Know THIS Before You Open a High Yield Savings Account
theideasmithy.com
These 3 important lessons about high yield savings accounts are ones you need to know so you can benefit financially and avoid potential mistakes.
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If I would have known this before I would have not open a high yield savings account
I have a HYSA with Capital One. Their interest rate is 3.1% so I stand to have a little over 4k in interest. That $4000 will be taxed at my federal income tax rate which is for me is 24% so 24% of that $4000 will go to taxes.
Interest earned is income. Hasn't changed in my lifetime.
Bro now I don’t even wanna open one can’t save money for nothing 😭😭
Is the taxes you have to pay based on the interest rate like if you have a really high and awesome interest rate, are you gonna have to pay an exuberant amount for taxes? Maybe that’s a silly question but I feel like I need to know.
This is literally nowhere online I’m 100% closing the acc I just opened yesterday
Great video, especially the part about making your cash work for you instead of letting it sit in a low-interest account. I've been looking into different high-yield cash account options recently and came across Tellus while comparing alternatives. Since you've covered a lot of savings and investing strategies here, I'm curious if you've looked into Tellus and what your thoughts are on using it as part of a broader cash management strategy?
1:17 INCOME TAX IS NOT TAX!! IT'S INCOME THEFT!!
Sir, you need to fight the problem not become a part of it.
Just in case nobody’s done their homework, federal income tax is ill legal and unconstitutional. You do not have to pay it so please do your homework. even the IRS will admit there is nothing in the laws or constitution that says you have to pay federal income tax .
OK, you pay taxes on the interest. So what? Tell you what, *don't* get a HYSA and *don't* pay taxes on the income you *don't* get.
I love the strategy of opening a couple and seeing which one you like!
So wait how much not to save over in there to not have to file tax on it ??
Thanks for the info. I just started one this year.
I cant win. Just opened one at 3.3% and started dumping all my savings from my b&m bank that was only at 0.01%😂
I have mine in tax free savings account with no interest
Aw man, Saving my money my way and not a penny to the irs.
Great so if they tax us what is the point? I hate the government!😢😢
I love how short and to the point this was. Thank you 🙂
Im too poor to be taxed