Ultimate Beginners Guide To High Yield Savings Accounts
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This video covers an Ultimate Beginners Guide To High Yield Savings Accounts. By watching this video, you'll learn everything you need to go out and master your own savings - Enjoy!
💎 SoFi Checking & Savings: Get up to a $400 Bonus! 👉 https://investlane.com/high-yield-savings-accounts
💵 Free Savings Account Mastersheet 👉 https://dannysnewsletter.kit.com/savings-account-mastersheet
Resources:
🏦 Best High-Yield Savings Accounts: https://investlane.com/high-yield-savings-accounts
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⏰ Timestamps ⏰
00:00 Intro
00:45 What Are High Yield Savings Accounts?
01:34 How Do They Work?
03:53 Best Accounts
08:04 Things To Be Aware Of
What is a high yield savings account (HYSA)?
A high yield savings account is a type of savings account that offers significantly higher interest rates compared to traditional savings accounts, helping your savings grow faster.
How is interest from high yield savings accounts taxed?
Interest earned from high yield savings accounts is considered ordinary taxable income by the IRS, and banks issue a 1099-INT form for interest over $10, which must be reported on your federal tax return.
What factors influence the interest rates offered by high yield savings accounts?
Interest rates for high yield savings accounts are influenced by federal reserve policies and competition among banks, meaning rates can fluctuate based on economic conditions.
What are the best high yield savings accounts?
Currently I have categorized the best accounts into 3 categories as of 2024...
1. The highest potential rate: My Banking Direct at 5.35%
2. Known bank you already use: Capital One, Discover, American Express (4.25%), PNC (4.65%)
3. Overall account for 2024 that I use: SoFi (4.60% APY and up to $325 cash bonus, the only one in the industry to get instant cash and competitive rates).
- Other overall accounts to consider without a cash sign up bonus would be Ally or Wealthfront. Too learn more about these accounts, stay tuned to my channel as next week I will be uploading the best savings accounts for 2024!
What are the benefits of using a high yield savings account for short-term savings?
High yield savings accounts are FDIC insured, offer higher interest rates than traditional banks, and provide easy access to funds, making them ideal for emergency funds, vacations, or down payments.
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Disclaimer: Certain links on this website lead to products or services that may earn Danny Sully an affiliate commission or referral bonus. As a member of an affiliate sales network, Danny Sully is compensated for directing traffic to partner websites, which may affect the placement or visibility of some products on this site. The information provided in this video is accurate as of its posting date, though some of the offers mentioned may no longer be active.
This content is for entertainment only and does not constitute legal, tax, or financial advice. It is for general informational purposes. The presenter is not a licensed professional. Viewers should consult their attorney, accountant, or financial advisor for advice on specific legal, tax, or financial issues.
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Do you have a high yield savings account? If so, which one(s) do you use? - Enjoy!
💎 Get up to a $400 Cash Bonus on SoFi (High-Yield Savings Account): https://investlane.com/high-yield-savings-accounts
💵 Free Savings Account Mastersheet: https://dannysnewsletter.kit.com/savings-account-mastersheet
🎥 5 Things You Must Know About High Yield Savings Accounts: https://youtu.be/rEnZPsB-mp8?si=x0yFgYOfbfUl-ont
Appreciated the examples. Looking forward to more.
Would you recommend BMO??
Its better to put money 💰 in your savings account at a nearby local branch.
clear amazing intro video !!!
Not sending any large deposit electronically. I need a bank branch I can visit in person.
in a safe on guard just got back
Was suckered by Ally into a HYSA that has decreased in APR since I opened it. I have moved my money to a Flourish HYSA. Only downside is that you have to have an (via invitation) account through a fiduciary. Flourish does not offer checks or an ATM card but I am ok with that.
Really informative video. I’ve been comparing different ways to grow idle cash recently, especially options beyond a regular savings account. I ended up looking into the Tellus savings app as a high yield cash account alternative because I liked the idea of daily interest payouts and flexible withdrawals. It’s a fintech platform tied to real estate-backed investments, not a traditional bank, so I appreciated that they’re pretty clear about how the platform works and where the returns come from.
Very enriching, thank you
Forget high yield savings accounts. Buy yourself SGOV etf on your brokerage account and get the same interest rate if not higher with added benefit that this interest is state and local tax free.
Nice info. Thanks
Dont forget... you gotta pay taxes on interest earned
Are they insured
Good Stuff
Can I open a high interest savings account in Canada?
SoFi savings apy just dropped to 3.10% 😢
Discover has been at 3.34% +/- for over a year.
I wish someone would told me a long time ago lol i guess rather late than nothing 🤷🏻♂️
So for a high yield saving account there a certain amount you have to put in there right?
Never go with a bank that does not have a branch in your area. Online banks can be a pain to work with. Especially, if you're having a problem. After waiting on hold for an hour, those phones just happen to cut off while talking to the banker then back to waiting on hold for another hour.
Too much fast talking from a kid that's not informed. You can buy a cd or certificate of deposit say for a thousand bucks, wait two weeks, go back to the bank and take a interest free loan on that cd for up to 95% of the cd face value! And still get interest on the cd!😂😂😂
I used to make 5% interest in 1965. 😂 fuk banks!😂
Chris o'niel voice
What if I just open multiple 5k limit accounts to get 5% 9:16
Finally, my money can make more money while I sleep! 😴💰
I think it's important to stick to stocks that are immune to economic policies. AI stocks that have the potential to power and transform future technologies. It seems AI is the trajectory most companies are taking, including even established FAANG companies. Maybe there are other recommendations?
A High-Yield Savings Account (HYSA) is just like a regular savings account — but it pays way more interest. 💰 It’s FDIC-insured, super safe, and great for emergency funds or short-term goals. Rates can be 10–50x higher than big banks, and BankTruth is a go-to for comparing the best ones.
Wells Fargo, Bank of America, chase are 💩
The problem with SoFi is that you have to deposit every month.
Everyone blows this out of proportion with yielding money from savings accounts but I guess it prevents theft or withdrawals during the month, it’s just if you do deposit money the bank or union may like keep it all one day, that’s sort of what crypto is for. Like you can get money insured but sometimes the federal reserve and other banks all disappear at the same time or they stand around keeping you broke unless you really fight them on it locally or things like firework shows and carnivals don’t go on. Having some type of bank account was to avoid a fee by walking in to a bank or credit union to cash a personal check someone wrote you, in the early 2000s accepting cards wasn’t desirable or worth it because the economy changed and that’s the way it was liked by most sellers or places back then. It cost money to be able to accept cards at all like buying or renting a machine or paying feee, prices got pretty low and occasionally damages and theft/robbery went on and Christian’s sold things cheap because they weren’t trying to be rich lonely people. Savings accounts and then atms and debit cards caused people to want checking accounts but they didn’t do any real work, it was great for guys who like did road work or construction or real labor even locally where it stops them from driving to or from banks regularly or having money stolen from them. Banking or credit unions ruined every Christian’s life and especially from them laying asphalt and well concrete but concretes not that bad, that’s why Christian’s smoked marijuana and tobacco cigarettes or it’s why they started to. They did a lot of running before cities were built. It was you just have to always have 5 bucks in the savings account or it closes, but it may require you depositing 500 for 6 months straight for it not to cost you money to have an account there, or like giving them 500 bucks to constantly loan out. Otherwise credit unions had free savings accounts with 5 dollar limits. But your parents can try and get into your bank account if you all go to the same bank or union patch, so name changes and other institutions exist but it may be to trick us into using the same institution and getting robbed by them. They may do this to everyone as non workers and like having fake organized jobs. Done got forced to work by a city government by being thief’s or kidnapping children in the local city and pretending to be family. Or the bank is supposed to give some type of work in an increment enough just to pay the account fees with a job once a year. 8 bucks a month. But with checking they assumed everyone was into working and getting careers and spending the same money on things regularly. Like the same brand of soda or something forever. Capitalism drove people or bank tellers crazy then occasionally good stuff ended and sometimes it wasn’t good, because no one kept doing it or no one else could or it becomes like being a chaperone or watcher of everyone and there being money cycles through everything, but grocery stores may not exist or restaurants were just there as temptation. Ruining the food and stuff was bad but it helped all these diseases do this for decades now. We should have never started direct deposits so that the economy stayed the same, cashing checks online or wire transfers is one thing direct deposit meant you applied for a loan and put that down. Direct deposits pay checks was bad for our Detroit Wayne county economy. No one commerce’s to banks regularly and spent money on food or went anywhere banks set every one free from people in their households, sometimes they did waste it all instead. People can also sign checks over to you as payment or for you to cash for them if you have an account. Having a savings account was like having a tool because they were usually just to cash personal checks that people wrote you, someone using a debit card is the same thing as someone writing a personal check but check fraud kind of went on back in the day where it was real but no money was in there so it was sort of like selling things on credit because the reserve or someone can bail you out and get work or payment from the person and that’s how credit cards were born or reborn. We were definitely sole proprietors if we even accepted personal checks. With cashier checks you can cash them at like party stores or maybe anywhere with lottery like the mega millions. It’s like a fee to cash it a percent or like a dollar for every hundred. People just signed checks over to speed up deposits to get things like weed drugs or food instantly. They assume everyone is saving money to buy cars houses or electronics that get outdated. Sometimes people were only interested in long term homeowner related or farmer stuff. But Christian’s kind of lived close to each other forests slowed down sackings and robberies unless they’re hiding in it when you go by it. Other wise everyone runs far through fields or vehicles exist. So it became more metro. Christians didn’t really get robbed (they didn’t use banks much because they lived separate and got paid cash Christian’s were like slaves to Jews but not necessarily) without killing whoever did it. They did robbing instead the second they heard about possibly getting robbed it ruined their clean generous mind and made them sad and angry. They went straight out on the prowl and a new religion called Lutheran started, it included theft by you instead of you or as revenge. You have to rape and pillage them if they sacked you even a little bit or once. People may high settlements out to other guys and come clean about petty theft or bad things and they may apologize for past bullying and things which can be humiliating for the person being apologized to. So I said it was like they invested money (that’s where someone assumed banking and long term savings accounts or roi from anything actually went on because I was a banker in the Jewish world, in Christianity these places operate themselves millions or billions circulating us different but thousands or hundreds of thousands being stolen was an out rage if economics is going on other wise that’s all there is with Christian’s buying and selling things, and they do regular work for money like cleaning or anything because carpentry and selling stuff didn’t always feel great or took a while to sell) that was stolen a real Christian will confess to you. Telling you exactly what or how much was stolen and have a planned settlement or resolution about it or it’s for karma. Confession was more than telling the priest in a box, it was painful for everyone involved or watching it’s like a marriage proposal not wanting one but like giving a woman one but sometimes it’s dudes you robbed or stole small things or change from and no one really cared or used it. Christians were real people that went places doing things like fishing. Money got spent quickly need cigarettes or anything. It’s expensive to go fishing an hour away with 3 people even if you get a hot n ready. Going to the lake isn’t just to possibly eat fish because you can’t guarantee you’ll catch any or any big ones.
Thanks for not saying you're sponsored by SoFi 👌
Hey i’m 15 do you think it would be worth it to open a savings account knowing im not gonna deposit a lot of money
Snp500 over HYSA SNP500 will give you on average 8-10% a year and that’s on average sometimes it can be 13% and yes there are down times in the market but in those down times are opportunities to buy more don’t bitch out.
Do I have to deposit my entire paycheck from my job? Or can I designate a certain amount to be direct deposited?
Want to make sure I’m understanding this….
You receive the daily compound interest every 30 days and will receive the APY at the end of the year, if you keep the money in the account?
Can i transfer some of my Chase/WellsFargo/Bank of America money into these High Yeilding accounts, or does the money have to come from chacks?
When they add the interest monthly, should I move it from the account to keep exactly $10,000? Because after $10k, the interest lowers. Does it still collect 4.6% on the initial $10k if there is more than that in the account?
i have harborone anyone know the best plan?
Excellent info, thank you
I used your link to sofi to open a account, thax
People. Dont follow advice from randoms on youtube… 🙄