Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
My CFA ’Sophia Maurine Lanting’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I've seen various videos where people mention the Sofi savings account and show the APY , but you were the only one to mention the implications of unlocking that rate. Great video!!
Thanks for a great video! I just opened my Bask Bank savings account . I left BoA after 20+ years a few months ago.. .switched to a credit union....tired of the sorry service from big banks
Dude this was highly informative! Thanks! I’m going to be teaching financial literacy to the seniors at a local private school next semester. Any suggestions?
@@VincentChan I just replied maybe it didn't go through. I am between Amex and Discover. Also Sofi so not sure which one I'll pick but I gotta make this decision before the end of this week 😆 I've been putting this on hold for so long.
First comment 🎉 and yes, BoA is terrible!! Question: why are savings accounts preferable to keeping money in money markets such as Vanguard (VMFXX) and Schwab (SWVXX)?
I assume an advantage of HYSA is that you can withdraw at any time, whereas in a money market account it could take a few days for the trade to go through. If I don't need to worry about accessing funds quickly, shouldn't I just look for the highest yield among the money markets and HYSA? VMFXX consistently seems to be at/near the top (and higher than most/all HYSAs). Still new to investing and would appreciate any advice you have. Thank you, Vincent!
I’m confident the current market has an equal possibility of making high-value gains or losses, so I'm cautious with my selections; but, I heard that a trader made over $850k in this market, and I could really need ideas on how to achieve similar profits.
The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q1 2025.
Credits goes to "Mary Elizabeth Fugelsang" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
If I’m completely new to HYSA , which would you recommend from these options I’ve looked into . Marcus By Goldman , American Express , Barclays , and Western Alliance ? If there’s other banks not included in this list you would recommend , what would it be ?
hey daniel, it really depends. they all have their pros and cons. what are you looking for in a HYSA? high interest, lots of saving features, no-frills? etc
@ I’m currently 19 and only have $500 saved up so far . I’m looking for an easy to use , not too limited on how many times I can withdraw, fairly high api , and most importantly a bank that has good reputation and is reliable and trustworthy.
i think it's fine if you've been using it for a while but i personally wouldn't switch to it. paypal isn't legally or technically a bank so their are fewer regulations and restrictions with how they operate their savings product.
What about a saving account in Vanguard? They just offered one about a year ago. Still on the fence if it’s worth converting my brokerage to a savings account. Another great video. Cheers
thank you! betterment cash reserve is a good option too! but like everything, there are pros and cons for every offering. is that what you use? if you've been using it and you enjoy it, there's no reason to switch
What do you think of Santander/Open Bank? I opened an account last month that offered 5.25% APY. 30 days later it went down to 5% but it's still better than anything out there.
I have a question, should I be making a certain amount of money a month to use the non popular accounts? or can I start now? bc im making minimum wage right now and I’m saving my money on bank of america savings account and Roth IRA. I know the Roth IRA is good but I wanna change the bank savings account one because I know it’s bad
Just curious. If the Valley regular savings acct. drops from 4.25% to 4.00%, does that mean the new savings acct. promo rate of 5.05% drops to 4.80%? Or does the new savings acct. drop from 5.05% to the new rate of 4.00%?
i wouldn't put too much weight on the FDIC insurance up to 500k. I think 250k FDIC insurance is plenty for most people. besides, most people are better off not holding that much money in a HYSA
So between AMEX and Discover which would be the way to go?(I’ve never opened a savings account before and wasn’t exactly impressed with BofAs savings account terms)
I prefer a bank that has a physical presence nearby. A virtual bank can drop off the planet too easily. FDIC is not quick and your cash flow is disrupted in the meantime. You need something established and secure for real amounts of money ($20K in a play money account can be put anywhere 😂)
HYSAs typically lower their interest rates when the Federal Reserve reduces its benchmark rate, since banks can then borrow money more cheaply and don't need to offer high rates to attract deposits.
@@VincentChan4% APY, no maintenance fees, no minimum, same day transfers between capital one accounts, can create multiple savings accounts, FDIC insured up to $250k, though they claim to have a “6 transfers per month limit” they are not enforcing it at the moment, and they pay HYSA interest monthly.
@ one caveat is that it’s not available to people in states where Santander has branches, which is basically the northeast. It’s also not available to anyone who already has a Santander account.
Ranking 16 High Yield Savings Account in 2025 (in no particular order):
➡ Bank of America: vincentchan.co/savings-boa
➡ Laurel Road: vincentchan.co/savings-laurelroad
➡ SoFi: vincentchan.co/savings-sofi
➡ Wells Fargo: vincentchan.co/savings-wells
➡ UFB Direct: vincentchan.co/savings-ufb
➡ Barclays: vincentchan.co/savings-barclays
➡ AMEX vincentchan.co/savings-amex
➡ Bask Bank: vincentchan.co/savings-bask
➡ CIT Bank: vincentchan.co/savings-cit
➡ Chase: vincentchan.co/savings-chase
➡ Ally: vincentchan.co/savings-ally
➡ TD Bank: vincentchan.co/savings-td
➡ Marcus: vincentchan.co/savings-marcus
➡ Valley Direct: vincentchan.co/savings-valley
➡ Discover: vincentchan.co/savings-discover
➡ Apple: vincentchan.co/savings-apple
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Mind if I ask you to recommend this particular coach you using their service?
My CFA ’Sophia Maurine Lanting’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I've seen various videos where people mention the Sofi savings account and show the APY , but you were the only one to mention the implications of unlocking that rate. Great video!!
Glad I could help! Which account do you use?
Thanks for a great video! I just opened my Bask Bank savings account . I left BoA after 20+ years a few months ago.. .switched to a credit union....tired of the sorry service from big banks
Dude this was highly informative! Thanks! I’m going to be teaching financial literacy to the seniors at a local private school next semester. Any suggestions?
Thanks for watching and good luck :) try to break complex down so that it's super easy to understand
I was waiting to see who reached spot # 1 and there were none of them 😭 Awesome review it helped me narrow it down between 2 of them.
Haha yeah they all have pros and cons so none are perfect! which ones are you debating between?
@@VincentChan I'm between Amex and Discover. I was also thinking about Sofi one so it's tricky to decide on one
@@VincentChan I just replied maybe it didn't go through. I am between Amex and Discover. Also Sofi so not sure which one I'll pick but I gotta make this decision before the end of this week 😆 I've been putting this on hold for so long.
@@racerxtreme maybe i can help. what are you looking for out a HYSA?
@@racerxtreme haha i mean are you mainly looking for the highest rate or any specific features you need in the account?
i find hilariously sad that, almost all banks now have less interest just after a few days
lol bro, why even put S tier if none fit the description
You missed Wealthfront
He specifically avoids Wealthfront for some reason
@@dw4467 Yep, he doesn't even address why in the comment too. Pretty sure he saw it since he was replying to other commenters
@@dw4467 there are hundreds of hysa options out there. im bound to miss some
@@mbank3832 there are hundreds of hysa options out there. im bound to miss some
@@dw4467 they’re not paying him 😂
First comment 🎉 and yes, BoA is terrible!!
Question: why are savings accounts preferable to keeping money in money markets such as Vanguard (VMFXX) and Schwab (SWVXX)?
both HYSA and money markets have their advantages and disadvantages. it ultimately depends on your specific needs :)
I assume an advantage of HYSA is that you can withdraw at any time, whereas in a money market account it could take a few days for the trade to go through. If I don't need to worry about accessing funds quickly, shouldn't I just look for the highest yield among the money markets and HYSA? VMFXX consistently seems to be at/near the top (and higher than most/all HYSAs). Still new to investing and would appreciate any advice you have. Thank you, Vincent!
I’m confident the current market has an equal possibility of making high-value gains or losses, so I'm cautious with my selections; but, I heard that a trader made over $850k in this market, and I could really need ideas on how to achieve similar profits.
The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q1 2025.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Credits goes to "Mary Elizabeth Fugelsang" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
If I’m completely new to HYSA , which would you recommend from these options I’ve looked into . Marcus By Goldman , American Express , Barclays , and Western Alliance ? If there’s other banks not included in this list you would recommend , what would it be ?
hey daniel, it really depends. they all have their pros and cons. what are you looking for in a HYSA? high interest, lots of saving features, no-frills? etc
@ I’m currently 19 and only have $500 saved up so far . I’m looking for an easy to use , not too limited on how many times I can withdraw, fairly high api , and most importantly a bank that has good reputation and is reliable and trustworthy.
Man this channel is awesome. Thank you for the concise information you put out there for us! God Bless!
Hey what are your thoughts on PayPal savings? 4.30% APY / no fee / no min balance - it’s been my go to for a while.
Would love to hear your thoughts!
i think it's fine if you've been using it for a while but i personally wouldn't switch to it. paypal isn't legally or technically a bank so their are fewer regulations and restrictions with how they operate their savings product.
@@VincentChan they are operated by Synchrony Bank, so they are a bank when you peel back the onion!
@@VincentChanthanks!
@@VincentChanthere*
I also have PayPal saving. And I love it.
Would love to know your thoughts on Capital One!
Capital one?
It's 4.00% on its HYSA.
Between laurel road and valley which one would you choose
for some reason valley direct is unavailable for me cause im in NY so it would be laurel roads
@@VincentChan great choice
Wow. This is a great breakdown with lots of good suggestions. Thank you!
always great to read your comments :)
Thoughts about USDC or other stable coins? Seeing some decent returns w/out the typical crypto risks.
Thoughts on Wealthfront?
Still one of the best one. I'm biased but i recomend it!
there's always pros and cons to every account but overall i think it's a good option
What's your thought on Pibank who offers 5.5%?
I also searching reviews and feedback lol 5.5% that’s a miracle so far lol
Barclay upped there rates would you rate them higher now?
Thoughts on Upgrade, Inc.? 4.69% APY as long as balance is $1,000 or more.
So vally wont open from link.. also would you choose bask or laurel?
you cant go wrong with either
But why wont vally open from your link ? @VincentChan
I went with barclay as it was 4.5 with a 200 bonus
What about a saving account in Vanguard? They just offered one about a year ago. Still on the fence if it’s worth converting my brokerage to a savings account. Another great video. Cheers
thanks! are you referring to the Vanguard Cash Plus Account?
@ yes.
I really like your videos. What about betterment cash reserve at 4.25% ?
thank you! betterment cash reserve is a good option too! but like everything, there are pros and cons for every offering. is that what you use? if you've been using it and you enjoy it, there's no reason to switch
What do you think of Santander/Open Bank? I opened an account last month that offered 5.25% APY. 30 days later it went down to 5% but it's still better than anything out there.
Do you have an opinion on the PI bank HYSA? They offer 5.5% savings rate.
I have a question, should I be making a certain amount of money a month to use the non popular accounts? or can I start now? bc im making minimum wage right now and I’m saving my money on bank of america savings account and Roth IRA. I know the Roth IRA is good but I wanna change the bank savings account one because I know it’s bad
Just curious. If the Valley regular savings acct. drops from 4.25% to 4.00%, does that mean the new savings acct. promo rate of 5.05% drops to 4.80%? Or does the new savings acct. drop from 5.05% to the new rate of 4.00%?
Dave app seems pretty solid also
Bask dropped down to 4.65% today just to make sure that your video was outdated.
Thoughts on E*Trade/Morgan Stanley Premium Savings Account that gets 4.25% APY and FDIC insured up to $500,000?
i wouldn't put too much weight on the FDIC insurance up to 500k. I think 250k FDIC insurance is plenty for most people. besides, most people are better off not holding that much money in a HYSA
I noticed you did not mention Flagstar Bank, is there a reason why?
Thoughts on the Betterment cash reserve account?
Wealthfront is amazing, I have both ally and Wealth front.
So between AMEX and Discover which would be the way to go?(I’ve never opened a savings account before and wasn’t exactly impressed with BofAs savings account terms)
Look into capital one I rly like it
I love love Amex. I think they are amazing.
im looking for a good HYSA without direct deposit being required since i dont have a stable income
how did you not include Wealthfront.. 4.5% apy
Missed acorns which beats all of these which a high yield checking apy of 2.7 and over 4.29 in savings. With these you only get the savings part.
what about capital one?
Go for it. They’re good as well
can you make use of this if you live in Europe?
Capital One is S tier.
how come you think that?
@@VincentChan4% interest rate, no minimum, savings account. Ally the same, for now.
@@noreenn6976facts I use capital one just for their savings
Their rates are ass
@@sasukesuite1 no they aren’t
Can you make a video comparing tbills and bonds pls
No top ones ?
Why not PiBank with 5.50% APY?
I prefer a bank that has a physical presence nearby. A virtual bank can drop off the planet too easily.
FDIC is not quick and your cash flow is disrupted in the meantime. You need something established and secure for real amounts of money ($20K in a play money account can be put anywhere 😂)
None of them get an S tier?
Yeah I have Amex and they keep lowering their APY %. Can you explain why that happens?
The fed is cutting rates, so banks have to follow
HYSAs typically lower their interest rates when the Federal Reserve reduces its benchmark rate, since banks can then borrow money more cheaply and don't need to offer high rates to attract deposits.
@@VincentChanso do the rates usually stay down then? Or do they eventually climb again and fluctuate?
How do I create an account with bask bank from Ghana?
I it’s only available in the US
Can u do one for eu citizens in eu high yield savings accunt
Pi bank?
did I miss the one that was supposed to be Amazing?
sadly no one hysa has everything. there are pros and cons to each of them
I’m shocked that you didn’t mention capital one
There’s is 4%
Navy Federal Credit Union… thoughts?
I ended up using Marcus by Goldman Sachs! Great video sir! 🙏
you forgot Fidelity saving account %4.75
Missed capital one and ever bank.
Don't sleep on capital one hysa
what do you like about it?
@@VincentChan4% APY, no maintenance fees, no minimum, same day transfers between capital one accounts, can create multiple savings accounts, FDIC insured up to $250k, though they claim to have a “6 transfers per month limit” they are not enforcing it at the moment, and they pay HYSA interest monthly.
Bank of America last place ?😭😭
Everbank??
Shame there's no S tier
sadly no one hysa has everything. there are pros and cons to each of them
Pibank?? Anyone?
Openbank from Santander. 5.25% APY.
oh cool, do you use it?
@ yep. So far so good.
@ one caveat is that it’s not available to people in states where Santander has branches, which is basically the northeast. It’s also not available to anyone who already has a Santander account.
Why no Wealthfront when they can get you 5% for 3 months?!
"for 3 months"? Who wants that hassle?
@ it’s still 4.5% otherwise
UFB GANG
Wtf is the s tier
Forbright Bank, which bizarrely wasn't covered in this video.
Can someone in Africa open these accounts
Your video is confusing. Idk why you couldn’t just do a tier list, instead of going back and forth. Dislike forsure
I do not live in he USA.
VYM is at almost 18 percent YTD. 😉