Careful about Marcus if you care about BDS - social issues. They are backed by Goldman Sachs’s who financially supports Israel. Israel committing war crimes geno cide. ✌🏻
HYSA earnings aren't tax deferred so you pay taxes on them. There's a few banks(FDIC insured) with 4.5%+ interest atm. Just figured I'd drop that info here in case ppl are shopping around!
She’s absolutely right! I just moved my savings from Bank of America to Ally. The other day I saw Ally gave me $5.00 for simply having my money at their bank. Their rate is 2.75%.
The difference between my new Credit Union and my old bank was STAGGERING. My family used the bank ever since they took over the local bank we had been using. When I got married I opened an account at this credit union so my husband and I could het a joint checking and savings account easier (we each have our own personal account for our personal spending and pay bills/buy groceries from the joint account). As soon as I saw the difference in rates (and several other quality of life features in their app) I made plans to move the rest of my money over.
Investing can be a very impactful way to grow your money, especially when you consider the three main factors that play a role in how much wealth you build: rate of return, how much you invest each month and, of course, time.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth 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..
I strongly recommend the services of Regina Louise Collaro, a reputable financial advisor and consultant. Through her collaboration with an international organization, she has provided invaluable guidance and support on my financial journey until I reach my goals. Choosing the right financial consultant is vital, akin to finding the ideal life partner, as both profoundly influence your life's direction. I am thankful to have found such an excellent financial consultant who has aided me in accomplishing my financial goals, spanning from education to nearing retirement.😊
I appreciate your advice. It's hard to find someone that's reliable. When I see how much you've made investing, I could really use your investment advisor. That is, if you don't mind sharing her information...
I've wanted to start investing for a while. Yet, I've always considered it to be late, and I believe I should quit putting things off. I'll absolutely contact Regina Louise Collaro to ask her for advice. Much thanks. This was quite helpful to me.
This is a shocker to see Regina Louise Collaro mentioned here. I always had mixed feelings about hiring an investment advisor. For the record, I started working with Regina in 2019, and she manages about 70% of my investments while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that she has a wealth of information on current conditions and future trends...
When you consider that the money in their savings accounts is used to extend loans from anywhere from 5% to 15% interest and Chase for instance, is giving their account holders 0.01% APR. It’s scandalous.
Two errors here. 1) savings accounts are only insured for first 250k. And while it is likely you’d be bailed out. It is not guaranteed and high yield accounts tend to exist at leas trust worthy banks. 2) you can get nearly the same interest in a money market fund with less risk.
I got 6% with high yield checking at my local credit union. I made $65 last month. Their savings are like 2% so I'm using the checking basically as my savings. I just have to had auto deposit and made 5 transactions a month. For those of us who cant or aren't able to do a CD. This is a good option so allows making money but access easily if needed in an emergency.
I originally had chase which was 0.01% and put some money in an Amex high yield. It started at 1.0% and it’s gone up to 2.35%. They email me everytime the rates change
Ally is phenomenal. They even have "buckets" so you can keep your money in one account but see it divided between things like emergency amount, vacation fund, etc.
Are these safe? How s the customer support? And once we want to move th amount after terms, is it like just any other account transfer or is there any complex process or approvals
@@loveisriveroflifemystic9887 These are extremely safe , just renewed my second CD account and cant recommend it enough . I have Wells Fargo and got locked in this term for 5.01% for 4 months . My investment shows up on my Wells Fargo app and I see each month the interest paid by WF to me. The only little con is once the term is up you have to make a physical appointment at the branch to close the CD or renew it . If you don’t do this , the Cd Will automatically renew with their own terms ( intrest rate ) but you have a 10 day window to do this .
What I can't wrap my head around is: if I put my money in an online bank, where is my actual money? I can walk in Wells Fargo and get my money, but if I have a problem with an online bank, how do I get my money? Call a 1800 number and talk to a robot? 🤷♀️
That's not exactly true. Banks are only federally required to have 10% of* their money held on site, everything else is used to give our loans to customers or invest the rest to earning interest off everyone's money. If you had 50,000 you wanted to take out the bank legally doesn't have to comply. Every bank has a daily withdrawal limit of $300-$5000 dollars. I learned this from my partners. He keeps $40K in his house safe for emergencies with silver and gold stashes.
You can withdrawal from atms the daily limit. They can also mail you a check. Just closed my Marcus, they transferred to my credit union, I’m going to another HYSA just isn’t finalized yet
Robinhood is now offering 3.75% interest rate for gold members for 5 dollars a month no cap... meaning a minimum of 1600 dollars to break even on the gold subscription
When I turned 18 I opened a TD bank checking and savings on my dad’s advice bc it’s a brick and mortar and he’s old school. I only recently found out about hysa’s and switched to capital one 🙏
T-Mobile customers can use T-mobile money online banking and get up to 4% APY on up to $3k (when you use your debit card to make any 10 transactions a month of any dollar amount) and 2.50% on any quantity after that with no minimum transactions required. Let’s say you have the $3K in there and don’t make the 10 minimum transactions to activate 4% APY, you still get 2.50%, so it’s still a win. It’s a completely free banking that benefits T-mobile users.
I have a number of high-yield Marcus, CDs at different rates that have been set up since 1/2022. This woman has some great ideas for the average person to save. Listen to her. ❤️
I had to check the date on this. I was going to say that 1.25% is nothing right now. Also, I am beyond shocked that Wells Fargo would be ripping off their customers. They’re normally a good steward of their customers’ funds and aren’t known for ripping people off. /s
Great information. But it's about trust if you're involved in crypto you know about rug pulls and lock outs and that alone terrifies people. Brick and mortar banks gives you at least the ability to walk in and withdraw your money compared to on line banking there internet goes so does your money. Hell like any investment diversify. Just a thought
Robinhood offers 3% on uninvested cash. And it's insured under a certain amount. I think $750k is insured. Might be the highest interest rate out of any savings account right now. It's technically not a savings account but can act like one. Cash in Robinhood is insured. Crypto isn't. But you need the Gold plan. Which means you have to pay $5 a month so you need more than $2000 in the account in order for the interest to cover the $5 monthly fee.
Savings accounts interest is a joke. I remember the days when they actually paid interest. I heard Chime deleted a bunch of accounts and didn't know why, so can you trust these online banks?
Yes, but for many of those options, the initial deposit is out of reach for anyone living paycheck to paycheck, and if it was needed in an emergency in less than a year or two, it would end up costing you money.
That would mean more risk. They take bigger chances loaning your money out and that's how they can pay a bit higher interest rate. Bad idea with all these liquidations lately and many more to come. For the next year invest in whatever your deep research leads you to believe are the best investments and ride the wave to the top when it goes back up likely in 2-3 years.
I just went in to wells fargo to switch to ally and wf actually beat ally rates with a promotional hysa. The catch is that rate is only for 1 year so it goes back to .01 percent. I have an alarm in my phone to switch to ally at that time or another hysa.
What happens if there’s a market crash when banking with an online checking account like Sofi or chime? How will we get our money and who will be held responsible?
Yup that saving account going from a couple of cents to a couple of bucks is really add to my networth, not that any of this is the bff fault she gives great advice but all saving account suck some just suck less then others lol
If you truly are my rich bff, then maybe you can help me go back to school to study and be LPN!?! Joking aside, I really enjoy your videos and the advice you give us. Thank you.
Open a brokerage at Fidelity for free, free checking, free brokerage fees, free ATM fees everywhere there's an ATM and 3%+ interest with most Money Market Accounts which become your cash settlement account... no banks ever again.
Thankfully, you are teaching a lot of us what our parents didn't or even know.
Careful about Marcus if you care about BDS - social issues. They are backed by Goldman Sachs’s who financially supports Israel. Israel committing war crimes geno cide. ✌🏻
HYSA earnings aren't tax deferred so you pay taxes on them. There's a few banks(FDIC insured) with 4.5%+ interest atm. Just figured I'd drop that info here in case ppl are shopping around!
Yeah…I am afraid that these “online accounts” do not feel like a real bank. I am not moving my money to these phantom banks…no way
The only tax deferred account I know of is an IRA account. HYS account is never tax deferred.
The more you know 🌈
@@jclyntoledoand permanent life insurance.
They send a 1099-INC form for you to file during tax report, right? I so new to this “personal finance” thing my mind is exploding
I actually didn't know this wow.
She’s absolutely right! I just moved my savings from Bank of America to Ally. The other day I saw Ally gave me $5.00 for simply having my money at their bank. Their rate is 2.75%.
Is there buildings or locations?
@@samzam7890 Absolutely not. (Just their headquarters) but doesn’t count. Ally is strictly online only.
SoFi better
And what happens when these only online banks suddenly up and disappear.... with your money.
@@bubbles2868 Ally is part of the FDIC. Which means your money is insured up to $250,000. Should something happen to the bank like a closure.
The difference between my new Credit Union and my old bank was STAGGERING.
My family used the bank ever since they took over the local bank we had been using. When I got married I opened an account at this credit union so my husband and I could het a joint checking and savings account easier (we each have our own personal account for our personal spending and pay bills/buy groceries from the joint account). As soon as I saw the difference in rates (and several other quality of life features in their app) I made plans to move the rest of my money over.
Investing can be a very impactful way to grow your money, especially when you consider the three main factors that play a role in how much wealth you build: rate of return, how much you invest each month and, of course, time.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth 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..
I strongly recommend the services of Regina Louise Collaro, a reputable financial advisor and consultant. Through her collaboration with an international organization, she has provided invaluable guidance and support on my financial journey until I reach my goals. Choosing the right financial consultant is vital, akin to finding the ideal life partner, as both profoundly influence your life's direction. I am thankful to have found such an excellent financial consultant who has aided me in accomplishing my financial goals, spanning from education to nearing retirement.😊
I appreciate your advice. It's hard to find someone that's reliable. When I see how much you've made investing, I could really use your investment advisor. That is, if you don't mind sharing her information...
you can easily find her information by doing a quick search. Feel free to reach out to her directly with any questions you may have..
I've wanted to start investing for a while. Yet, I've always considered it to be late, and I believe I should quit putting things off. I'll absolutely contact Regina Louise Collaro to ask her for advice. Much thanks. This was quite helpful to me.
This is a shocker to see Regina Louise Collaro mentioned here. I always had mixed feelings about hiring an investment advisor. For the record, I started working with Regina in 2019, and she manages about 70% of my investments while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that she has a wealth of information on current conditions and future trends...
Capital One savings currently paying 4.35%
When you consider that the money in their savings accounts is used to extend loans from anywhere from 5% to 15% interest and Chase for instance, is giving their account holders 0.01% APR. It’s scandalous.
Wells Fargo keeps getting fined and they are the worst for consumers.
Two errors here. 1) savings accounts are only insured for first 250k. And while it is likely you’d be bailed out. It is not guaranteed and high yield accounts tend to exist at leas trust worthy banks. 2) you can get nearly the same interest in a money market fund with less risk.
AMEX offering 3.9%
I got 6% with high yield checking at my local credit union. I made $65 last month. Their savings are like 2% so I'm using the checking basically as my savings. I just have to had auto deposit and made 5 transactions a month. For those of us who cant or aren't able to do a CD. This is a good option so allows making money but access easily if needed in an emergency.
Sofi will be going up to 3% in a couple days. It is great. And it applies to your checking account as well.
Hey, can you pls make a video on which banks are best for opening a high yielding account?
Some credit unions like NavyFed...I have a HYSA@ 3.15% APR, currently. 🙏🏾🤸🏾♂️🙏🏾
Another option is Ally. Highly recommend. Phenomenal customer service as well.
I use capital one and it’s been great! i currently have an APR of 2.30%
@@ShadesOfIvory I'm with Navy Federal and they don't offer HYSAs. I've seen money market savings accounts and certificates.
I'm with discover and it's 2.75 right now
Girl! Capital One, PayPal, and Affirm are offering interest rates of ~4% or more!
This is exactly what i need. Im 19 and beginning my adulthood trying to get myself as well as i can 😂 love your videos, so informative!!❤
me too
Me three
4
I originally had chase which was 0.01% and put some money in an Amex high yield. It started at 1.0% and it’s gone up to 2.35%. They email me everytime the rates change
Amex is offering 4.6% if you're platinum customer. I don't know when is deadline.
Today it’s 4.35% APY
I hope she explains the difference in types of interest like APY vs compound etc. that would be great!
Yep
I've had 0.01% on Chase when I came to the US, after a year moved to AMEX with ~4.5%
So how are you taxes affected by the end of the year? Won’t you owe? Is it worth it if you end up paying it back?
Thank you, I was wondering about this too!
Ally is phenomenal. They even have "buckets" so you can keep your money in one account but see it divided between things like emergency amount, vacation fund, etc.
Thank you, my bank has this but I didn't know enough and now I know that's where my money should be.
REMEMBER TAXES PEOPLE! This is by no means FREE MONEY!!! And rates of interest fluctuate.
We pay taxes on anything else….
Bro it's free money you get taxed on it like regular income idk how y'all made it out of high school
Capital one is currently offering 5% interest rate their CDs
Yes, there are many short term CDs 1, 3, 6, or 9 months that pay 4.5% +, if you don‘t want tie up your money for too long.
Are these safe? How s the customer support? And once we want to move th amount after terms, is it like just any other account transfer or is there any complex process or approvals
They also have a great high yield savings account. It's somewhere around 4%.
@@loveisriveroflifemystic9887
These are extremely safe , just renewed my second CD account and cant recommend it enough . I have Wells Fargo and got locked in this term for 5.01% for 4 months . My investment shows up on my Wells Fargo app and I see each month the interest paid by WF to me. The only little con is once the term is up you have to make a physical appointment at the branch to close the CD or renew it . If you don’t do this , the Cd Will automatically renew with their own terms ( intrest rate ) but you have a 10 day window to do this .
I have invested in Pakistan savings account. Rates are 15% there! Backed by the state bank
Do you live there?
I swiped over $500K last year with my Sam’s MC. Yesterday I redeemed 1%… Now I’m hooked.
Looks like 2023’ will be my break out year.
What I can't wrap my head around is: if I put my money in an online bank, where is my actual money?
I can walk in Wells Fargo and get my money, but if I have a problem with an online bank, how do I get my money? Call a 1800 number and talk to a robot? 🤷♀️
That's not exactly true. Banks are only federally required to have 10% of* their money held on site, everything else is used to give our loans to customers or invest the rest to earning interest off everyone's money.
If you had 50,000 you wanted to take out the bank legally doesn't have to comply. Every bank has a daily withdrawal limit of $300-$5000 dollars.
I learned this from my partners. He keeps $40K in his house safe for emergencies with silver and gold stashes.
You can withdrawal from atms the daily limit. They can also mail you a check. Just closed my Marcus, they transferred to my credit union, I’m going to another HYSA just isn’t finalized yet
@@othersbyuri what made you decide to close the Marcus account?
Yeah and that's so not gonna work for ppl on SSI who will get kicked off using such an account that earns them money
Hi! Can you make a video about REITs? I'm interested and would like to do it.
Robinhood is now offering 3.75% interest rate for gold members for 5 dollars a month no cap... meaning a minimum of 1600 dollars to break even on the gold subscription
Marcus is offering 4.5 without paying $5 of gold subscription
I was looking at my bank account last night and even though I've been pouring money into my savings I'm getting jack for it.
Time for a new bank
When I turned 18 I opened a TD bank checking and savings on my dad’s advice bc it’s a brick and mortar and he’s old school. I only recently found out about hysa’s and switched to capital one 🙏
Barclays is at 3% and their CD rates are even higher right now.
This is so sad but true. Thank you so much
T-Mobile customers can use T-mobile money online banking and get up to 4% APY on up to $3k (when you use your debit card to make any 10 transactions a month of any dollar amount) and 2.50% on any quantity after that with no minimum transactions required. Let’s say you have the $3K in there and don’t make the 10 minimum transactions to activate 4% APY, you still get 2.50%, so it’s still a win. It’s a completely free banking that benefits T-mobile users.
Appreciate all your teaching
Right now my capital one savings account is at 3% APY! It's a no-brainer!
I have a number of high-yield Marcus, CDs at different rates that have been set up since 1/2022. This woman has some great ideas for the average person to save. Listen to her. ❤️
Thank you for this! Off to check Marcus! Hugs💕✨
I had to check the date on this. I was going to say that 1.25% is nothing right now.
Also, I am beyond shocked that Wells Fargo would be ripping off their customers. They’re normally a good steward of their customers’ funds and aren’t known for ripping people off. /s
Check your credit union,mine is 2.5%. They have some stipulations but all are easy to meet.
Switched accounts within the same financial institution: interest went from 0.06% to 4.35%.
Hi Viv, how can I make sure that an online high yield account is trustworthy?
Yo capitol one has a 4.00% apy savings account… much better then sofi
Beware of chasing yield, especially when the banking system is in crisis.
Yes, particularly if they're dealing with Wells Fargo.
Great information. But it's about trust if you're involved in crypto you know about rug pulls and lock outs and that alone terrifies people. Brick and mortar banks gives you at least the ability to walk in and withdraw your money compared to on line banking there internet goes so does your money. Hell like any investment diversify. Just a thought
Sofi and CIT offer 5% APYs.
Robinhood offers 3% on uninvested cash. And it's insured under a certain amount. I think $750k is insured. Might be the highest interest rate out of any savings account right now. It's technically not a savings account but can act like one. Cash in Robinhood is insured. Crypto isn't. But you need the Gold plan. Which means you have to pay $5 a month so you need more than $2000 in the account in order for the interest to cover the $5 monthly fee.
Savings accounts interest is a joke. I remember the days when they actually paid interest. I heard Chime deleted a bunch of accounts and didn't know why, so can you trust these online banks?
Yes, but for many of those options, the initial deposit is out of reach for anyone living paycheck to paycheck, and if it was needed in an emergency in less than a year or two, it would end up costing you money.
Capital one high yield savings 4.35 apy
Amex just emailed me again that yields went up. That's the 4th time in 2 months.
I wish we had this in Europe
😊 Right thank you for sharing
Are these accts FDIC insured?
Are online banks trustworthy?. Other than FDIC insured what else should we look for? Great Channel btw
Certificate of deposits (CD) interested rates should also increase
That would mean more risk. They take bigger chances loaning your money out and that's how they can pay a bit higher interest rate. Bad idea with all these liquidations lately and many more to come. For the next year invest in whatever your deep research leads you to believe are the best investments and ride the wave to the top when it goes back up likely in 2-3 years.
Discover has a current APY of 2.25%!!
Yes it’s so underrated!
Credit unions can and often do offer more than even HY products by banksters.
You are so awesome,!!!
I'm glad your smart. I need this
Capitol ones is at 3% right now ❤
Chime has an APY of 2%, so they're a really good option.
Wells fargo has a 4.5% intrest savings deal if you deposit 10k or more. Worth doin
I have capital one 360 Performance Savings. We're at 3.00% right now
Yes, but inflation is much higher than that interest
I just went in to wells fargo to switch to ally and wf actually beat ally rates with a promotional hysa. The catch is that rate is only for 1 year so it goes back to .01 percent. I have an alarm in my phone to switch to ally at that time or another hysa.
Kinda chucking at "WF" in the background while she's talking about banks swindling us.
Ally is great!
Just put it in a money market fund. 3.5% yield
Thank you
What about Weathfront which has a 4.55% APY?
Capital ones savings APY IS 3%!
5.25% @ Newtek Bank, Sep 2023
What happens if there’s a market crash when banking with an online checking account like Sofi or chime? How will we get our money and who will be held responsible?
Yup that saving account going from a couple of cents to a couple of bucks is really add to my networth, not that any of this is the bff fault she gives great advice but all saving account suck some just suck less then others lol
Credit unions offer better rates.
Paypal APY is 4.30%
Capital one is 4.30% !!!!
Synchrony got me at 2.75% and climbing
If you truly are my rich bff, then maybe you can help me go back to school to study and be LPN!?! Joking aside, I really enjoy your videos and the advice you give us. Thank you.
2.75% on PayPal savings!
Is there any disadvantage to doing this? Is the money just as safe?
I've been watching you for awhile. Although this video is a year old. I'm so sad i never learned this sooner.
Do you have to pay taxes on the interest?
LMAOOOOOOO good luck
As of 10/29 interest rates are above4%!
Open a brokerage at Fidelity for free, free checking, free brokerage fees, free ATM fees everywhere there's an ATM and 3%+ interest with most Money Market Accounts which become your cash settlement account... no banks ever again.
Of course. Vanguard US Treasury is now 4.25%. Their Federal settlement account is slightly higher.
Question, should i open a high yield savings account on the same card as my credit card? Or put it somewhere else?
Wow you're advertising 1.25% and a high-yield savings account that's BS you can get as much as 6% if you know which bank to move with
..
where do you get this research? investopedia?
I got CD at Fidelity 5.50 for 18 Month
What's the minimum for an high yield account
Sofi is fantastic. They’re at 3.0% now
I’ve been putting most of my money in a regular savings account and most recently I got 0.08 $ :/ definitely checking this out
😂
Can you make a video talking about REVOLUT please thanks
But the interest rate isn't higher than the inflation rate! This is a terrible idea
What about T bills? Is that better than high yield savings?
OR you could simply open a Vanguard US Treasury Money Market account at about 4.25%
not if the fed goes down to 50 basis points in the fed meeting in dec
Marcus Goldman Sachs is 3.75% at the moment