In order to get the 4.60% at SoFi, you have to sign up for direct deposit. If you don't, then you have to deposit at least 5k every 30 days. Why he doesn't tell people this, I don't know. Makes me wonder what the hoops are on the others that he's not mentioning.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@paulinusikpeama6328 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 58, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
I have SoFi but I’m looking to find a different savings because the interest dropped from 4.6% to 4.3%…is it possible to get a higher interest rate elsewhere?
So what would the downside be in opening and direct deposit with sofi to get the $300 bonus and then moving it all over direct deposit after the 25 days to the 5.4% one?
Thank you for explaining the UFB DIrect HYSA so well! I was under the impression is was just 5.45% but after watching your video I now understant that it is 5.25% and that we can do other things to reach 5.45%. Do we have to do all 3 things together or can you just do 2 out of 3 to get an extra 0.15% instead of the 0.2% we get for doing all three things?
Best account is always the one not shown. Acorns has savings at 5% apy and an additional 3% in checking which is a total of 8% of all your money which is a no brainer plus they have early pay custodial accounts and a 3% Ira match not sure why he never mentions acorns.
@@sabahatiftikhar9547 monthly fee waved once you direct deposit 250 or more a month which hopefully anymon makes at their job you would know that if he actually reviewed acorns
It's always better to treat your credit card as a debit card but still budgeting and not spending what you don't have/seeing your credit card as limitless money:)
CC is better than DC in almost every sense. The only pitfall in CC is it can give false sense of financial security. Use CC if your budgets are balanced and you have no medium to long term liabilities that might cloud your short term spending habits
@@CurieBohr I see okay, I know they require $1k a month into your checking, do you mean that you don't want to have to put that much into it to get the 0.5% or whatever amount back that it is?
Why Don't you mention, once again, that you need to like deposit about 5k per month for the interest rate benefits for sofi? Seems very bias, almost like you are pushing for this one
I’m a teen looking to create a secondary savings account. When it comes to the sofi sign in bonus, does the direct deposit amount mean the amount of money that is being transferred to that account from let’s say another savings account or does it mean direct deposit in the sense of income from a job? Love your videos man keep it up
Minimum direct deposit of $1000 per month from a source of income, like your job. It’s really good you’re starting this early btw. Don’t get yourself in debt. Don’t chase the extravagant lifestyle. Build your credit and invest early. Good luck.
Hey there! I looked DEEP into this. It MUST be direct deposited from an employer, social security, etc…NOT deposited by the money you already have from another account. So unless you’re making 5k in a month, you cannot qualify for this
I just did that two weeks ago. You can do a external transfer from your bank. Your bank should do two "test" transfers usually like .50 or less. My bank did that and all was good. The first transfer will take a few days (have patience 😊). After that you are good to go! Hope this helps.
I just had a serious question, I’m using an USAA checkings account, I don’t have a savings account but I wanna start saving using another bank, how would I transfer the money from my USAA to SOFI to put into my savings?
Once you open the sofi account you can add (link) your existing account. And transfer it over. You will need your bank routing number and your account number to link it.
1. Wealthfront is a broker, not a bank 2. Wealthfront has no physical locations 3. Wealthfront has virtually no customer service. I can't even find a phone number. 4. The bank on the backend of Wealthfront is Green Dot.. eww There are other cons, but these alone are good reasons why it is not in the top five.. or even the top ten imo.
A bit late reply but most places only let you get an independent savings account once you’re 18. Otherwise you’ll need a guardian/parent to open one. Nevertheless, if you are able to it is not a bad idea at all. The first few years in a savings account are when you will feel the least gains from it, since you are laying a foundation for future growth. But by the same logic, the sooner you start, the sooner you can make the most gains from a savings account. So if you are able to, open one.
Yep. As long as you're consistently pulling money out when you earn it, and putting it into the savings account, the interest rates that start out really low in the beginning start to add up to thousands of dollars as the account gets big enough. You have to be very consistent to reach that point though, more than anything.
Any issues with customer service? I looked up and saw that as one of the top 2 issues...so ive been scared away from using them even though i wanted that rate pretty badly
Usually you just search the name of the bank you're interested in on the internet, and it should direct you to their website, and you can open up an account from there. If they do have physical locations, you could also search them up on Google maps as well and see if anything pops up.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
Agreed, having a good financial advisor is invaluable, my portfolio is well-matched for every season of the market and has just yielded 120% from early last year. I and my advisor are working on a 7 figure ballpark goal, tho this could take another year.
She goes by 'Katherine Nance Dietz a renowned figure in her industry with over two decades of experience. It's best you research her further on the web, can't divulge much.
Thank you for the lead. I just searched KATHERINE NANCE DIETZ by her full name and easily spotted her profile, no sweat. I have sent her an email, hoping she gets back to me soon.
Hey guys im a 20 year old and im trying to learn about this type of stuff does anybody in the older generation know which saving account i should choose. I would listen to the video but i want a more “person to person” response .
Usually you'd want to use a high yield savings account, like he mentioned. The checking account is the one you'd be using to pull money out for everyday expenses, like if you had a debit card. The high yield savings account tends to be where you leave your money for a longer period of time, so that it can earn interest and pay you back for keeping it in there. I think no matter what bank you use, you can look up the type of account you have on the internet or on their app and see what the interest rates for it are (read: the amount of money you get paid for leaving your own money in that account for a long enough time). Most physical bank locations tend to only have a .25% interest rate, if I'm remembering correctly. Online banks usually have a higher rate though, since they don't have to pay a lot of the same overhead costs that in person locations do. That's where you find a lot of the rates he's talking about in the video. Feel free to double check any of this of course, in case I'm getting some of the details wrong. But I don't believe I am.
Some banks, like Sofi, combine their checking and high yield savings accounts, but in general they are separate. The high yield savings accounts at some banks have penalties for withdrawing over a certain number of times each month, since the money is supposed to sit in there and accrue interest. If an account does that though, it'll tell you that when you're reading through all of the basic info on their website or opening up an account with them.
@@kbeezy7417 I disagree. Quality banking services, good customer support, and strong security practices are much more important than a .3% interest rate increase imo. That's why the majority of people keep their money in large financial institutions or banks/credit unions with a good track record, not UFB, SoFi, etc.
@@kbeezy7417nice to know. I was wondering about that if you needed cash. I assume you can also just do an external bank transfer. I'm trying to decide which savings account to open.
Exactly. I'm very comfortable sticking with my local state credit union that I've been with since day one. They only pay me 3% in my HYSA but I think the peace of mind I have that I'll never have problems with my money is worth it.
![Chino Pacas - Modo Capone (with Drake & Fuerza Regida) [Video Oficial]](http://i.ytimg.com/vi/zjv8TQ0gBkg/mqdefault.jpg)
In order to get the 4.60% at SoFi, you have to sign up for direct deposit. If you don't, then you have to deposit at least 5k every 30 days. Why he doesn't tell people this, I don't know. Makes me wonder what the hoops are on the others that he's not mentioning.
Dude i signed up thinking that was true i found out the hard way. You also need the sofi plus membership. I dont have 5k a month!!
@@rhdadrian exact same thing happened to me so i closed my account and took out my money
Just put it in vangaurd 5.29% interest no BS
@@MotoProductions fidelity? what platform do u use?
okay, but why not open a direct deposit account? I mean what's wrong with that?
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@paulinusikpeama6328 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@VivekLuna My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
Victoria Carmen Santaella , lookup with her name online.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 58, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
@@mellon-wrigley3 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
If you have the Apple credit card, they have a savings account attached that pays 4.4%
You Apple Credit Union Credit card?
That’s awesome! Why have I never heard about this on Social Media?
Yes! This is the only savings account I have rn. No hoops or hidden fees
@@Lanna216 Can you please share how one can open an account with Apple?
I have SoFi but I’m looking to find a different savings because the interest dropped from 4.6% to 4.3%…is it possible to get a higher interest rate elsewhere?
New at this. How does daily compounding work??? If I open a savings account with UFB or another bank? ...and drop in 50K?
ForBright 5.30% APY, no fees, no bells or whistles either just a very high APY
Yup same here. Love forbright
Vio is also currently at 5.30%, been happy with them so far.
can i open an account online or do i need to visit in person
@@denniscobos3306vio bank website says 1.10 percent on their site for their savings account
@@thepotatoofheavenonline!
ufb doesnt let you get a savings unless you also get a checkings
edit: the site was just being maintenanced it turns out you can
That is 100% wrong. I have a UFB savings account only and I have been getting the 5.25% interest rate.
In order to get that rate,do you have to set the direct deposit?@@terrancepinkney777
Are the interests rates variable or stay locked in .
I have Sofi as my main bank but I prefer the amex hysa.
Why does wealthfront not make it to this list?
What about the Amex HYSA?
So what would the downside be in opening and direct deposit with sofi to get the $300 bonus and then moving it all over direct deposit after the 25 days to the 5.4% one?
Thank you for explaining the UFB DIrect HYSA so well! I was under the impression is was just 5.45% but after watching your video I now understant that it is 5.25% and that we can do other things to reach 5.45%. Do we have to do all 3 things together or can you just do 2 out of 3 to get an extra 0.15% instead of the 0.2% we get for doing all three things?
Sofi just gives me a little over 1 percent. It isn't high yield. It requires a minimum for it to be high yield
What about Wealth front HYSA?
Any penalty on closing account if I choose to do so?
Poppy bank offers 5.5%
I was about to say this. Are they a legit bank?
Best account is always the one not shown. Acorns has savings at 5% apy and an additional 3% in checking which is a total of 8% of all your money which is a no brainer plus they have early pay custodial accounts and a 3% Ira match not sure why he never mentions acorns.
Maybe because it has a monthly fee and limited features
@@sabahatiftikhar9547if you deposit 250 or more a month it’s free. Also has way more features then all these banks
@@sabahatiftikhar9547 monthly fee waved once you direct deposit 250 or more a month which hopefully anymon makes at their job you would know that if he actually reviewed acorns
Does the UFB change its yield rate much?
I’m 17 and I’m kinda worried on why you don’t like us or don’t recommend us using a debit card? Isn’t that safer then using a credit card
It's always better to treat your credit card as a debit card but still budgeting and not spending what you don't have/seeing your credit card as limitless money:)
CC is better than DC in almost every sense. The only pitfall in CC is it can give false sense of financial security. Use CC if your budgets are balanced and you have no medium to long term liabilities that might cloud your short term spending habits
John do you have any suggestions on apps that use round up that are not acorn?
Hi. Sofi requires you to deposit $5000 monthly for you to get that interest. So sad 😮
Also, APY vs APR, does it also vary if interest is paid daily? Thanks.
What about BrioDirect? 5.3% APY
What do you think of E*Trade at 4.5%?
SOFI requires direct deposit from your employer. Not an option I want to do.
How come?
@@heyitsc2 because I can get the same rate elsewhere without that hassle.
@@CurieBohr I see okay, I know they require $1k a month into your checking, do you mean that you don't want to have to put that much into it to get the 0.5% or whatever amount back that it is?
@@heyitsc2 my personal finances are not open for discussion with random people in RUclips comments. Make your own financial choices.
@@CurieBohr bruh I'm trynna learn what certain people like and dislike about accounts to know what's for better or for worse☠️
Is this available outside US?
How does this work? Do you get that interest every month? Or is it split up between 12 months?
Most are paid out every month. So if you’re depositing $5k and get 5% interest, that’s $250 per year or $20.83 per month.
@@HypocritesExposd Got it! Thank you!
Ufb rate is currently 5.15%
Why Don't you mention, once again, that you need to like deposit about 5k per month for the interest rate benefits for sofi? Seems very bias, almost like you are pushing for this one
Any direct deposit will yield the 4.6%. Non direct deposits require $5k. He definitely should have mentioned this.
It was $5K inflow into the account per month OR having direct deposit. That's how you get 4.6%
I’m a teen looking to create a secondary savings account. When it comes to the sofi sign in bonus, does the direct deposit amount mean the amount of money that is being transferred to that account from let’s say another savings account or does it mean direct deposit in the sense of income from a job? Love your videos man keep it up
It's money direct deposited from your job(i believe)...i say that bc i did both, transferred $10,000 plus made the direct deposit threshold
Minimum direct deposit of $1000 per month from a source of income, like your job.
It’s really good you’re starting this early btw. Don’t get yourself in debt. Don’t chase the extravagant lifestyle. Build your credit and invest early. Good luck.
Hey I’m 18 and looking into high yield savings accounts also. Can u share your experience and any advice on wat to get started with?
How are yall getting 4.75% from Synchrony? Im only getting 4.65%.
Been using bask since 2022 . Been great .
For the $300, would it work if I deposit $5k to myself or does it have to be from an employer?
Hey there! I looked DEEP into this. It MUST be direct deposited from an employer, social security, etc…NOT deposited by the money you already have from another account. So unless you’re making 5k in a month, you cannot qualify for this
Anyone have discover savings account? I was thinking of opening a savings account with them, but still on the fence
5:08 synchrony bank sucks.
What was your experience with them that makes you say that?
High yields saving pay you monthly or yearly?
161 Afton Mountain
I have capital one 4.35%
Is there a specific requirement to meet to get the 4.35%? Like direct deposit or certain amount needed to be deposited every month?
Well?
@@1264-t4ysorry, no requirements or minimums at all, just deposit and you’ll get your interest at the end of each month
Sorry for my ignorance but are there interest being paid yearly or monthly?
monthly
What about EVERGREEN 5.31%
If I want to transfer $10,000 to UFB from my current bank to get the extra percentage bump, whats the safest way to do that?
I just did that two weeks ago. You can do a external transfer from your bank. Your bank should do two "test" transfers usually like .50 or less. My bank did that and all was good. The first transfer will take a few days (have patience 😊). After that you are good to go! Hope this helps.
@@terrancepinkney777 New at this. How does daily compounding work if I open a savings account with UFB and drop in 50K?
I’m still using GS Saving Account from my Apple credit card
I like Marcus. It's the one I use though I don't like that. They took away seeing your net worth and I'm pretty sure sofi does which is cool
How about Upgrade? Flagstar?
I just had a serious question, I’m using an USAA checkings account, I don’t have a savings account but I wanna start saving using another bank, how would I transfer the money from my USAA to SOFI to put into my savings?
Once you open the sofi account you can add (link) your existing account. And transfer it over. You will need your bank routing number and your account number to link it.
Easy ACH transfer
Which bank do you use??
So if a buy a treasury bill for 3 months? With 5% interest. Do I see that interest right away after three months ?
Vio bank?
It’s about time synchrony gets some love.
Right! Been with them for years.
Hi can i apply UFB direct from the phils/japan
Western Alliance 5.31
Have you looked into Western Alliance Bank?
Wealthfront? It's 5.5% with the referral boost.
That’s what I use
Be careful with wealthfront. They are not a bank. I’m currently being burned by Yotta-synapse-evolve bank fiasco.
Same they’re so good even without the boost
1. Wealthfront is a broker, not a bank
2. Wealthfront has no physical locations
3. Wealthfront has virtually no customer service. I can't even find a phone number.
4. The bank on the backend of Wealthfront is Green Dot.. eww
There are other cons, but these alone are good reasons why it is not in the top five.. or even the top ten imo.
@@ChaseDizzie thank you! Coming from Yotta user uggh. Never again! The whole BaaS model is suspect.
Should I try a get a high yield savings account even though I’m 16?
A bit late reply but most places only let you get an independent savings account once you’re 18. Otherwise you’ll need a guardian/parent to open one. Nevertheless, if you are able to it is not a bad idea at all. The first few years in a savings account are when you will feel the least gains from it, since you are laying a foundation for future growth. But by the same logic, the sooner you start, the sooner you can make the most gains from a savings account. So if you are able to, open one.
@@jonathaninga2691 alright I’m going too try and get one
Yep. As long as you're consistently pulling money out when you earn it, and putting it into the savings account, the interest rates that start out really low in the beginning start to add up to thousands of dollars as the account gets big enough. You have to be very consistent to reach that point though, more than anything.
Wealthfront is the best one
Forbright 5.30% with no minimum no fees
Yep been using them lately
Can I take my money what ever I want with that account ?
A wedding and a car both are bad investments
yeah lol
The car depreciates by about 75% in four years, the divorce proceedings hit for about -50% in that same time frame. 😀
Yeah I love wealthfront ❤
Any issues with customer service? I looked up and saw that as one of the top 2 issues...so ive been scared away from using them even though i wanted that rate pretty badly
@@victoriamitchell6240no issues at all, great company!
@@victoriamitchell6240 Wealthfront is awesome
You didnt talk about the risk/conditions
What are the risks/conditions?
102 Lera Pine
What about Webulls cash management account? Over 5% APR
No mention of Vio?
Just in case you are not up to date, anything less than 5% is very bad checking and savings account
Not true
Okaaay but how does one go about opening these? How do you actually get started?
Be carful what link you click many scammer out here
Usually you just search the name of the bank you're interested in on the internet, and it should direct you to their website, and you can open up an account from there. If they do have physical locations, you could also search them up on Google maps as well and see if anything pops up.
What about betterment?
I'm wondering the same! Or Fidelity and Chime
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing to your 401K, remember you are in for the long haul, but I'd suggest you consider financial advisory
Agreed, having a good financial advisor is invaluable, my portfolio is well-matched for every season of the market and has just yielded 120% from early last year. I and my advisor are working on a 7 figure ballpark goal, tho this could take another year.
@@Linette-g-y this is striking! who is your investment adviser please, if you dont mind sharing? he/she is definitely grade-A smart
She goes by 'Katherine Nance Dietz a renowned figure in her industry with over two decades of experience. It's best you research her further on the web, can't divulge much.
Thank you for the lead. I just searched KATHERINE NANCE DIETZ by her full name and easily spotted her profile, no sweat. I have sent her an email, hoping she gets back to me soon.
Hey guys im a 20 year old and im trying to learn about this type of stuff does anybody in the older generation know which saving account i should choose. I would listen to the video but i want a more “person to person” response .
Usually you'd want to use a high yield savings account, like he mentioned.
The checking account is the one you'd be using to pull money out for everyday expenses, like if you had a debit card. The high yield savings account tends to be where you leave your money for a longer period of time, so that it can earn interest and pay you back for keeping it in there.
I think no matter what bank you use, you can look up the type of account you have on the internet or on their app and see what the interest rates for it are (read: the amount of money you get paid for leaving your own money in that account for a long enough time).
Most physical bank locations tend to only have a .25% interest rate, if I'm remembering correctly. Online banks usually have a higher rate though, since they don't have to pay a lot of the same overhead costs that in person locations do. That's where you find a lot of the rates he's talking about in the video.
Feel free to double check any of this of course, in case I'm getting some of the details wrong. But I don't believe I am.
Some banks, like Sofi, combine their checking and high yield savings accounts, but in general they are separate.
The high yield savings accounts at some banks have penalties for withdrawing over a certain number of times each month, since the money is supposed to sit in there and accrue interest. If an account does that though, it'll tell you that when you're reading through all of the basic info on their website or opening up an account with them.
These aren't the BEST savings accounts. They just have some of the highest interest rates. Would be better if you specified that in the title.
The highest intrest rate means the best…that’s what most people care about
I have UFB…and they give you a ATM card…it should be #1
@@kbeezy7417 I disagree. Quality banking services, good customer support, and strong security practices are much more important than a .3% interest rate increase imo. That's why the majority of people keep their money in large financial institutions or banks/credit unions with a good track record, not UFB, SoFi, etc.
@@kbeezy7417 How much do they pay you for marketing?
@@kbeezy7417nice to know. I was wondering about that if you needed cash. I assume you can also just do an external bank transfer. I'm trying to decide which savings account to open.
Is the chime savings account good ?
2% is trash
Thoughts on Jenius?
I was looking into them as well, but no one on RUclips gives an honest review. They just read what is on Jenius bank website...
What do u think about Cash app
You basically make the same video every month about the HYSA.
Hamill Tunnel
I got the $300, thanx John 😊
Don’t forget Merrill Lynch Preferred Deposit
I like SoFi
5.50% In Robinhood. Beats everybody
Why
@@popoy6985 5.55% at my banking direct......
Not true
Party with Me I'm with UFB ......
How is the customer service?
Sofi til i die😤
FDIC???
yes all of them
CIT? 5.0
Speak faster so I can understand
why does he not talk about any cons like omg pls be honest
The misinformation about SoFi tells me you are just desperate to make content to get revenue from views.. tsk tssssk
First like 🎉😊
I would make sure to stick with an actual bank that runs the whole stack. I’m currently being burned by Yotta-synapse-evolve bank fiasco 😢
Can you get out of that fiasco 😢?
Exactly. I'm very comfortable sticking with my local state credit union that I've been with since day one. They only pay me 3% in my HYSA but I think the peace of mind I have that I'll never have problems with my money is worth it.