The thing to remember is that HYS accounts interest rates are NOT set in stone. They will vary from time to time. Make it a habit to check the interest rate each month and look out for any notices of changing interest rates.
@@minwoobaik3035Nothing, look at it as an emergency fund, you have money there that you invest for 6-12 months in case of an emergency, or a small term goal etc
True! I put my money in Bank of America savings, and I thought the pennies I made every month was normal. Been using Ally, and I've been getting a lot of money a month!
On thing to keep in mind about Marcus 7:11 is that you can only transfer money back to the funding account without being flagged and your account being put on hold. For example: I recently moved checking accounts to a different bank. When trying to transfer my money from Marcus savings to my new checking to pay bills, I was flagged and had to call to have them unflagged me. They then informed me that accounts are only allowed to transfer money back into the account the funding came from. They said there was no written time frame, it’s just “their discretion” on when to allow someone to transfer outside to another account or not. Just something annoying to be aware of.
Great video, I just had a question I’m starting in my credit journey and I just got a job and I need a bank account so I get my check deposited into my account. So would I have to open an ally checking account and my checks will get deposited into there, and then I was also thinking of getting a discover it credit card is that something I should do?
Im a little late, but Marcus has a referral bonus too. Extra 1% for 3 months for the referred and the referee. You can do this 5 times a year. So if you know someone with a Marcus account have them refer you before you open a new account. Then you and them both get 5.5% for 3 months.
For the Sofi Account do you need to continuously receive direct deposits or if at some point you stop working can you continue to earn that 4.65% rate on your savings?
@@Louis-kg7qo Either works. I know my CD rate will be lower in October as Powell reduces rates for Bidens election run. I am just hoping not too low. If you could renew a 5.25% CD before May I would do it.
Question regarding the debit cash back do you only get the money percentage back for debit card swipes or do you get cash back for ACH payments out of the checking account??
So how much can these rates change on "average"? Could you see something where the rate drops from 4.5% to 2%? Or would it be smaller changes. Like how volatile is the rate? I tried to find the history of the rates for Ally Bank since I'm interested in them, but i can't quite find anything.
I’ve had an Ally savings account for years. The rate changes with the Fed rate. When the Fed rate was almost zero, Ally’s rate was somewhere around 1%, if memory serves. As the Fed started raising rates, so did Ally. They also make it very easy to move money to other banks and brokerages, which is very important for an online bank.
So to clarify and make sure I get this right. Sofi is a solid choice for the everyday user, can be used at ATMS w maybe no fee. But to receive its benefits to the fullest I should have direct deposits of 5000$, so would my tax refund qualify as a deposit? And can I use the checking account as like my Wells Fargo debit card? Outside of this video, why do I hear to not use debit cards? I’m new to the savings/fiances world 😅 if my questions make sense I appreciate ur help then ty ✨🦅
I’m new too! Credit cards give you cash back or rewards and build good credit. It’s only good if you pay it in full, don’t spend more than you can afford, and also actually redeem the rewards. I use a credit card for everything and get a lot of money back. Sometimes $40 a month with a basic credit card. Definitely look into it more!
Great video! Would you recommend any of these options? Or avoid any of these? I want to stick with low risk reputable options! 1) Milli Bank - 5.5% 2) Brio Direct - 5.35% 3) TAB Bank - 5.37% 4) UFB Direct - 5.25% 5) Popular Direct - 5.25% 6) Everbank - 5.15%
A high yield saving account is super important rather than have you money sitting in an account doing nothing. These are great tips for starting out the new year. Great vid Daniel💥
Couldn't agree more. I opened a WealthFront account a week ago and seeing how much I can earn this year is exciting. I'm baffled I've gone so many years missing out on free money. Granted, that interest is taxable income but hell, it's better than nothing! I'm considering Marcus too.
That is so awesome to hear! Wealthfront has been offering some of the highest rates for a while now, so not surprised that you're able to earn that much interest 👍
@@factsmatter1172 Assuming an APY of 4.25%, he put roughly right under $60k in the bank. $60,000x0.0425 gives us $2550. Of course that is assuming he got an APY of 4.25%, if he had a higher APY it could be around roughly anywhere from $50k-$60k for a rough estimate.
I’ve had SoFi and def recommend going with one of the other options he mentioned. Most of that reasoning is me disagreeing with their lobbying efforts, but the main, objective reason that made me switch is they’re slow to process things. It takes a least a day longer (sometimes more) for things to happen with them than it does with Discover (checking/savings) or Capital One. For example, I do a lot of business through PayPal and transfers from PayPal took 2-3 days, one time it took up to 5 biz days for no apparent reason. With Discover and Capital One, pretty much any money transfer I do (regardless of the source) is available in my account the next biz day.
With direct deposit, SoFi also can automatically move money from savings to checking with no overdraft fee. So you can utilize the 4.6% savings APY without needing to keep money in checking only earning 0.5% APY.
Hey Daniel. Just started watching your channel and it's been a game changer. Your channel has really given me a whole lot of info that I was very ignorant about before. Again in this video, you deliver the quality and confidence in your knowledge that is hard for me to find elsewhere on this platform. But IMO the warping transitions are a bit much. Kinda hurts my eyes lol. If you like it then keep it. You've made a point that you always want to improve and be 1% better with each video and I think experimenting with new editing techniques is great. Keep up the good work man.
Hey Alan I truly appreciate you saying all of that! That means so much to hear that the info has been valuable to you! Thank you for saying that about the transitions as well - I actually agree and have been passing that along to my editor to use a little bit less of that in the future because I don’t want it to distract from the content haha Thanks again for the way you gave good feedback like that - it really is appreciated from me! 👍
One thing that seems to be neglected is the CD rates as Bank of America and offer banks can offer something like 5% for 7 months as the FED rate is expected to change afterwards. I understand that large banks force customers to lock their money but offer better rates if you are willing to do so.
Yeah for people that are looking for a slightly higher rate, then CDs can be a good options as well. Those are mostly for people who don't mind locking their money up though - so these HYSAs in this video are meant for things like emergency funds and other cash that people want to hold on hand with easy and quick access to, while still earning a competitive rate 👍 Thanks for the comment about CDs!
Not really better if you have a high yield savings account with daily compounding interest and you are continuing to contribute more money to it weekly.
Thank you for this info. I was about to move my savings into a Schwab Savings account because they are offering .48% compared to my .01% account at my Credit Union...lol SoFi sounds like a no brainer.
I do have a question. What happens to your sofi account if you end up unemployed for over a month. Does the interest rate automatically drop or is their a grace period?
Mine has returned to the regular rate after a grace period but then I requested for direct deposit of my unemployment funds into the same bank and it’s back!
@@cupidok2768according to my understanding after reading the terms and conditions. Which is on their website almost all the way towards the end. The 25 days start counting as soon as there is the first direct deposit activity on the account. Essentially should mean the clock starts after your first direct deposit hits. So if you total $5000 in 25 days you earn the $300 anything less should be $50 which is still nice.
With SoFi you said you only get the 4.60% if you do direct deposit. What if later down the line you're not working and therefore not getting direct deposit payments, does it then drop down to the 1.20%?
Acorns currently has a 5% savings and 3% checking account that also gets you a free will and $10k life insurance. No as big as these guys but it’s interesting to look at.
After a long debate… I’m going WealthFront with a 5.5% APY for the first 3 months and then 5.0% after that. Ask questions I’ll try to come back to this if anyone wants my honest thoughts.
@@mayvue3075 it’s been about a year. I’ve had no issues with them so I’ve never needed to reach out to customer service. It’s been very straightforward
@@illemonate sorry I meant I have 5.30% with CIT CD. That one needed a $1k minimum but yeah I guess it depends on how much you’re willing to save. I think to make the most profit, you should be putting those higher numbers but I understand that’s not for everyone’s situation.
@@hadiya123456 Right, you can get a higher interest rate at MyBankingDirect with just their savings account, that way the money’s not tied up in a CD, and their CD rates are 5.50% currently.
Could you do a video on how to actually find good deals on hotels or airfare. Like it’s cool to see your examples but when I check myself, the reward point value + tax matches up to the cash value a lot of times. Even when I look 9-12 months in advance. I was wondering if there was a method you use to find these great CPP trips or if it’s just like extensive research with the try, check, and revise method. Like for myself I want to travel the entire world so I’m not too picky with location right now because I haven’t been many places. So I would like to go to the places that offer great CPP value when I book but I’m really struggling to find these deals you seem to find easily. I’m in NY so I feel like it shouldn’t be that difficult. Is it certain airlines that give the best CPP or certain transfer path? I know this has nothing to do with this video either I would just like to see you explain in more detail how to find good deals
I've got videos coming out for each major credit card points currency! Each video will have all options and plenty of examples with some tools that I use to make searching for award availability each to find the best deals 👍
Do you need to have a job to get a bank account with a savings account? I’m currently trying to find a job after graduation and don’t know if I qualify. I don’t think I can get a credit card
It appears the CapitalOne has automatic free overdraft transfers from the savings... with no limit to how many times per month this can occur... seems like the ideal option to optimize the amount you keep in savings vs checking to get the best return... thoughts?
Both are great! Capital One is definitely good if you need some of those in persona banking options which makes them unique for this video. SoFi has more features, high rate, and better interface - but you can't go wrong with either 👍
If I currently have a savings account with Capitol One, that has a much lower rate, would you recommend switching to this high yield account and close my current one?
Definitely! Give them a call or see if they can switch you to their 360 Performance Savings account like the one in this video! Make sure you're getting the best rate on whatever High Yield Savings Account you're using 👍
Impressive video, I'll say to have an account for the ones who are in the market for while like American Express and Capital One. Cuz it's a risk, why other popular banks BOFA, WF don't offer this much on APY, behind every advantage there's an inconvenient, be careful guys...
Any advice as a 1099 contractor? My employer uses Zelle when invoice them. Not sure if SoFi is worth it if I don’t technically have direct deposit? Thanks for such a great video!
Could you talk about / look into the Bread savings’ FDIC insured account at 5.15% APY (with $100 minimum *initial* deposit and the BRIO Direct savings account at 5.35% APY. Also, Customer Bank / UFB Secure Savings @ 5.25 apy and 5.32 apy. Is there something wrong with these higher yield savings accounts.
Hi Daniel, thanks for this helpful breakdown. What is your opinion on Credit Unions for savings account? I see many forum reviews encouraging people away from big bangs and to credit unions and don't know a great deal on that issue. Also do you think there is a benefit with opening a savings account with physical branches for banks that don't have?
Yeah they increased their rate right after I filmed this and haha, but that's why I wanted to mention in the beginning that rates will constantly change over time!
I'm new to these high yield savings accounts and am interested in opening an account. I was wondering if these accounts have limits or fees on the number of times you can transfer funds out to other checking accounts? I ask because I like to put majority of my income into a savings account and minimize the amount I have in my checking account (helps me spend less). But occasionally, I have to transfer funds from my savings account into my checking account for unforseen bills that come up. I would like to avoid getting charged extremely ridiculous fees if possible.
Curious what you think about the Apple Savings Account and how this fits in with the other options discussed in this video. I know you need to have the Apple Card to be eligible for this HYSA so there's an additional barrier to entry, but curious if you have any knowledge as to why someone would choose Marcus by Goldman over the Apple one (other than the fact that Marcus has a higher APY...)
Just a question, once I sign up my monthly payroll to sofi (which happens every 15 days), do sofi automatically changes my 1.20% APY into 4% since I have like $200 in my savings account in sofi righnt now.
which bank would you say is the best for sending money internationally ? im really just looking for a bank that i can store my money in while i work in USA and send to my personal bank in my home country
I think the best play is to put your money in SGOV or some other treasury ETF. Virtually the same yeild (or better) and importantly, ONLY TAXED FEDERALLY.
For true safety though, a HYSA is safer, FDIC insured, and meant to be easily accessible for emergencies. This is much better! However, in theory, once you have your emergency fund done, the best place to put your money is in the stock market and not a treasury. Unless of course, you may be close to retirement than some allocation is okay to treasuries.
@@NurseJake Technically you are correct but for all practical purposes, I disagree. If SGOV (or most other treasury ETFs) fails, we have far greater things to worry about. Regarding liquidity, treasury ETFs can be converted to cash extremely quickly. Lastly, setting an emergency fund aside, Treasuries (or Treasury ETFs) can be excellent safe places to park money for medium-term big purchases (car, home, etc.). So, I disagree with you there as well; the stock market would be far too risky a place to put money for that purpose.
I have it, 5% is nice. Referred my player 2 and got a .5% increase to 5.5% for 3 months. I connected all my accounts to it as well and it shows me my net worth which is cool. Kinda like a supplement to Mint
Don't know about SoFi but I've had Ally for two years and love it. The buckets feature in the savings account is amazing (I have like 20 diff buckets).
You could definitely try out both an see which one you like better! Ally is up to 4.35% APY after I filmed this, and SoFi is at 4.60% APY with the $50-$300 bonus. You can't go wrong with either in my opinion, but just make sure to setup direct deposit with SoFi if you decide to try that one out 👍
good video ~ Q: do the banks that allow a higher amount of FDIC ins. by utilizing partner banks seem stable over the long run for larger savings accts or would you think setting up seperate accounts would be better? 🌟💚
Hello! Currently thinking of opening up a high yield savings account. I’m thinking about Ally, Marcus, or Wealthfront. Should I open an account with all 3? Or what do you think is better? I really need help thanks for any advice 🙏🏼
The thing to remember is that HYS accounts interest rates are NOT set in stone. They will vary from time to time. Make it a habit to check the interest rate each month and look out for any notices of changing interest rates.
Exactly! I had to mention that to start the video because it's important to know
what are you supposed to do if there is a large change in interest rates?
@@minwoobaik3035switch banks or move to a CD to lock in the rate.
@@minwoobaik3035Nothing, look at it as an emergency fund, you have money there that you invest for 6-12 months in case of an emergency, or a small term goal etc
@@minwoobaik3035move it to another HYS that is FDIC insured
I wish someone would've told me this sooner. Wasted potential earnings keeping my money in a chase savings account.
True! I put my money in Bank of America savings, and I thought the pennies I made every month was normal. Been using Ally, and I've been getting a lot of money a month!
Wealthfront for me
Nice! Wealthfront is a great option and I've enjoyed a lot of their features
On thing to keep in mind about Marcus 7:11 is that you can only transfer money back to the funding account without being flagged and your account being put on hold.
For example: I recently moved checking accounts to a different bank. When trying to transfer my money from Marcus savings to my new checking to pay bills, I was flagged and had to call to have them unflagged me. They then informed me that accounts are only allowed to transfer money back into the account the funding came from. They said there was no written time frame, it’s just “their discretion” on when to allow someone to transfer outside to another account or not.
Just something annoying to be aware of.
Great video, I just had a question I’m starting in my credit journey and I just got a job and I need a bank account so I get my check deposited into my account. So would I have to open an ally checking account and my checks will get deposited into there, and then I was also thinking of getting a discover it credit card is that something I should do?
Im a little late, but Marcus has a referral bonus too. Extra 1% for 3 months for the referred and the referee. You can do this 5 times a year. So if you know someone with a Marcus account have them refer you before you open a new account. Then you and them both get 5.5% for 3 months.
You got a referral code, I’ll use it as I’m about to open savings and was considering them before I saw this anyways
I've been using Bread Savings, currently 5.02% FDIC insured and no minimum.
Definitely a very competitive rate! There's a lot of great HYSAs out there!
For the Sofi Account do you need to continuously receive direct deposits or if at some point you stop working can you continue to earn that 4.65% rate on your savings?
The rate drops to 1.2% if you don’t have direct deposit or a manual deposit of at least $5000 in any 30 day evaluation period (as of January 15 2024)
@@derekwendel9026 that’s trash
Trying to get away from wells fargo and I'm considering Sofi
I’m getting 5.5% currently Wealthfront.
Nice! Wealthfront is great and has a boost if you refer someone
i eat nothing but bacon, eggs, steak, shrimp, corn, cheese, butter, hambugarm, chckien, cheese, butter, hotdog, corn
I am getting $875 a month with my Credit Union CD at 5.25% and the rest of my cash at American Express at 4.35% getting about $200. Not bad.
@@Louis-kg7qo Either works. I know my CD rate will be lower in October as Powell reduces rates for Bidens election run. I am just hoping not too low. If you could renew a 5.25% CD before May I would do it.
Which credit union?
@@curiosityredpill7030 GeorgiasOwn. They are now offering 5.1% I believe. It changes every month.
I’m getting 5.25% at UFB bank with zero fees. It’s part of Axos Bank.
Is it reliable?
@@stayreal4l284yup. Pays on time every month :)
Question regarding the debit cash back do you only get the money percentage back for debit card swipes or do you get cash back for ACH payments out of the checking account??
So how much can these rates change on "average"? Could you see something where the rate drops from 4.5% to 2%? Or would it be smaller changes.
Like how volatile is the rate? I tried to find the history of the rates for Ally Bank since I'm interested in them, but i can't quite find anything.
I’ve had an Ally savings account for years. The rate changes with the Fed rate. When the Fed rate was almost zero, Ally’s rate was somewhere around 1%, if memory serves. As the Fed started raising rates, so did Ally.
They also make it very easy to move money to other banks and brokerages, which is very important for an online bank.
Wells fargo offers 4.5 apy right now for 12 months with a 10k deposit or more. Branch locations in every town
So to clarify and make sure I get this right. Sofi is a solid choice for the everyday user, can be used at ATMS w maybe no fee. But to receive its benefits to the fullest I should have direct deposits of 5000$, so would my tax refund qualify as a deposit? And can I use the checking account as like my Wells Fargo debit card? Outside of this video, why do I hear to not use debit cards? I’m new to the savings/fiances world 😅 if my questions make sense I appreciate ur help then ty ✨🦅
I’m new too! Credit cards give you cash back or rewards and build good credit. It’s only good if you pay it in full, don’t spend more than you can afford, and also actually redeem the rewards. I use a credit card for everything and get a lot of money back. Sometimes $40 a month with a basic credit card. Definitely look into it more!
Do these banks offer compound interest? For instance, ally’s 4.25% interest is compound interest rate?
Hi Daniel! I would like to know your opinion of Wealthfront?
Great video! Would you recommend any of these options? Or avoid any of these? I want to stick with low risk reputable options!
1) Milli Bank - 5.5%
2) Brio Direct - 5.35%
3) TAB Bank - 5.37%
4) UFB Direct - 5.25%
5) Popular Direct - 5.25%
6) Everbank - 5.15%
All those banks suck
All those banks suck
How about Upgrade savings and checking accounts? I would love a video about that. If you have not already done one.
How much would you pay taxes if you go with Sofi or Amex?
what about PNC bank ? Do u recommond it for saving account??
Can someone from Europe do this like starting a US savingsaccount?
Can i roll my cash back rewards from my Blue everyday american express into an american express high yield savings account?
Looking for higher APY'S currently. How do you feel about CIT Bank?
what’s your take on the Apple savings account! ranked along the ones in your video:)
Great video 📹 👍
Thank you! 👍
@@Daniel_Braun you're welcome!!
CIT Bank. 😉
Apple just moved to 4.35%
Hey I want to open a sofi account, but what if in that 25 day period my direct deposit isn't up to 1000??
Arvest is paying 4.9
I want SoFi but didn’t want to connect my direct deposit
I don't see why people just don't buy T - bills. The interest rate is over five percent. And there is no federal taxes on your earned interest.
You have this backwards. It’s no STATE tax. There are federal taxes.
@boodles07 yes I misprint it
What about Milli?
A high yield saving account is super important rather than have you money sitting in an account doing nothing. These are great tips for starting out the new year. Great vid Daniel💥
Agreed - gotta earn something from savings that will just be sitting in an account! Thanks as always for watching Mike!
I agree. Nice!
Make sure to know the limit you can withdraw at one time
💯💯
Couldn't agree more. I opened a WealthFront account a week ago and seeing how much I can earn this year is exciting. I'm baffled I've gone so many years missing out on free money. Granted, that interest is taxable income but hell, it's better than nothing!
I'm considering Marcus too.
I LOVE Ally! I have had it for 2 years now and its great! My favorite feature is definitely the buckets...have like 20 of them lol
Great to hear that! That buckets feature is very useful!
Thanks to you I got weathfront last March. I made $2500 in interest last year!
That is so awesome to hear! Wealthfront has been offering some of the highest rates for a while now, so not surprised that you're able to earn that much interest 👍
How much did you put in your bank monthly last year to make $2500? Tnx
@@factsmatter1172 somewhere north of 60,000, assuming 5.5% APY and 9 months. I got bored on a weekend
@@factsmatter1172 Assuming an APY of 4.25%, he put roughly right under $60k in the bank. $60,000x0.0425 gives us $2550. Of course that is assuming he got an APY of 4.25%, if he had a higher APY it could be around roughly anywhere from $50k-$60k for a rough estimate.
@@factsmatter1172at least 60k
I have AMEX HYSA. It's not really that high, only 4.3% BUT it's very easy access and superior customer service.
I have had the same bank since 1986, mostly out of inertia. You now have me seriously considering SoFi. Solid video, keep pumping them out!
I’ve had SoFi and def recommend going with one of the other options he mentioned. Most of that reasoning is me disagreeing with their lobbying efforts, but the main, objective reason that made me switch is they’re slow to process things. It takes a least a day longer (sometimes more) for things to happen with them than it does with Discover (checking/savings) or Capital One. For example, I do a lot of business through PayPal and transfers from PayPal took 2-3 days, one time it took up to 5 biz days for no apparent reason. With Discover and Capital One, pretty much any money transfer I do (regardless of the source) is available in my account the next biz day.
How often can they change the rates? Once per year?
38 years of inertia!
I’m not gonna lie this video was the best broken down video I’ve heard in a while excellent job Daniel thank you
That is such great feedback to hear! So glad that you liked this video and the way it was organized - thanks so much!
I just signed up today and opened a account with 10k with valley bank HYSA I’m currently getting 5.25 APY
How is it going? I’m opening an account too, do you recommend yours so far?
With direct deposit, SoFi also can automatically move money from savings to checking with no overdraft fee. So you can utilize the 4.6% savings APY without needing to keep money in checking only earning 0.5% APY.
It needs to be $1000 or more. This is exactly what I do!
@@boodles07 $1000 or more in what?
@@boodles07you mean you need to keep atleast 1k in checking and then move the rest?
What would be the advantage to using any account besides wealthfront with 5% apy?
idk about sofi i don't want to do direct deposit.. only my own deposits from my traditional bank to HYSA bank
Hey Daniel. Just started watching your channel and it's been a game changer. Your channel has really given me a whole lot of info that I was very ignorant about before. Again in this video, you deliver the quality and confidence in your knowledge that is hard for me to find elsewhere on this platform. But IMO the warping transitions are a bit much. Kinda hurts my eyes lol. If you like it then keep it. You've made a point that you always want to improve and be 1% better with each video and I think experimenting with new editing techniques is great. Keep up the good work man.
Hey Alan I truly appreciate you saying all of that! That means so much to hear that the info has been valuable to you!
Thank you for saying that about the transitions as well - I actually agree and have been passing that along to my editor to use a little bit less of that in the future because I don’t want it to distract from the content haha
Thanks again for the way you gave good feedback like that - it really is appreciated from me! 👍
Hey Daniel - thanks always for the great content. What is your opinion on the CIT Bank savings accounts?
Yes, specifically the savings connect account with CIT bank
Im interested in them as well
You’re truly so helpful! Your credit score video was extremely easy to comprehend. Love your videos! 🔥
Thank you so much! I love to hear that the videos are helpful!
One thing that seems to be neglected is the CD rates as Bank of America and offer banks can offer something like 5% for 7 months as the FED rate is expected to change afterwards. I understand that large banks force customers to lock their money but offer better rates if you are willing to do so.
Yeah for people that are looking for a slightly higher rate, then CDs can be a good options as well. Those are mostly for people who don't mind locking their money up though - so these HYSAs in this video are meant for things like emergency funds and other cash that people want to hold on hand with easy and quick access to, while still earning a competitive rate 👍
Thanks for the comment about CDs!
@@Daniel_Braunwould you mind doing a separate video taking about those CD accounts and educate us?
Not really better if you have a high yield savings account with daily compounding interest and you are continuing to contribute more money to it weekly.
Thank you for this info. I was about to move my savings into a Schwab Savings account because they are offering .48% compared to my .01% account at my Credit Union...lol SoFi sounds like a no brainer.
I do have a question. What happens to your sofi account if you end up unemployed for over a month. Does the interest rate automatically drop or is their a grace period?
Mine has returned to the regular rate after a grace period but then I requested for direct deposit of my unemployment funds into the same bank and it’s back!
so that $5000 direct deposit for $300 sign up bonus needs to go directly to the savings or the checking account??
You now have me seriously considering SoFi. Solid video, keep pumping them out!
I love mine!
did you get the300 dollar bonus? is it within 25 days or direct deposit until the end date?
@@cupidok2768according to my understanding after reading the terms and conditions. Which is on their website almost all the way towards the end. The 25 days start counting as soon as there is the first direct deposit activity on the account. Essentially should mean the clock starts after your first direct deposit hits. So if you total $5000 in 25 days you earn the $300 anything less should be $50 which is still nice.
@@cupidok2768w/in the 25 day window.
I got 5.3% thru 6/30/24 at Ivy Bank. We will see what the rate is after that. But, good start (and FDIC insured).
With SoFi you said you only get the 4.60% if you do direct deposit. What if later down the line you're not working and therefore not getting direct deposit payments, does it then drop down to the 1.20%?
Yes it does.
I like the idea of a large national bank. Should I go AMEX for their customer service or Capital One for their app and multiple 365 accounts
Amex all the way . Customer service is TOP NOTCH and will have ur back no matter what
CIT platinum savings account is at 5.05%
Who ? Haha
Great options Daniel! I like AMEX and Discover high yield savings. Thanks for the overview.👍
Acorns currently has a 5% savings and 3% checking account that also gets you a free will and $10k life insurance. No as big as these guys but it’s interesting to look at.
Failed to mention the $9 monthly fee needed to gain access to these high interest rates, free will, and life insurance.
After a long debate… I’m going WealthFront with a 5.5% APY for the first 3 months and then 5.0% after that. Ask questions I’ll try to come back to this if anyone wants my honest thoughts.
How is it so far?
Reviews?
Review
???
????
I have the C1 360 performance saving, reason is to develop a banking relationship with c1, kinda too late.
Capital One 360 Savings is great!
I rather do ultra short bond fund VUSB. It gives around 5.5%. I also do so in my Roth IRA to not pay taxes
CIT is best. 5.05% on platinum savings and I get 5.30% on my CD as a renewal offer
MyBankingDirect is at 5.35% APY, and doesn’t has a minimum deposit of only $500 compared to Cit’s $5000.
How long have you been with cit? How satisfied are you? How's their customer service?
@@mayvue3075 it’s been about a year. I’ve had no issues with them so I’ve never needed to reach out to customer service. It’s been very straightforward
@@illemonate sorry I meant I have 5.30% with CIT CD. That one needed a $1k minimum but yeah I guess it depends on how much you’re willing to save. I think to make the most profit, you should be putting those higher numbers but I understand that’s not for everyone’s situation.
@@hadiya123456 Right, you can get a higher interest rate at MyBankingDirect with just their savings account, that way the money’s not tied up in a CD, and their CD rates are 5.50% currently.
Could you do a video on how to actually find good deals on hotels or airfare. Like it’s cool to see your examples but when I check myself, the reward point value + tax matches up to the cash value a lot of times. Even when I look 9-12 months in advance. I was wondering if there was a method you use to find these great CPP trips or if it’s just like extensive research with the try, check, and revise method. Like for myself I want to travel the entire world so I’m not too picky with location right now because I haven’t been many places. So I would like to go to the places that offer great CPP value when I book but I’m really struggling to find these deals you seem to find easily. I’m in NY so I feel like it shouldn’t be that difficult. Is it certain airlines that give the best CPP or certain transfer path? I know this has nothing to do with this video either I would just like to see you explain in more detail how to find good deals
I've got videos coming out for each major credit card points currency! Each video will have all options and plenty of examples with some tools that I use to make searching for award availability each to find the best deals 👍
Wells Fargo is paying 4.6% on savings with $10,000 until the end of February
Marcus by Goldman Sachs is my favorite.
This is what I’ve been using
@Bishman I might get this one. What’s your favorite quality about this particular one?
Definitely a great account!
Do you need to have a job to get a bank account with a savings account? I’m currently trying to find a job after graduation and don’t know if I qualify. I don’t think I can get a credit card
It appears the CapitalOne has automatic free overdraft transfers from the savings... with no limit to how many times per month this can occur... seems like the ideal option to optimize the amount you keep in savings vs checking to get the best return... thoughts?
Perfect! This video came just in time. This is the year i want to open a HYSA for my fiancée and myself.
Thanks for the video Daniel
Then look at going with Milli fir your HYSA
Love to hear that! Happy to help and thanks so much for watching!
How much money its safe to invest on cds in case the bank collapse?
Why no mention of Synchrony Bank savings accounts? I get 4.75% on it, and it meets all the criteria listed at the beginning.
How are you liking them?I have a few credit cards with them.
@@janetgarcia7892 It’s good. Simple app. Everything online. Never had any issue.
Torn between sofi and capitol one 🤔. My first HYA so I’m trying to make the right choice
I'd say Capital One. I think it's important to have a physical bank to go to if needed
@@Slumpio yea I agree, Will be opening one up soon!
Both are great! Capital One is definitely good if you need some of those in persona banking options which makes them unique for this video. SoFi has more features, high rate, and better interface - but you can't go wrong with either 👍
@@Daniel_Braun great! Thanks for the additional information!
I have a credit card with capital one already but only that, I was wondering the same, if I should open a 360 savings with them or go with SoFi!
If I currently have a savings account with Capitol One, that has a much lower rate, would you recommend switching to this high yield account and close my current one?
Definitely! Give them a call or see if they can switch you to their 360 Performance Savings account like the one in this video! Make sure you're getting the best rate on whatever High Yield Savings Account you're using 👍
Impressive video, I'll say to have an account for the ones who are in the market for while like American Express and Capital One.
Cuz it's a risk, why other popular banks BOFA, WF don't offer this much on APY, behind every advantage there's an inconvenient, be careful guys...
So American express and capital are good ?
Love these types of videos Daniel! Thank you!
Thank you for watching! I appreciate it!
the editing is really nice in this video
Any advice as a 1099 contractor? My employer uses Zelle when invoice them. Not sure if SoFi is worth it if I don’t technically have direct deposit? Thanks for such a great video!
Great video. Very helpful. I’m with Amex since I have a platinum and a Hilton Honors. I also have a Barclays high yield savings.
Thanks Lisa! Nice to hear that you have some good credit card and banking options that you're using 👍
Could you talk about / look into the Bread savings’ FDIC insured account at 5.15% APY (with $100 minimum *initial* deposit and the BRIO Direct savings account at 5.35% APY. Also, Customer Bank / UFB Secure Savings @ 5.25 apy and 5.32 apy. Is there something wrong with these higher yield savings accounts.
I’m planning on opening one more HYS 😅
My locals credit union back is paying 5% ❤ but I can only put 25000 which is a down side.
Hi Daniel, thanks for this helpful breakdown. What is your opinion on Credit Unions for savings account? I see many forum reviews encouraging people away from big bangs and to credit unions and don't know a great deal on that issue. Also do you think there is a benefit with opening a savings account with physical branches for banks that don't have?
Ally savings account rate is 4.35% as of 1-4-24
Go with “Milli” instead for a much higher rate.
Yeah they increased their rate right after I filmed this and haha, but that's why I wanted to mention in the beginning that rates will constantly change over time!
Apple GS savings just upped to 4.35% as of yesterday
Another good account and good rate for people that use the Apple Card!
I'm new to these high yield savings accounts and am interested in opening an account. I was wondering if these accounts have limits or fees on the number of times you can transfer funds out to other checking accounts?
I ask because I like to put majority of my income into a savings account and minimize the amount I have in my checking account (helps me spend less). But occasionally, I have to transfer funds from my savings account into my checking account for unforseen bills that come up. I would like to avoid getting charged extremely ridiculous fees if possible.
Curious what you think about the Apple Savings Account and how this fits in with the other options discussed in this video. I know you need to have the Apple Card to be eligible for this HYSA so there's an additional barrier to entry, but curious if you have any knowledge as to why someone would choose Marcus by Goldman over the Apple one (other than the fact that Marcus has a higher APY...)
I’m a college student, which would fit best for me now? It’s hard picking one lol
Just a question, once I sign up my monthly payroll to sofi (which happens every 15 days), do sofi automatically changes my 1.20% APY into 4% since I have like $200 in my savings account in sofi righnt now.
Yes, once your first direct deposit hits
Thank you for the video! Also, what do you think about Bask Bank?
which bank would you say is the best for sending money internationally ?
im really just looking for a bank that i can store my money in while i work in USA and send to my personal bank in my home country
Can you get multiple accounts with different banks?
Yes you can!
Yes and you should! I believe in spreading money around.
Any thought on M1 finance high yield savings cash account? 5% apy
Wealthfront gang 🙋♂️
American Express is currently 4.6 as of Feb 17 2024
I think the best play is to put your money in SGOV or some other treasury ETF. Virtually the same yeild (or better) and importantly, ONLY TAXED FEDERALLY.
Also can be a good option if state taxes are avoided through this!
Or you can move to the great states of Texas, Florida, Tennessee and other great states with NO STATE TAXES
@@TheMarioMen1 hey I totally agree! Great states if that’s a viable option.
For true safety though, a HYSA is safer, FDIC insured, and meant to be easily accessible for emergencies. This is much better! However, in theory, once you have your emergency fund done, the best place to put your money is in the stock market and not a treasury. Unless of course, you may be close to retirement than some allocation is okay to treasuries.
@@NurseJake Technically you are correct but for all practical purposes, I disagree. If SGOV (or most other treasury ETFs) fails, we have far greater things to worry about. Regarding liquidity, treasury ETFs can be converted to cash extremely quickly. Lastly, setting an emergency fund aside, Treasuries (or Treasury ETFs) can be excellent safe places to park money for medium-term big purchases (car, home, etc.). So, I disagree with you there as well; the stock market would be far too risky a place to put money for that purpose.
Opinion on Wealthfront?
I have it, 5% is nice. Referred my player 2 and got a .5% increase to 5.5% for 3 months. I connected all my accounts to it as well and it shows me my net worth which is cool. Kinda like a supplement to Mint
Very solid account! Lots of features and one of the best rates out there
My local bank offers 5.10 APY with no minimum required or balance.
Which bank?
How do you make sure your yields don’t just get wiped by taxes?
Torn between Ally and SoFi. Is it bad to open accounts with both and have SoFi as my direct deposit?
Don't know about SoFi but I've had Ally for two years and love it. The buckets feature in the savings account is amazing (I have like 20 diff buckets).
If it helps, Ally is actually paying 4.35%, not 4.25% like he said in this video.
You could definitely try out both an see which one you like better! Ally is up to 4.35% APY after I filmed this, and SoFi is at 4.60% APY with the $50-$300 bonus. You can't go wrong with either in my opinion, but just make sure to setup direct deposit with SoFi if you decide to try that one out 👍
good video ~ Q: do the banks that allow a higher amount of FDIC ins. by utilizing partner banks seem stable over the long run for larger savings accts or would you think setting up seperate accounts would be better? 🌟💚
Hello! Currently thinking of opening up a high yield savings account. I’m thinking about Ally, Marcus, or Wealthfront. Should I open an account with all 3? Or what do you think is better? I really need help thanks for any advice 🙏🏼