CD rate for Ally as of today 5% for 18 months. No minimum to open. I found that longer term cds are lower interest because $$ is in there longer so it grows more. You just have to put a big big chunk of $$ in there. But I like that their regular CDs and IRA CDs are same interest rate. Too many banks to chose from, I will stick to the ones I know and trust despite the interest rate.
Yes that's true, but I feel like a CD is a bit long to wait, considering many banks are offering competitive high yield savings rates. It's good to go with what you're comfortable with! :D
Credit Karma Alliant credit union Wealth Front ...your welcome Varo another sleeper...and the ones I named have top security and insurance on they platform...I keep saying it during this down time...this is the time to create cashflow if you dont have none
I have money invested in savings accounts, money market funds, stocks, options and crypto. Personally, the safest way to ensure your account can only go up is high yield savings, bonds and money market funds (very rare can money market lose values). You can also lose money on savings if bank goes south and not FDIC insured.
Glad you recognize the safety of some of these higher yielding assets! Agreed people have to make sure the bank is FDIC-insured. In addition, the money market savings from banks is a tad different from money market funds in brokerages. Thanks for commenting! :)
that's why in my post I said Credit Karma is a different breed because they not a bank ...it will never fail and just in case something do pop up they offer 250k insurance on lending your money on they savings account platform
That's in a brokerage account, it's different from a bank savings account. There are several kinds of money market funds, be sure to read the prospectus and ask an appropriate professional any questions before investing. :)
@@MichelleMarki Correct but these rates are considerably higher than what you are describing, have SIPC insurance and serve a similar purpose (a safe place to park cash). I think its only fair to include these.
I am staying put for the next yield rise. I already got me a C1 account, some CDs, and T Bills. I still have some spare $$$ for the next round. Thanks, I am not a heavy spender, these banks wanting too many debit transactions do not sit well with me. Besides, I use my credit card for my monthly expenses that need to be paid at time of statement, so no balance is carried and I get my 2%. Good education video!
Hi Kartik! Thank you for your question. I try to keep my portfolio somewhat mysterious but I've been investing more recently with some stock market prices coming down in the last year. :)
Yes I definitely understand your frustration!! Sometimes it helps if you know other people who have used some of these banks or spoken to the bank's customer service.
Thank you so much for sharing, yes absolutely those points are important! And how long the transfer days are (some are fast like only 1 biz day, others still take 3-4 days!)
Michelle God bless your strategy.
Thanks! :D
CD rate for Ally as of today 5% for 18 months. No minimum to open. I found that longer term cds are lower interest because $$ is in there longer so it grows more. You just have to put a big big chunk of $$ in there. But I like that their regular CDs and IRA CDs are same interest rate. Too many banks to chose from, I will stick to the ones I know and trust despite the interest rate.
Yes that's true, but I feel like a CD is a bit long to wait, considering many banks are offering competitive high yield savings rates. It's good to go with what you're comfortable with! :D
Recently joined My savings direct. They just increased the interest rate to 4.45 %.
Wow that's awesome, good for you!!
Credit Karma Alliant credit union Wealth Front ...your welcome Varo another sleeper...and the ones I named have top security and insurance on they platform...I keep saying it during this down time...this is the time to create cashflow if you dont have none
Thank you for sharing your insights!!
Primis online savings is at 5% with no minimum deposit or account balance. And no fees.
Great to hear! Does the 5% cap out at a certain amount?
I have money invested in savings accounts, money market funds, stocks, options and crypto. Personally, the safest way to ensure your account can only go up is high yield savings, bonds and money market funds (very rare can money market lose values). You can also lose money on savings if bank goes south and not FDIC insured.
Glad you recognize the safety of some of these higher yielding assets! Agreed people have to make sure the bank is FDIC-insured. In addition, the money market savings from banks is a tad different from money market funds in brokerages. Thanks for commenting! :)
that's why in my post I said Credit Karma is a different breed because they not a bank ...it will never fail and just in case something do pop up they offer
250k insurance on lending your money on they savings account platform
Great Information!
Thank you very much Jon!! Hope you're getting the best bank interest :D
Great info! Happy New Year Michelle!!!
Happy New Year Craig!! I hope your family had a wonderful holiday season!! :D Thank you!
❤❤❤
Thank you J!!
What about Vanguards Federal Money Market (VMFXX) at 4.43% today
That's in a brokerage account, it's different from a bank savings account. There are several kinds of money market funds, be sure to read the prospectus and ask an appropriate professional any questions before investing. :)
@@MichelleMarki Correct but these rates are considerably higher than what you are describing, have SIPC insurance and serve a similar purpose (a safe place to park cash). I think its only fair to include these.
@@MacD2029 It's a good idea indeed, I just didn't explore money market funds for the specific scope of this video. Thanks for bringing them up! :)
VMFXX is also taxable…
@@drea24c I imagine that's maybe more capital gains style?
Awesome! Proud of what you have accomplished!
Aww thank you so much Rob!! I know you are making great moves in generating wealth and prosperity for your family! Keep it up my friend!! :D
Nice!
Thank you kindly!
I am staying put for the next yield rise. I already got me a C1 account, some CDs, and T Bills. I still have some spare $$$ for the next round. Thanks, I am not a heavy spender, these banks wanting too many debit transactions do not sit well with me. Besides, I use my credit card for my monthly expenses that need to be paid at time of statement, so no balance is carried and I get my 2%. Good education video!
That's awesome!! I'm happy you've got a system in place that works well for your personal finance needs!! :D Thank you for sharing!!
What is your Portfolio composition as of now?
Hi Kartik! Thank you for your question. I try to keep my portfolio somewhat mysterious but I've been investing more recently with some stock market prices coming down in the last year. :)
@@MichelleMarki Hey Michelle, I think you got me wrong here, I didn’t want individual names, I meant Equity Debt composition?
@@kartiklamba9487 Hi Kartik I am debt free :)
Every online bank I research has horrible online reviews!!
Frustration
Yes I definitely understand your frustration!! Sometimes it helps if you know other people who have used some of these banks or spoken to the bank's customer service.
Also, factor in how easy it is to access and move your cash. These are a handleful that I like.
- Discover
- Capital One
- SoFi
- Wealthfront
Thank you so much for sharing, yes absolutely those points are important! And how long the transfer days are (some are fast like only 1 biz day, others still take 3-4 days!)