great rate while still have that money liquid with easy access 👍
I’ve banked with Discover for 2 years now and it’s my main bank. If you’re the kind of person who either doesn’t keep much money in your checking account or you just don’t have a lot left between paychecks, that 1% cashback is gonna earn you way more than say capital one’s 0.10% interest. I don’t use my debit card as much as I was when I first started using them but I still get about $3 - $5 back each month for the times I do use it. And they just made it so you can add cash at Walmart locations
When you really think about it everyone should have a high yield savings account, at least for their emergency fund. This was a great video covering some great options. I'll have to check out Sofi. Thanks for that Daniel!
How’s sofi been for you? Just signed up about a week ago and set up for direct deposit and have 4.4% apy but I’m just curious to know about your experience if you did end up opening one
Realized that if I wanted to get more money I would need to switch bank accounts. 0.01% is SUCH A JOKE. It was hard to let go of the brick-and-mortar banks like Chase since it felt 'safer', but the interests in some online bank accounts are too good to pass up. I haven't regretted my decision at all yet! Great video Daniel! Hope everything is going smoothly in life :)
Yeah it's a great move to switch and not settle for .01% at the bigger banks! Thanks for watching as always and glad you liked the video!
I'm right there with you friend! I went from using a local credit union, USAA and Navy Federal but their rates are so freaking low. I just moved to Ally and Discover. I'm happy so far
@@TheSecularMinorityi’m about to move my savings from USAA to one of these from the video as well. Not sure why it took me so long😂
@@TheSecularMinorityi’m about to move my savings from USAA to one of these from the video as well. Not sure why it took me so long😂
Any reason why you did not mention Marcus? They're paying 3.75% APY right now and it's a Goldman Sachs company.
opened a capital one performance saving and 360 checking. they also have auto/recurring transfers
Cap 1 is the best.
It's not all about interest rates, it's also about being able to access your money at branches and ATMs. It's about being able to talk face to face with a person, replace your debit card right away.
Just don't go to Bank of America or Chase unless you are rich, I've heard things about them and they are not good.
😅. Thank You. You don't know how much weight you helped lift off me.
💙💪💵💰💙
BoA yes, Chase no. Had Chase for years, theyve been nothing but amazing
Any other suggestions??
@@dustydood7681nah I can confirm first hand chase is horrible.
Pro tip: check with your local credit unions to see their rates!!! I have a few cds open with navy federal and one of them pays 5% Interest which is nice for an emergency fund
Definitely always good to check with local credit unions as well! Thanks for watching 👍
How do i check how much their interest rates are?
Also you can do secured loans against them at cdrate+2%.
But with CDs your money is tied up.
Helpful video. Though I think it would have been more helpful to include that some of these banks have an APY of over 4% after you reach a 5k balance.
I have Discover Bank for checking and savings! I honestly love them! I can deposit $1,000 of cash at Walmart locations, rapid pay, 100% based customer care, fantastic mobile app, and great APY % & rewards what more could one want? I've never encountered issues with them, except their security can be a pain and be too secure, lol but overall they are a awesome bank!
Would you recommend this bank for 18 year old first time opening a bank account?
Do you know anything about the credit card? I’m 18 and want to open a checking account and get credit card from them
@@leszzPeople say it’s one of the best credit card for beginners! But if you don’t have any credit you’ll have to put down $200 for it
@@tostitos1020did you find out? 😭
@@leszzget it
I am a teen with a $10 a week allowance what would be the best option for a beginner checking account
Ally Bank's savings just increased from 3.4% to 3.6... nice
Charles Schwab for Checking account, Marcus by Goldman Sachs for HYSA.
I don’t know if it went up since you published this video, but capital one’s apy currently sits at a hefty 4.35% which is the highest apy of all the banks mentioned in this video. Albeit I didn’t check the current apy of the other banks to see if they went up as well, but I thought I should point that out. I’m considering switching from Wells Fargo to capital one within the next couple of weeks!
I’m actually working on an updated video right now which will be uploaded in a few weeks! But you’re right, rates change over time so they have increased for all banks in this video now, including Capital One. I’ll have updated rates in the new video 👍
I’m confused about something… let’s say you put in 10,000$ at a 4% earning… which is 400$ in earning… my confusion is… do they pay you 400$ each month adding up to 4,000$ a year or do you only earn 400$ for the whole year??? Anyone?
400 whole year
I like using Fidelity right now, I think the cash account earns 1.5% but you can put your cash in money market at the end of eash day manually(as far as I can tell), then has automatic redemptions. The government fund is yielding 4.22 or the prime is at 4.35% on the no minimum funds (there are several premium funds). I also like floating rate bond etfs government at ~4.7% or corporate ~5.2%. Short term bonds actually have a good yeild if you are able to have a little illiquidity.
Nice! Yeah some other ways to get good paying rates like that outside of bank accounts. All depends on what you prefer to do with excess cash and how liquid you'd like it to be! Thanks for watching and commenting 👍
I'm a person who likes to keep my money all in one place and needs and physical branch to deposit cash as well. Not sure what bank to go with ugh everything is online.
Bask Bank savings account, 4.25% APY.
My fiancé and I are looking at a bank to open as a joint account and one for him separately when he moves down from Canada. He is more of fan of brick and mortar type banks as he current banks with TD and I with Citi. I know that high yield is online is more of your cup of tea ☕️ but any suggestions when it comes to the previously mentioned banks I.e Wells Fargo, Chase, Citi
Your videos are very informative
PayPal currently has 4.00%APY savings account
Of course it’s not a banking app necessarily.
Don’t use PayPal as a bank, it’s not secured nor safe like banks are.
@@Lion_heart103 I was not aware. Do you know anything about credit Karma? I have money in a savings account there as well.
@@xhesaid5468 yea credit karma is FDIC insured.
@@Lion_heart103 Nice, thank you. I’m trying to understand what are my best moves to make. I just turned 15 and got my first job and would like to put what money I save in the best place.
I love my discover high yield is a beast and they gave me 250 to move money from Bank of America ….
I’m interested to see as of today Apple Savings Account via Apple Card. 4.15% APY… my only thing can my wife and I easily access this otherwise will find this video helpful!
Fidelity CMA account is also a great checking account like product. The yield is only about 2.5% but you can put your money in a Money Market Fund at Fidelity and the CMA will pull it out when it is needed automatically. They have a treasury MMF that is paying 4.9% right now and that is state tax free too.
Fidelity froze all my accounts because they found out that I also buy cryptocurrency. Fidelity hates cryptocurrency. They will drop you if they find out you have an interest in it.
Don't see Sofi's reward points talked about. They give you points for doing a lot of basic things and 2x's more if you have direct deposit. Hadn't used my account in years and logged on out of curiosity and they gave me $5 lol. Once I set up deposit and complete the qualifiers it looks like I'll be making at least $50 a month in points which is awesome especially considering I'm not including the interst my cash will make.
What type of Account is each bank? Savings, Credit, or a different keyword.
I’m a a barber, so a lot of my money is in cash(not all) when I put that money into the savings account, will it qualify for the apy
lol bro shows bank of america at 0:21 and thats what i've been using the whole time.
Gonna have to switch it up myself.
Damn I thought discover was better than capital one 360
2.5% for Sofi checking account or should it be 0.25
will Ally survive? crazy times for banks
What are your thoughts about Marcus by Goldman Sachs?
Local credit unions are great for savings accounts with higher than average interest. Big banks are great for credit cards
Local credit unions are definitely worth checking out as well!
Credit unions have awesome credit cards with higher limits and lower interest. Navy fed/ Pen Fed. Savings is lower interest rates than the banks.
@@1sttimemom76 those are specialized credit unions for military members and their families. I’m talking credit unions for the general public.
How come Citi and American Express didn’t make it to the list?
You talk about "old outdated banks" having min deposits and fees..and then talking about your recommendations that have even more hoops to jump thru! 😂
You missed, American Express high yield saving account. APY 3.50%
Tellus is 4.50% for boost account, and 5.50% for reserve. ❤
Does it affect tax return?
@@itsmaple6160 every account where you make any interest does..every one
I keep my direct deposits and all my auto payments linked to a master account with Chase.
However, I only keep a few thousand in there at any given time. I transfer all my cash to an AMEX HYSA, I get about $300 a month from the interest payments. Wish I did this years ago lol
Nice strategy! Amex HYSA is another account that I really like that could have made this list as well with a really great rate. That's a nice interest payment to receive every month from keeping that cash in a high yield account 👍 Thanks for watching!
Planning on the same but with ally or sofi
That’s actually a good idea, the only thing I like about chase is that you can draw 1k from their atm and their cardless atms
@@chrisv4920 I think I’ve used cash ~2-3 times in the past 5 years lol (in the US)
There’s also UFB Direct with 4.55% APY savings account
There’s also PayPal saving account. Can you add this into competition?
Good to know I just opened a 360 account with Capital One and I’m looking forward to seeing the returns 👍
How have you liked it so far? I’m considering it
when establishing a new HYSA, are you using a wire transfer to move money or slow, small ACH transfers over time?
After SoFi sued to end student loans repayment pause, I lost all consumer respect for them.
Credit unions are THE best.
@@MaeSekouyou will never be the very wealthy
University of Wisconsin Credit Union gives 4.11% certificate deposit 14 months
How do you verify that an online bank is not some kind of scam?
FDIC insured
I have a hard time trusting online banks so if you are the same I would suggest checking them if they are indeed registered on the fdic site. I would consider something like capitol one, amex, pnc, etc since they have a long history. Just my two cents.
Brick and morter banks can also do fraud, i.e. Wells Fargo. 🤷♀️
How about the Amex high yield savings account 3.5%
love the content! would be even better if you could timestamp each bank/account mentioned in your video to make referring back easier
Now in the comments
yesterday I opened a Wealthfront Cash Account to be my checking account... direct deposit, pay bills, etc.... when I registered, I had the option to create an "individual" or "joint" cash account... I selected "joint" because I am married and my wife has a paycheck as well... well, turns out the Joint accounts do not have the checking features that I need.. direct deposits, pay bills, etc.... so I'm closing the account... not enough people are mentioning this when recommending Wealthfront
Apple savings is 4.15% and PayPal Savings is 4.30%
Capital one 360 savings is 3.75 APY
Damn no Marcus by Goldman Sachs? :( just opened an account with them
Did you use a referral?
@@kimberlymarie6780 I did not but if you can get one I'd recommend it. I think they offer 4.75% APY for 3 months. Their normal APY currently is 3.75%.
@@AHeriocWatermelon I was going to offer my referral if you’re interested 🤷🏽♀️ we would both get the extra 1%
@@kimberlymarie6780 Too late unfortunately, I opened the account about a month ago,
@@kimberlymarie6780 please provide me your referral
if silicon valley bank is mentioned… 😂😂😂
Changed to SoFi ever since early last year and haven't been happier 👍🏽 Much, much better than my previous checking account (especially the higher APY)
How do you feel about them suing the student loans? Seems greedy.
Suing?
I want to do that but they don’t have zelle :(
How much do they offer APY% in savings and checking?
@@mikeblueebros acting like all banks aren't evil
Great info calm down and breath 😂
I dont have a HYSA simply because my emergency fund is held in gold.
No HYSA will have an interest rate greater than the inflation rate. Higher HYSA rates just means you lose your money slower.
i would go with sofi 100% if i could transfer money as easy/quickly as i can with a bank such as chase or US bank. I do too many transfers to be waiting 2-3 days for it to clear and also having to use someones routing and account number?.... come on its 2023 im not making someone create a sofi account just for easy transactions lol
I personally feel like savings accounts don’t cut it anymore. Those interest rates will never fair with inflation. I personally would prefer investing in the S&P or earning percentage with trusted crypto.
What site do you use to invest in S&P
@@Jiggy609 There are several popular websites and apps that allow you to invest in the S&P 500, including brokerage firms like Fidelity and Charles Schwab, investment apps like Robinhood and Acorns, online investment platforms like Betterment and Wealthfront, and ETF providers like State Street Global Advisors and Vanguard.
Can someone answer me why do I have a 703 credit score but I can't get approved for any credit cards even ones for people with terrible credit I'm starting to get stressed never had a bank account wtf
With Ally checking services nothing is automatic and everything takes days to do. I started a checking or spending, but I’m double thinking this.
Has anyone here heard about Milli Bank? I like their app and their savings features. Plus the savings account is at 4.75% I think. Just not a whole lot of info out there.
If you do putting your savings in a high yield account, don't you have to apply that to your taxes? This is my first year using a high yield savings account, and I read you need to report your 1099-INT forms to your taxes if the bank gave you more than $10 in interest. Correct me if I'm wrong.
that is correct. it counts as income
Yes
Unfortunately, yes, you have to report your 1099-INT.
What is the minimum monthly direct deposit amount to get the 3.75% with SoFi?
Any amount. Has to be from a direct deposit from your job. No minimum.
Amex HYSA has been good to me as well
hey, thanks a lot for the great video! I just have one question: can I open a savings account as a non us resident (europe)?