Wealthfront has been really good. I like the ability to bucket items and I love their percentages. I got a boosted APY for about 6 months from referrals too.
This is one of the tricks HYSA companies are doing. The comment below is from another HYSA member. If you have any problems with your HYSA company, you should post it online so other people can learn what to watch out for. We need to look out for each other. Thanks. "Be aware if rates go up, they won’t automatically bump up your rate. I started the 1st HYSA acct then noticed a higher rate advertised later but my rate stayed the same. They simply renamed the newly rated product available to new customers/accts. So I just opened a new account with the higher rate and transferred the balance. Then it happened a second time. So I have 3 accounts, 2 empty and the newest. But if I didn’t happen to check periodically my money would have been sitting earning about a percent lower this whole time."
Hmmm....yes it's definitely a good idea to check the rates periodically. That being said, I think every HYSA I've ever used has automatically adjusted the rates in my account. I usually get a notification that my rate has changed, but I don't have to do anything. I'd be curious to know what HYSA people have had that issue. Thanks for sharing!
You are right. I used to have HYSA accounts with CitBank for many years. And they always came out with higher yield HYSA account in a new name. I did like you did but it was very inconvent if I want to transfer money from another bank to the new higher yield account unless you set up the new link. I would transfer to the older HYSA account and within Citbank to transfer to the newest higher yield HYSA account. I withdraw all my money there to Synchrony account (very good CD rates and not bad HYSA yield) since Citbank no longer offers high CD rates.
In regards to the vaults with the SoFi savings, just for clarification, will each vault recieve the 4.60% ? Great videos, thanks so much for your help!
I didn't do a great job explaining...you receive 4.6% on your entire balance, but it doesn't come as one deposit. For example: if you have 3 vaults, you'll get a deposit of 4.6% for whatever your balance is in each vault. IF you don't use any vaults, you'll get the 4.6% deposited into your savings account. The only reason I even mention that, is that the other banks (like Ally or Wealthfront) that let you use buckets/categories similar to the vaults, only do 1 deposit each month. With sofi it's a smaller deposit into each vault. I hope that makes sense.
Hey Brittany, great video! I’m curious what you think of the SoFi budgeting app, I know it’s money tracking and not zero based but I prefer that and I’m currently using Mint. Is it similar to Mint?
Sure thing. SoFi offers Relay. It's great for tracking your net worth and credit score. It does import your transactions and categorizes them for you, but it isn't really a budgeting app. It will let you see where your money is going and compare it to the previous month...but it won't let you plan your budget. I don't really use it much, but if just seeing where your money went is what you want, then it would work find.
How about Synchrony bank? If you have extra money, their CD rates are not bad. Their HYSA yield is reasonably high and good for parking money for any needed cash flow.
Synchrony is a good bank. I don’t personally use them, but their HYSA and cd rates are comparable, so go for it. Especially if you’ve already got an account with them- it’s easier than setting up a new account somewhere else.
It's okay if you have multiple sources of direct deposit. There is no minimum limit to qualify for the higher interest rate. However, if you want to qualify for the no-fee overdraft coverage, you need to have $1,000 deposited.
@BrittanyFlammer You mentioned that (Wealthfront vs Ally) with a $1,000 in the account, there is only a $7 difference at the end of the year. I take it that the Ally account would be $7 less because of the interest rate?
@@BrittanyFlammer Ally compounds daily. Whereas Wealthfront: Interest is calculated on the entire balance of your Cash Account and accrues daily while compounding monthly. Can you explain or give an example of how Wealthfront goes about this? Also is there a difference between daily and monthly compound?
@@yprime651 Both of them accrue interest daily, but compound monthly. That means they're calculating the interest you've earned each day, but they will only pay it to you once a month. Ally is usually at the end of the month (25/26th of the month). Wealthfront is typically paid to you the 1st day of the following month.
That’s a good question. I had never even heard of them and I’ve done quite a bit of research. Now that you mention them, I’ve just looked into it and it looks like a great account- I’ll have to try it out. Thanks!
They are similar. The one difference that is major for me (but maybe not for everyone) is that you can set up auto transfers directly into your buckets for ally…and you can’t for Wealthfront. I’m still need to Wealthfront and testing it out. So far that’s the only major downfall for me
Hi Joseph, This is confirmation that we received your request to stay notified of availability for opening an M1 High-Yield Savings Account. You’ll be among the first to know when we are taking on new Savings clients, and we can’t wait to be part of your wealth-building journey. In the meantime, please feel free to explore M1 with an M1 Invest Account. Best regards, M1 team
Hell Yeah 😂the best thing is if you’re making $400 a month then you probably would want to leave 16% to 20% behind each month to easily pay off Taxes at the end of the year
Thanks for watching and commenting! I've been experimenting with a couple of different microphones and different audio in the video editing process - I haven't found what I'm looking for yet.
If you sign up for a qualifying direct deposit (from your employer, not a PayPal/person to person type transfer) automatically get the 4.6 rate. Or, if you don’t have direct deposit, as long as you deposit $5,000 within 30 days you get the higher rate.
@@BrittanyFlammer How much profit is made on this minimum amount and which account should I open because I want a good monthly profit sitting here and what is the security ITN number can you define it please.
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What is your favorite online savings account?
Wealthfront has been really good. I like the ability to bucket items and I love their percentages. I got a boosted APY for about 6 months from referrals too.
Capital one
This is one of the tricks HYSA companies are doing. The comment below is from another HYSA member. If you have any problems with your HYSA company, you should post it online so other people can learn what to watch out for. We need to look out for each other. Thanks.
"Be aware if rates go up, they won’t automatically bump up your rate. I started the 1st HYSA acct then noticed a higher rate advertised later but my rate stayed the same. They simply renamed the newly rated product available to new customers/accts. So I just opened a new account with the higher rate and transferred the balance. Then it happened a second time. So I have 3 accounts, 2 empty and the newest. But if I didn’t happen to check periodically my money would have been sitting earning about a percent lower this whole time."
Hmmm....yes it's definitely a good idea to check the rates periodically. That being said, I think every HYSA I've ever used has automatically adjusted the rates in my account. I usually get a notification that my rate has changed, but I don't have to do anything.
I'd be curious to know what HYSA people have had that issue.
Thanks for sharing!
You are right. I used to have HYSA accounts with CitBank for many years. And they always came out with higher yield HYSA account in a new name. I did like you did but it was very inconvent if I want to transfer money from another bank to the new higher yield account unless you set up the new link. I would transfer to the older HYSA account and within Citbank to transfer to the newest higher yield HYSA account. I withdraw all my money there to Synchrony account (very good CD rates and not bad HYSA yield) since Citbank no longer offers high CD rates.
In regards to the vaults with the SoFi savings, just for clarification, will each vault recieve the 4.60% ? Great videos, thanks so much for your help!
I didn't do a great job explaining...you receive 4.6% on your entire balance, but it doesn't come as one deposit. For example: if you have 3 vaults, you'll get a deposit of 4.6% for whatever your balance is in each vault. IF you don't use any vaults, you'll get the 4.6% deposited into your savings account.
The only reason I even mention that, is that the other banks (like Ally or Wealthfront) that let you use buckets/categories similar to the vaults, only do 1 deposit each month. With sofi it's a smaller deposit into each vault.
I hope that makes sense.
Hey Brittany, great video! I’m curious what you think of the SoFi budgeting app, I know it’s money tracking and not zero based but I prefer that and I’m currently using Mint. Is it similar to Mint?
Sure thing. SoFi offers Relay. It's great for tracking your net worth and credit score. It does import your transactions and categorizes them for you, but it isn't really a budgeting app. It will let you see where your money is going and compare it to the previous month...but it won't let you plan your budget. I don't really use it much, but if just seeing where your money went is what you want, then it would work find.
How about Synchrony bank? If you have extra money, their CD rates are not bad. Their HYSA yield is reasonably high and good for parking money for any needed cash flow.
Synchrony is a good bank. I don’t personally use them, but their HYSA and cd rates are comparable, so go for it. Especially if you’ve already got an account with them- it’s easier than setting up a new account somewhere else.
Is it ok to do sofi and have multiple sources of direct deposit with my employer or no? Is there a limit that needs to be reached?
It's okay if you have multiple sources of direct deposit. There is no minimum limit to qualify for the higher interest rate. However, if you want to qualify for the no-fee overdraft coverage, you need to have $1,000 deposited.
None of the options you highlighted has 5.5% interest. Did I miss something?
The Wealthfront account gives you 5.5% with the bonus. Marcus (an account mentioned in the description box) also gives 5.5% with their bonus
@BrittanyFlammer You mentioned that (Wealthfront vs Ally) with a $1,000 in the account, there is only a $7 difference at the end of the year. I take it that the Ally account would be $7 less because of the interest rate?
@@BrittanyFlammer Ally compounds daily. Whereas Wealthfront: Interest is calculated on the entire balance of your Cash Account and accrues daily while compounding monthly.
Can you explain or give an example of how Wealthfront goes about this? Also is there a difference between daily and monthly compound?
@@yprime651 Both of them accrue interest daily, but compound monthly. That means they're calculating the interest you've earned each day, but they will only pay it to you once a month. Ally is usually at the end of the month (25/26th of the month). Wealthfront is typically paid to you the 1st day of the following month.
How come no one mentions Upgrade? 5.07% APY and 2% cashback if you pay with their debit card.
That’s a good question. I had never even heard of them and I’ve done quite a bit of research. Now that you mention them, I’ve just looked into it and it looks like a great account- I’ll have to try it out. Thanks!
So its possible for me to use the wealthfront account as a checking account?
Yep- it’s like a checking and savings combined into one
Wealthfront and Ally seem to be similar minus the APY%. Am I missing something? Now I'm trying to decide between the 2 🤔
They are similar. The one difference that is major for me (but maybe not for everyone) is that you can set up auto transfers directly into your buckets for ally…and you can’t for Wealthfront. I’m still need to Wealthfront and testing it out. So far that’s the only major downfall for me
Does wealthfront offer a buckets feature like Ally? Are there any drawbacks?@@BrittanyFlammer
Hi Joseph,
This is confirmation that we received your request to stay notified of availability for opening an M1 High-Yield Savings Account.
You’ll be among the first to know when we are taking on new Savings clients, and we can’t wait to be part of your wealth-building journey.
In the meantime, please feel free to explore M1 with an M1 Invest Account.
Best regards,
M1 team
I have looked into M1, but haven't personally used them.
Do I have to pay taxes on interest earned ?
Hell Yeah 😂the best thing is if you’re making $400 a month then you probably would want to leave 16% to 20% behind each month to easily pay off Taxes at the end of the year
Yes - you will receive a 1099INT along with all your other tax documents. Any interest earned will count as income.
very good information, please consider to use better microphone for future videos :)
Thanks for watching and commenting! I've been experimenting with a couple of different microphones and different audio in the video editing process - I haven't found what I'm looking for yet.
I read somewhere that you need to deposit $3000 a month for SoFi to qualify for the 4.6% rate, is this false? (hoping)
If you sign up for a qualifying direct deposit (from your employer, not a PayPal/person to person type transfer) automatically get the 4.6 rate. Or, if you don’t have direct deposit, as long as you deposit $5,000 within 30 days you get the higher rate.
Can you use these banks living in the USA ?
Yep- these all work in the us
What’s your opinion for the moomoo 8.1% for new accounts?
8.1% is great, but it’s only a 3 month promotion…so I’d say choose whatever account has the best features for you. If it’s moomoo that’s great.
Nice
Thanks!
Can I live in Pakistan and save money in this bank and withdraw my savings and get profit?
You don’t have to live in the US, but you usually need a social security number (or an itin) to open an account.
@@BrittanyFlammer How much profit is made on this minimum amount and which account should I open because I want a good monthly profit sitting here and what is the security ITN number can you define it please.
Like it
I'm glad!
CIBC BANK ON CHICSGO!
Thanks for sharing. I haven't tried this account, but it looks good!