Another solid option! Probably would be the 6th option in the first half of the video with the other major banks. It gets an honorable mention from me!
@@PracticalPersonalFinance ahi what do you think of save better by rasin I recently opened a account with them a few months ago but am reading horror stories on trust pilot
Do you think setting up a savings account now for a wedding in October of 2024 is a good idea? And how much of each paycheck (paid biweekly) do you suggest I deposit into a savings account? Thanks! Great video, extremely helpful!
That would be a great idea!! You’ve got plenty of time to get a bunch of money saved. Personally I’d start with my end goal and then work backwards to figure out how much to save from each paycheck. Figure how much you need to pay for your wedding and then figure how many paychecks between now and the big day. Divide to find the answer. Thanks for watching!! 😃
Now I have more knowledge about personal finance. I just subscribed to your channel. Big ups to everyone working effortlessly trying to earn a living while building wealth in this recession. I’m 47 and my husband is 51, we are both retired, no debts. Currently living smart and frugal with our money and still earning passively even in recession. Saving and investing lifestyle in the financial market made it possible for us this early even till now we earn monthly through passive income.
Great comment!I love to hear that! Congratulations on that accomplishment, truly! Right now, I could really use some investment advice or tips on investing. Last year I hesitated until the year ended without moving. This year I decided to try something because I'm very open to ideas on how I can invest. When I see your comment I believe that you have an experience in it that could be of great help to me. Hope you don't mind sharing?
@@whitneyhouston6888 it's not a problem at all! I would advise you to determine your investment horizon, but I recommend a long-term plan if you are looking to make a lot of profit on your investment. I created a long term investment plan with Lewis James Godfrey who helped me invest and manage my investment while getting on with my job without worry.
@@whitneyhouston6888 it's not a problem at all! I would advise you to determine your investment horizon, but I recommend a long-term plan if you are looking to make a lot of profit on your investment. I created a long term investment plan with Lewis James Godfrey who helped me invest and manage my investment while getting on with my job without worry.
@@martyedgar4678 That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
Great question! If you earn more than $10 in interest over the course of a year, the bank will send you a 1099-INT form. That money will need to be reported as income on your taxes. But otherwise, there are no fees and the interest you earn on your savings is yours to use as you please!
I have an account with CIT. I like that they have an app. Not all of these banks do. It does take a long time for things to post to the account. But it has a great rate. The app is not robust but I can see and do what I need to.
I agree it takes a long time to post your current balance. Sometimes takes about a week to post (for the viewers looking to open an account with them). How long does it take to withdraw ur money? I have not attempted this yet since i just opened the account.
@@danapalacios3209 I have it set up with my regular brick and mortar bank to transfer. The money moves as an ACH transaction. I’ve only deposited money into it. I have not taken any out. I’m sure it works the same way. But getting money out would not be fast. Probably 4-5 days. More if there’s a weekend involved. Transactions are sloooow.
I want to open this type of savings because my Bank of America savings is a joke. But I’m scared of fraud and I also wanted to know if I leave my money in this type of savings will the interest rate stay the same as long as I keep my money there or is it only this year? Thanks.
BMO harris is offering 4.20%APY and is FDIC insured. I too have a bofa savings and barely earn any interest. No point in this economy to leave excess funds in there.
I think that’s a somewhat common misconception about Zelle - I heard something similar from one of my family members so I did some research on it a little while back. Zelle is generally accessed through your bank’s website or app; so it’s about as secure as your bank itself. And the payments are intended to be sent to and from people you know personally and trust. There is no recourse if you send a payment in error to someone you do not know or trust, like how credit cards have chargebacks. But there are no fees for sending that money with Zelle, unlike credit cards which typically carry a ~3% fee. I personally find it convenient to send money to family members using Zelle, and I find it to be secure enough, especially since I use a strong password for my bank account.
its great if you can add which country you are talking about in the title. I was searching for canada and your video popup. I have to scroll through to understand you are talking about US
I have CIT Bank. It takes a long time to post transactions. But the app and website are easy to use. While they verify the transfer thro the transaction period the interest rate will still apply based on the transaction day. Soo if you don't mind it taking a little longer than normal it's worth checking out. The rate I received is 3.95%. One thing to look at before you apply at any of the banks. Your rate will vary based on which state you live in.
I’d be first in line to recommend a credit union, especially over some of the bigger banks I mentioned. But for one reason or another, the rates are just not competitive right now. And if I’m looking for somewhere to stash my emergency fund and earn a few extra bucks on it throughout the year, my loyalty is to the rates.
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 65 and my husband 68 we are both retired with over $3 million in net worth, with a maximized fdic insurance and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..
Why would anyone go to a big bank after all the scandals with them? Plus what they're doing to the environment? Community Banks and Credit Unions are where it's at.
I researched Betterment and it’s included on my spreadsheet (link in description). When I made this video, they were only offering a 3.75% rate, which has now increased to 4%. That makes it a little more attractive, but I still don’t think it would crack my top 5 in either category. If you’re purely looking for the highest rate, smaller banks can offer more. If you want Zelle access for easier transfers, you still have to go elsewhere to one of the major players with the household name. That’s not to say I think Betterment is a bad choice, it’s just not what I’d go with. Thanks for watching and leaving a thoughtful comment!! 😃
How do you feel about Primis bank? It's got an interest rate of 4.27% with an APY of 4.35% (also if someone could explain this to me, why does it have two different % and when is either percentage compounded?)
Haha, I think the same thing every time I make a thumbnail. It’s repetitive but it gets clicked more, so as much as I dislike it, that’s what I gotta do. 🤷🏻♂️
Dislike because you didn't account for account maximum transfers. I was with Vio and I left because they only allowed 6 transactions a month with out penalty.
Thanks for watching! The 6 transfer per month limit is standard among most, if not all savings accounts. Checking accounts, on the other hand, generally have fewer such limitations. If you’re interested in learning more, check out another one of my videos titled “Checking vs Savings Account”. 😃
Hi! Welcome back. What about Marcus by Goldman Sacs? Love the video
Another solid option! Probably would be the 6th option in the first half of the video with the other major banks. It gets an honorable mention from me!
@@PracticalPersonalFinance ahi what do you think of save better by rasin I recently opened a account with them a few months ago but am reading horror stories on trust pilot
Synchrony is also paying 3.75 % on high yield savings
Do you think setting up a savings account now for a wedding in October of 2024 is a good idea? And how much of each paycheck (paid biweekly) do you suggest I deposit into a savings account? Thanks! Great video, extremely helpful!
That would be a great idea!! You’ve got plenty of time to get a bunch of money saved. Personally I’d start with my end goal and then work backwards to figure out how much to save from each paycheck. Figure how much you need to pay for your wedding and then figure how many paychecks between now and the big day. Divide to find the answer. Thanks for watching!! 😃
@@PracticalPersonalFinance This such a great idea! *takes notes📝*
Now I have more knowledge about personal finance. I just subscribed to your channel. Big ups to everyone working effortlessly trying to earn a living while building wealth in this recession. I’m 47 and my husband is 51, we are both retired, no debts. Currently living smart and frugal with our money and still earning passively even in recession. Saving and investing lifestyle in the financial market made it possible for us this early even till now we earn monthly through passive income.
Great comment!I love to hear that! Congratulations on that accomplishment, truly! Right now, I could really use some investment advice or tips on investing. Last year I hesitated until the year ended without moving. This year I decided to try something because I'm very open to ideas on how I can invest. When I see your comment I believe that you have an experience in it that could be of great help to me. Hope you don't mind sharing?
@@whitneyhouston6888 it's not a problem at all! I would advise you to determine your investment horizon, but I recommend a long-term plan if you are looking to make a lot of profit on your investment. I created a long term investment plan with Lewis James Godfrey who helped me invest and manage my investment while getting on with my job without worry.
@@whitneyhouston6888 it's not a problem at all! I would advise you to determine your investment horizon, but I recommend a long-term plan if you are looking to make a lot of profit on your investment. I created a long term investment plan with Lewis James Godfrey who helped me invest and manage my investment while getting on with my job without worry.
@@martyedgar4678 That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@whitneyhouston6888 No problem at all, I work with *LEWIS JAMES GODFREY.* You can browse about him for more info. He is U.S based.
What happens when I remove the money from the saving account? Do I pay bank fees, taxes? Or is it just money that I am free to use?
Great question! If you earn more than $10 in interest over the course of a year, the bank will send you a 1099-INT form. That money will need to be reported as income on your taxes. But otherwise, there are no fees and the interest you earn on your savings is yours to use as you please!
@@PracticalPersonalFinance thanks! What about checking accounts? Are they taxed too?
I have an account with CIT. I like that they have an app. Not all of these banks do. It does take a long time for things to post to the account. But it has a great rate. The app is not robust but I can see and do what I need to.
Thanks for sharing!! Always good to hear from someone with real world experience with one of these smaller banks!
I agree it takes a long time to post your current balance. Sometimes takes about a week to post (for the viewers looking to open an account with them). How long does it take to withdraw ur money? I have not attempted this yet since i just opened the account.
How do you withdraw money on these online accounts? Where do you cash out?
@@danapalacios3209 I have it set up with my regular brick and mortar bank to transfer. The money moves as an ACH transaction. I’ve only deposited money into it. I have not taken any out. I’m sure it works the same way. But getting money out would not be fast. Probably 4-5 days. More if there’s a weekend involved. Transactions are sloooow.
How about Marcus by Goldman? Any experience with it? Thanks
what do you think about wealth fronts cash account?
Marcus by Goldman Sachs is also paying 3.75%
Concise and to the point, thank you!!
Capital One 360 hybrid brick & mortar approach is fantastic. Amex savings account is awesome to
Yup, I’d put Amex right up there with the others. If I didn’t limit myself to just 5, they’d be included. Thanks for watching!
I want to open this type of savings because my Bank of America savings is a joke. But I’m scared of fraud and I also wanted to know if I leave my money in this type of savings will the interest rate stay the same as long as I keep my money there or is it only this year? Thanks.
BMO harris is offering 4.20%APY and is FDIC insured. I too have a bofa savings and barely earn any interest. No point in this economy to leave excess funds in there.
I've heard Zelle is lacking security and if you have a problem you are out of luck.
I think that’s a somewhat common misconception about Zelle - I heard something similar from one of my family members so I did some research on it a little while back. Zelle is generally accessed through your bank’s website or app; so it’s about as secure as your bank itself. And the payments are intended to be sent to and from people you know personally and trust. There is no recourse if you send a payment in error to someone you do not know or trust, like how credit cards have chargebacks. But there are no fees for sending that money with Zelle, unlike credit cards which typically carry a ~3% fee. I personally find it convenient to send money to family members using Zelle, and I find it to be secure enough, especially since I use a strong password for my bank account.
What about PayPal it has 3.75 apy?
its great if you can add which country you are talking about in the title. I was searching for canada and your video popup. I have to scroll through to understand you are talking about US
Thanks for putting together such a timely & informative video. Keep up the great work!
Thanks for watching! Glad you found it valuable. 😃
Great video! Could you also do a video about Wealthfront?
Great work and very interesting as well!
How is the apy payed out true out the year?
What do you think of Synchrony's high yield savings?
My Savings Direct is 4.35% No mins. No App however.
Hey man as a college student which would you recommend?
I have CIT Bank. It takes a long time to post transactions. But the app and website are easy to use. While they verify the transfer thro the transaction period the interest rate will still apply based on the transaction day. Soo if you don't mind it taking a little longer than normal it's worth checking out. The rate I received is 3.95%. One thing to look at before you apply at any of the banks. Your rate will vary based on which state you live in.
What about Credit unions like DCU? First 1k is 6.17% and that rate was solid before and throughout the pandemic.
I’d be first in line to recommend a credit union, especially over some of the bigger banks I mentioned. But for one reason or another, the rates are just not competitive right now. And if I’m looking for somewhere to stash my emergency fund and earn a few extra bucks on it throughout the year, my loyalty is to the rates.
It caps at 1k…anything over is at 0.25…not worth it in my opinion. 😢
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 65 and my husband 68 we are both retired with over $3 million in net worth, with a maximized fdic insurance and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..
Thank You !
You're welcome! Thanks for watching.
I'm not a fan of Capital One and I've been with them since the beginning
Discover saving account is now increased to 3.50%
You forgot marcus… they have 4.75% apy
AMEX has announced 3.5%
Thanks for sharing! Another solid option from a major player!
Why would anyone go to a big bank after all the scandals with them? Plus what they're doing to the environment? Community Banks and Credit Unions are where it's at.
Agreed 100%!!!
What about betterment, what do you think about them? 4%APY, FDIC Insured, and non minimum balance. I don’t know if there’s a catch though.
I researched Betterment and it’s included on my spreadsheet (link in description). When I made this video, they were only offering a 3.75% rate, which has now increased to 4%. That makes it a little more attractive, but I still don’t think it would crack my top 5 in either category. If you’re purely looking for the highest rate, smaller banks can offer more. If you want Zelle access for easier transfers, you still have to go elsewhere to one of the major players with the household name. That’s not to say I think Betterment is a bad choice, it’s just not what I’d go with. Thanks for watching and leaving a thoughtful comment!! 😃
@@PracticalPersonalFinance Thank you for the feedback, I appreciate your insight. Cheers!
Varo bank is 5% yield on savings
Upgrade Bank 4.81% APY
How do you feel about Primis bank? It's got an interest rate of 4.27% with an APY of 4.35%
(also if someone could explain this to me, why does it have two different % and when is either percentage compounded?)
Can these financial YTers stop with the lame open mouth surprised Pikachu face thumbnails.
Haha, I think the same thing every time I make a thumbnail. It’s repetitive but it gets clicked more, so as much as I dislike it, that’s what I gotta do. 🤷🏻♂️
Dislike because you didn't account for account maximum transfers.
I was with Vio and I left because they only allowed 6 transactions a month with out penalty.
Thanks for watching! The 6 transfer per month limit is standard among most, if not all savings accounts. Checking accounts, on the other hand, generally have fewer such limitations. If you’re interested in learning more, check out another one of my videos titled “Checking vs Savings Account”. 😃