Why You Shouldn’t Save Your Money in This Account
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- Опубликовано: 9 июн 2024
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Most people have a general understanding of what it means to save and invest. But there are a few small details that can make things feel more complicated at times. So today I’m sharing where not to keep your savings.
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I also vote for no music. Way too hard to listen to this!
I concur background music is a bit distracting.
It's way too loud..
True. Nothing but a distraction.
yes indeed the music is annoying in this case.
I agree with the comments below, you need to stop the constant music track. It’s super annoying. Also you never said what bank to avoid, so that was a little misleading,
she won't listen to this, hasn't for months
I believe she means save in a high yield savings account rather than a regular savings account with those 0.25 or what ever interest rates..
About 2 minutes in she starts talking more specific...
My thinking straight away. They'll get sued so bad when mentioning the bank's name.
I'd prefer no background music
Wife and I are on steps 4, 5, 6... but have been stalled out, especially in the last year. Inflation, and a car accident which ate part of our EF, has effectively removed the margin month to month by which we used to build it, and then some! Even with cutbacks & side hustles added in, it's still all we can do to not tap into our EF just to tread water financially. Pretty frustrating.
Thank you for the reminder and a little push!!
I appreciate and respect you so much! Thanks for the down to earth, solid information ❤
Dear Editor: Please turn the music in the background down, it is not accessible to those of us who have hearing impairments. Honestly, if you want to put music in the background try a really soft classical music and turn it down really low so it doesn't compete with her voice and message. I got the information (mostly) but it was super hard for me, and I am sure I missed parts.
There was music in the background? Hmm, maybe I have a hearing impairment 🦻🏼
Can you get rid of the music
Music is also distraction for those with adhd and autism😃
Love you and your dad and been following both your advices for a long time and my wife and I are better off financially for it! Now for advice from my end lol, you really need to look directly into the camera even if it takes longer to make your video. Keep up the great work and thank you for all you do to help us out!
I really enjoyed this video, thank you!
Please consider not using background music. It's too loud and is competing with what you are saying. Thank you.
I've been saying that for months, I never can get through a whole video as much as i try... George doesn't have music unless he is playing it himself.
Good point
Music doesn’t bother me
The music doesn’t bother me at all ❤
@@mich99yashagood for you.
Thanks for the info.
stumbled across this. have been considering a high yield savings acct and you break it down perfectly. you lay things out well and it's no fluff but what we do need....and ....'pleasantly presented' i guess is one way to put it. i sub'd. ( the bonus is, i was strongly leaning toward Ally bank : ) thank you
A lot of the national brick and mortar banks are even less than .25%!!
A savings account at my credit union is 05%. My high yield savings account is 5% currently
Chase is .01%
American Express High Yield for 4.25% with no strings. Just sign up and go.
LOL 🤣
@@A_12USAwhat’s funny?
@@mikecumbo7531 Dave Ramsey hates American Express!
High Yield Savings Account
#1 No minimum initial deposit, no minimum balwnce to maintain, and no penalties for withdrawing your money.
#2 transfer times and withdrawl limits.
#3 Through a bank thats FDIC-insured or a credit union that is NCUA-insured (protected uo to $250,000).
#4 In order to decide between a Money Market Account verses a High Yeild Savings account is ask how often do you need to access your money?
I’m low income and I did a high yield account….. for this reason you keep some money local….so even those on low income or say social security can save something.. I’m doing it on survivor benefits now.. budget is key….and I don’t get welfare and I pay into Medicare as well.. am I a senior? Not yet.. I have a few more years til retirement age… I bought Dave’s book and twerked it to fit my lower income .. it works and after a year I learned to save digitally .. no it’s not a lot but I’m consistent and savings is just that .. this is why keeping a buffer in your bill acct is so important..because life be lifeing for those on the extreme lower end.. I didn’t think I could save I started with a glass mason jar of coins. Then I got bold and went to one dollar bills.. and in one year saving $ bills I had saved over $500 this was last year…. Here we are in 2024?- 6 months in I have saved $500 more.. how budgeting and meal planning .,. It works , stick to your budget and watch what happens..
Good job!
Money Market, and I've been doing short-term CD ladders: 1-3 months as these rates are higher than 1 year CD'S. I only do this with a small portion of my extra funds as I'm investing in 401K, Roth, and self directed count monthly as well. Nice getting enough monthly off of interest to pay for water and trash bills.
Once we fully funded our emergency fund I was uncomfortable with having that much money in a savings account that was attached to our checking account. So I started an automatic transfer to an old TD Ameritrade Roth IRA account I had. It grew to $8,000 and then we moved. Our mortgage is much higher so I stopped the auto deposit. I’m turning 62 soon so we aren’t sure what to do with that 8K. It’s earning a tiny interest and we would like to make more. Rachel what would you suggest?
I love Marcus by Goldman Sachs or Ally which I think she mentioned. The part I love the moss about Marcus is the 1% extra you get for 3 months when you refer friends and family and you only need $5 to open it, no fees, takes 1-3 days to get your money transferred to your checking
How about 5.55% high yield saving with My Banking Direct? 5.25% high yield savings with UFB direct. Both FDIC insured. No minimum, no fee.
@Userllmaa THANK YOU for giving examples of where people can find these "high yield savings accounts" that Ramsey Solutions has seldom identified SPECIFICALLY!
You identified 2 sources of these (Rachel at least identified one source in the video).
Jeffy, how do I get the details of the April interest theft? They have no business touching our savings so they can squander it away😢
Thank you, for providing sound reasonable advise. However, for myself prefer to lock my money down in a 6-month to 18-month Certificate of Deposit (CD) because, it forces me to keep my hands off this money until, I receive its promised return of 4.75 to 5.25 percent APY. Also, I never do business with an on-line only bank or savings and loan. For me, they must have at least one physical main office or branch located some where in the United States (smile...smile).
Except then it is less liquid... having 3 months in money market/HY savings and then any of your next 3 months in CDs work.
I’m trying to hear what Rachel is saying but I can’t focus because of the music, ADHD brain 😅
You’re not wrong. The background music volume is too loud.
JS said read everything. Treats & Conditions on the on-line banks are very different. Mr. Gilbert! Big guy for a Jr
The music is killing me.
it's brutal, i can usually just get through a minute of her videos, George doesn't do music, go to his videos.
It’s music that you hear when you’re holding for a phone call.
me too.
Music is distracting!
yes I don't like the music either.
Music is never welcome on videos that I may need to slow down or speed up. It gets all distorted. Stick to voice only please
Learn to focus... 👌🏾
@@enobehtot7600 I focus by moving on to a similar video...without distracting music!
I agree the music in the background needs to be turned down a little bit
My high yield savings is linked to checking. I can transfer instantly and use a debit card if needed.
Me too, I have wealthfront. I really like them.
@@brittanyadam4851how are you able to successfully set up an hysa with wealthfront AKA Laurel Road and I kept hitting this weird Loop evolving a login
Opening up a money market account with my investment company…
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. With Samantha Jack, my portolio is doing really great and im proud of the decisions i made last year.
Samantha Jack's strategy has normalized winning trades for me and it's a huge milestone for me looking back to how it all started.
She is all about simple technique that are highly profitable, I really admire her winning mentality.
Wow. I'm a bit perplexed seeing Samantha Jack being mentioned here also. Didn't know she has been good to so many people too, this is wonderful.
gram with her username
Fxsamanthaj, that's it
Which bank to use????
I don't like piling money in the bank either because I worry the inflation will eat up my savings if I leave it in the bank. I have about 180k that I want to invest in the stock market, but I don't know how to start. Any suggestions?
Interesting that Rachel uses Ally Bank for HYSA but George has been promoting Laurel Road. Also, a missed opportunity for Rachel to highlight that actually most large banks offer a 0.01%-0.06% interest rate on savings. The .25-.50 is actually pretty rare. It's usually either near-0 or it's competitive and follows the federal target funds rate, which was also not mentioned here.
We were making a lot of money with Certificates of Deposit at Navy Federal. But I pulled all our money out of there because we sold our house, put the cash in the bank, and when we wanted to transfer $20K to the contractor who was building our new home, Navy Federal REFUSED. They said it was too much money. But the stated limit for transfering funds was much higher. I think the stated limit was $35K. I had to argue for 1 hour before they relented and let me send MY money to have MY house built. Buncha tyrants. Now I get a few pennies a year interest, but when I want some money, my current bank asks NO questions.
Which bank should we avoid?
What is surprising is that Ramsey folks talk about the high yield savings to get a couple of extra percentages, and I agree, but the surprising thing is...
I pay my insurance with a credit card, for one year all insurance, car, life, home, medical, etc., cost approximately $8,000 / year, on my credit card I get 2.5 % back and that equals = $200.
They would rather me pay cash and forfeit that $200 cash back amount.
Can you please tell me what health insurance you have? And i’m not being nasty, I’m dropping almost $10k/yr just on health insurance. Thank you
All of the advice that Ramsey gives is tailored to high income people who have a problem with credit card spending. Literally no other group of people can really benefit from what they say. That’s their target demographic. They won’t admit this, but it is what it is.
I do the same thing.
why do you need to have music in the back ground gust like t.v.
And spoiler alert...things may (circumstantial) cancel out as Uncle Sam has hands open come April the following year to collect all that new interest income so plan wisely.
Music was loud so had to hear Rachael
The back ground music discourages going to suggested banks .
The music is so annoying sheesh
Nasty 4 letter word-DEBT. Sweet loving 4 letter word-CASH
Thanks, great video. The music wasn’t that bad, I was easily able to listen to and hear what you were saying.
I like money market so I can invest it at anytime.
I get 5.2% in my money market at my bank, which IS FDIC insured, which you seem to think is not....
She just alluded to the idea that money market accounts are often not insured which is consistent with what I've seen. That's good you've made sure to find one that is.
@@tannermeademoney market ACCOUNTS are insured... money market FUNDS are not.. there is a difference. She should educate herself on the difference.
@tannermeade it actually wasn't this video where she stated money market accounts are not fdic insured... it was on another video.
Those online banks are great for most people.
I'm at 4.49% because I need more liquidity since I am the sole provider to my family. I'm comfortable with the difference.
@Overlord277 this is not an online bank. They have physical locations in Chicago. Im in stl so it's not that far of a drive.
The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.
I paired my high yield savings acount with a CMA to gain additional interest each month. The interest i get from my savings is now 4% and my CMA is 2%. Nice way to gain passive income.
What is a CMA
@@luvinchocolate Cash Management Account
Around the 15th of this month Fidelity will allow us to change the core position to SPAXX within the CMA. Just a heads up!
@@luvinchocolate Fidelity Cash Management Account. It works like a checking account but allows you to invest all within the same account.
What is a CMA???
Velocity Banking, free yourself from debt first. Money Max next step.
Hello, Rachel. New follower here. I have zero debt besides my mortgage with a 3% interest rate. I’m saving 20% of my pay. I have $10K in a tangible savings acct and have allocated $7k of that 10K to a 4.5 APR. My question is should I continue to pay extra to my 3% mtg or, add to the 4.5%APR savings account? Thank you and, have a Blessed Day 😊 💴
Assuming you have emergency fund of 3-6 months of expenses, save 15 percent for retirement, fund kids education, then rest onto the house
Rachael and Dave's advice would be what James replied. But you seem pretty disciplined. It's kind of a no-brainer to me, if you're making 4 1/2% by keeping cash and only spending 3% on your mortgage, it doesn't make sense to pay off the mortgage. It hasn't always been that way though. Savings accounts used to pay next to nothing so it made more sense to pay off the mortgage. inflation is so high that owing money at 3% is probably even better than having cash. Because you'll be paying that 3% debt off with money in the future that is worth less than it is worth now.
@@waynemiller6070 Playing with math will only delay getting out of debt. You get about $340 on that 7k vs. 3% on the home. That is minimal comparing the interest on a home you pay on longer. Just look at your mortgage amortization schedule and the interest you pay longer you keep the loan versus saving that 4.5% on 7k. So, after the emergency fund is done put all into the house. I paid my house off in 6 years. Now, I save 70% of my paychecks and live off 30%. If I worried about a measly 1.5% I would still be paying on my house for the next 10 years.
Similar situation, 2.5% Mortgage w/ 4.5% or better HYSA. All things as they are, beyond the monthly mortgage payout that is a balance negative (fine while working but a possible consideration if I retire soon) I can't justify paying off a low rate mortgage. I can recall far enough back when Bruce WIlliams would call that 'free money' with the current situation. We're fortunate to have such questions I think.
Money market is okay for your emergency fund. Wouldn't keep a ton of money there. I mean, inflation is really around 12% -- best to keep in the market.
Click bait! Why does the title read “You shouldn’t save your money in this bank”
Recommendation would have been nice
She said Ally Bank not a sponsor
Capital one high yield savings account thats what i got my main savings account and 2 contingency hysa accounts collect money
The hold music is not it fam. It’s too dated.
Why all the different banks ? Seems redundant... they all follow the same rules and regulations they are not competitive at all....and not will to negotiate either..so what's the point.
I don't like the 3 to 6 months idea, 6 months is 2 times 3 months that's a lot of difference. Is it 3 months or 6 months 😞
After reading some comments about the music - I'm not even going to bother listening
No music
HYSAs are a waste of time. T-bills pay more and are state tax exempt. The lowest 4 week T-bills pay 5.365 right now. Tip HYSAs probably buy T-bills and farm the difference.
I don't hear no music.
Why music?
Misleading..never mentioned what bank not to use
She apparently left that up to us to figure out....😮
I am retired and am currently doing number seven.
Can you please release this without the music? I honestly miss out on a lot of words.
Those thousands in passive income add up fast. I feel bad for the youngsters who don't listen to me.
Lost interest bout a ⅓ way through with the music competing with you 🤦🏽♀️
4%-5% is still losing money due to inflation, and you pay taxes on the income as if you made money.
You don't need background music. Turn it off.
Ally works for me
NO I won’t ever TRUST digital on line bank accounts, I look for a bank that has a building , and been in business for at least 50yrs 😊
Cut the music and you would probably get more comments and likes as well as views.
Content excellent but music distracting, much harder to hear all the good advice - lose the music like everyone else says! 😊
She DID say the bank name, Allied bank
What if you have more than 250k
I am currently earning 4.5% in my Marcus by Goldman Sachs account I started out with a three month 5.5% introductory rate, but that has sadly come to an end.
You can keep that extra percentage rate going by referring your friends or family to open an account and let them use your referral link.
No the music isn't distracting, Rachel's voice comes through clearly. Great advice on the type of account to choose as well.
I thought this video was going to be a about Chase Bank. In any case, DO NOT open a bank account with Chase. Use a credit union instead.
Too late for me...chkg n savngs accts with them....😮😢
Synchrony Bank with 4.75% HYS.
Also good offers on CDs.
ie 9 month currently at 5.10%
Blessings to all.
My brokerage money market account used for stock investing earns approx. 5% APR so I just leave my extra uninvested "emergency" cash funds there. Easy $400-450/month interest earned.
If you turn it down you can’t hear the music. I’m trying to watch without waking my son lol 😅 and all I hear is her talking
Hi
Music should be for intros and outro, not the duration of the video. This edit missed the mark.
Good info though otherwise
Save under the table,cash and tangibles, appear to be poor.
I have a music investment.
Is Ally bank any good?
I haven't used Ally, but I've seen a lot of people online praise it. If I add any additional accounts or stop using the one I have, that's where I plan to go.
Ally, Sofi, Marcus by Goldman Sachs, and I believe Fidelity are all decent options.
Ally has been great for me and my wife for the last 5+ years!
I've been using Ally for years and am quite pleased with it. Currently, their money market account (which is what I use for my emergency fund) is 4.2% APY.
I use Ally for budgeting? They have spending and savings buckets? The checking spending buckets allow me to do an easy budget. The Ally savings is HY. I also use the following HY online banks. CIT, Evergreen/Freedom, Citizens Access.
Only invest in money markets and CDs. The stock market is a losing proposition.
STOP STARTING SENTENCES WITH "SO"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Take that music off or put it as real background
Become your own bank. Whole Life insurance...
The music, fighting against your voice, is actually anxiety inducing.
I’m 50. $100 when I was born is only worth $11 in today’s money.
Make your money work for YOU & not banks.
Every penny is SAFE in the bank.
Lol
U suurree???😮
I love the background music.😊
I agree about the high yield savings but didn’t that money come from poor people who pay overdraft fees, etc? Other Ramsey videos have guilted people who get credit card rewards because they say the rewards come from poor folks that pay interest each month. Make up your minds lol.
Whoever makes this annoying music in the background needs to see a Dave Ramsey video professional. The music is MOST ANNOYING.
Its thks to the D.R. radio network...😢😮
What do you mean "its not always a traditional bank?" The answer is "its NEVER a traditional bank." At least not today, not anymore.
a lot of bankers commenting on your page.....
FDIC doesn’t have the money allocated if the banks go bust, we are 34 trillion in debt, but crypto gold silver - worse than 2008 . Blockchain is the future-
SoFi bank is excellent
My EF is wrapped in with my regular savings account.
If you’re young should skip a savings account altogether and throw everything in a S&P 500 ETF.
You don't think one should have an emergency fund?
If you are worried about making 50 dollars a year on your emergency fund, you got problems.