💰My Favorite High Yield Savings Account: SoFi Checking & Savings (Get up to $325): bit.ly/SoFiAccounts 📝How to choose the best high yield savings account (Checklist): dayanaplays.com/hysachecklist
Deposited $9K+ into SoFi with the plan to begin direct deposit into a HY Checking account at SoFi as well. However they put a 5+month hold on the money in the Savings account two weeks after the check cleared. The difficulty to get answers on what the issue was and when they would release my money was so exhausting and difficult with 5 months of phone calls with no real answers. Apparently because I did not endorse the check with my signature but wrote "for deposit only" SoFi put a restriction on this account from July 2024 through December 2024. Once money was released, I removed the money and closed my account.
I opened one a year ago at 5.00%, it went down to 4.8 back in november. They emailed me that it's going down to 4.5%. I wish loans and other finances went down like that haha
😂 think about it!! We get robbed, in med evil times the king taxed the people for personal gain’s. Even if it was a couple chickens! It’s ridiculous! This tax game is ancient!!
I have been diligently Saving for the past 8 years, even though the interest given by the Banks claim to beat Inflation, in reality it isn't and I am financially worse off than I started. I hear AI Stocks have been giving mind blowing returns the past 2 years, how do i not miss out on this in 2025?
I hear Nvidia still has some juice left, but the stock market is no place for guessing, so I recommend you get in touch with a Professional for proper assistance. Ciao.
Very true, I started my personal finance journey handling my own portfolio and honestly it wasn't doing so well. 3 years ago I decided to outsource to a professional who handles individual portfolios, and I can say that was the best decision I have made ever. She has Grown my about $300K portfolio to about $1.2M till date.
Katherine Nance Dietz is her name, and her performance has been consistently impressive. To be honest, I wouldn't have outsourced my personal portfolio, but so glad I did.
glad to have stumbled upon this, curiously inputted Katherine Nance Dietz on the web, easily spotted her consulting page and was able to book an appointment. Ive seen commentary about advisors but not one looks this phenomenal
I am looking for tax efficient way to rebalance my 800k retirement portfolio without triggering capital gain tax. what asset location strategies should i use?
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.
My advisor helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.
Very good points! I love my SoFi & Capital One high yield savings accounts. I’ve been trying to get my mom to open one too! Your checklist is soooo helpful by the way! 👌☺️❤️
Yeah the goal was just to explain how hysa taxes work. I didn't want to dive into details like deductions since everyones situation may be a little different-people can talk to their CPAs for that, hehe. But thanks for pointing that info out for viewers. Happy New Year!! 🎉💖
@ Most HYSA - are FDIC insured. By up to ($250,000 dollars). Just make sure that - you only have (equal to the above number) or (less than the above number) - so that you are still in the confines of (FDIC insurance)
I have a question, I just learned, with this video that I gotta pay taxes on the interest earned, and I noticed that I been getting the 1099-INT form in my HYSA, 2024 is the second form I get, 2023 is the first one I got last year, now I did file my taxes for 2023 last year and I didn’t include the 1099-INT 2023 form, do I get any penalty or I just do include the 1099 INT 2024 form and that makes me pay the taxes for 1099 INT 2023 as well?
I use my Roth IRA as my savings account. I don't have to worry about taxes and I have access of the initial amount I deposited if need be with no penalization.
I love sofi and capital one so good happy new year para todos , happy new year for everyone God bless you all thkyou very much for the information that you provide to us 👍 we love you
I appreciate your post! My okx wallet holds USDT and other coins and I’ve got the seed phrase :(tag suit turtle raccoon orange fever main skull special hungry crystal mixture). Could you explain What's the best way to send them to Binance?
APY is calculated annually, but the interest can be compounded on a daily, monthly, or yearly basis, depending on the account. For example, if you deposit $10,000 at 4% APY with monthly compounding, interest is added each month based on your balance. At the end of the year, your total balance would be about $10,407, thanks to compound interest growing your money slightly faster than simple interest.
Thanks for the update, keep up the good work.< Learned a lot from my market journey, especially the importance of living within one's means. With Loraine Souvenir’s guidance, my nest egg has grown to a 7-figure sum. My advice - get an analyst for better financial trade decisions and peace of mind
Having access to reliable information is crucial for us as investors to succeed both financially and in life. This is valuable, I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this
Wealth building and financial freedom are attainable with the right knowledge and tools. Using proper financial strategies and products is essential to growing and sustaining long-term wealth.. glad to know you want others to succeed
It's truly refreshing to see a comment about Loraine Souvenir. I've also had the pleasure of working with her for several months after discovering more about her online. She has a knack for simplifying complex issues, whether it's a market surge or decline. Her approach consistently keeps you ahead of the curve. I'd call her a guru, for sure
I’d say less than 1% is low, 2-3% is mid, and 3.5% or higher is good in today’s market. Some people prefer better features over a high rate, while others focus on getting the best interest rate possible. So make sure you look into those things before getting a hysa to ensure you get the best one for you.
It depends on what you’re looking for. CDs are good if you want a fixed interest rate and don’t mind locking up your money for a set time. HYSAs are good if you want/need easy access to your money at all times, even though the rates can change.
The taxes you pay are small but it still irks me that you are taxed on inflation or less returns that you might not be withdrawing, especially when the rich pay a lower % tax than you and I and important programs are in danger because the rich don't pay their fair share.
Oh please with the fair share bs… the top 10% pay 90% of the taxes in this country. Majority of the rich people are business owners and guess what, they create jobs and new sources of tax revenue for the government. The tax system is really an incentive mechanism. Problem is that the government pillages your beloved programs and overspends all the money. And i have to ask this to everyone but what exactly is a “fair share”?
How is the Sofi platform? Any kind of issues? My main concern would be transfers and not being able to physically walk-into a bank and speak in-person if I have issues or want to make a large cash withdrawal (1k to 3k range)
I use sofi only for a HYSA and I love it. I’m sure there are other options that could be better. But personally I just transfer money in and out of my main bank account to my sofi. Yes, there is a two-day or so processing period but I’ve never had an issue. The app is easy to use and I’m not mad they don’t have any physical stores bc that probably saves them from overhead costs thus allowing a higher APY :)
💰My Favorite High Yield Savings Account: SoFi Checking & Savings (Get up to $325): bit.ly/SoFiAccounts
📝How to choose the best high yield savings account (Checklist): dayanaplays.com/hysachecklist
Deposited $9K+ into SoFi with the plan to begin direct deposit into a HY Checking account at SoFi as well. However they put a 5+month hold on the money in the Savings account two weeks after the check cleared. The difficulty to get answers on what the issue was and when they would release my money was so exhausting and difficult with 5 months of phone calls with no real answers. Apparently because I did not endorse the check with my signature but wrote "for deposit only" SoFi put a restriction on this account from July 2024 through December 2024. Once money was released, I removed the money and closed my account.
I opened one a year ago at 5.00%, it went down to 4.8 back in november. They emailed me that it's going down to 4.5%. I wish loans and other finances went down like that haha
@@HanmaHeiro Seriously! It’s only ever to their benefit!
Due to dropping prime rate
Thanks for the informative video! I honestly didn't know about the tax part of HYSA. I also appreciate you getting straight to the point.
I second this. None of the other videos I wathed mentioned this, and this is the most helpful thing to know right of the bat.
Oh my! I finally am able to understand how this type account works. The way you explained it is so understandable. Thank you so much.❤
The only con is the tax. Still a great option. Uncle Sam gotta get his money, apparently.
There’s no way around it… gotta pay to play
@junkandthangs uhhhh... yeah it's horrible.
😂 think about it!! We get robbed, in med evil times the king taxed the people for personal gain’s. Even if it was a couple chickens! It’s ridiculous! This tax game is ancient!!
I have been diligently Saving for the past 8 years, even though the interest given by the Banks claim to beat Inflation, in reality it isn't and I am financially worse off than I started. I hear AI Stocks have been giving mind blowing returns the past 2 years, how do i not miss out on this in 2025?
I hear Nvidia still has some juice left, but the stock market is no place for guessing, so I recommend you get in touch with a Professional for proper assistance. Ciao.
Very true, I started my personal finance journey handling my own portfolio and honestly it wasn't doing so well. 3 years ago I decided to outsource to a professional who handles individual portfolios, and I can say that was the best decision I have made ever. She has Grown my about $300K portfolio to about $1.2M till date.
Katherine Nance Dietz is her name, and her performance has been consistently impressive. To be honest, I wouldn't have outsourced my personal portfolio, but so glad I did.
glad to have stumbled upon this, curiously inputted Katherine Nance Dietz on the web, easily spotted her consulting page and was able to book an appointment. Ive seen commentary about advisors but not one looks this phenomenal
That is by far the best explanation yet on hysa,straight to the point and lots of facts
Wow, thank you so much. I'm glad you enjoyed the vid. 😊
I am looking for tax efficient way to rebalance my 800k retirement portfolio without triggering capital gain tax. what asset location strategies should i use?
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.
My advisor helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.
I'm worried about my retirement portfolio and could use some guidance. How can I get in touch with your advisor?
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
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.
Very good points! I love my SoFi & Capital One high yield savings accounts. I’ve been trying to get my mom to open one too! Your checklist is soooo helpful by the way! 👌☺️❤️
1:20 I get your point in simplifying taxes but the Standard Deduction is also important. $14,600 for the people filing as single in 2024.
Yeah the goal was just to explain how hysa taxes work. I didn't want to dive into details like deductions since everyones situation may be a little different-people can talk to their CPAs for that, hehe. But thanks for pointing that info out for viewers. Happy New Year!! 🎉💖
Exactly what i wanted to know about HYSA before i go and open one, Thank you
Glad I could help! 😊
Good way to start the new year, great vid👏🏽🎉
Thanks! Happy New Year! 🥳
I found I had too much money in a HYSA, and it lowered my interest rate. Found out the maximum limit and stay under.
What was (to much money in the HYSA - that lowered your interest rate)?
@@AEY-Gaming over $25,000
@ Most HYSA - are FDIC insured. By up to ($250,000 dollars).
Just make sure that - you only have (equal to the above number) or (less than the above number) - so that you are still in the confines of (FDIC insurance)
Very helpful.
Well presented!! Straight to the point, easy to follow, and you used examples. Thank you!!!
That means a lot, thanks! 🙏🏽
Thank you! I love my American Express HYSA!
Solid option! 🔥 Happy New Year! 🥳
I have a question, I just learned, with this video that I gotta pay taxes on the interest earned, and I noticed that I been getting the 1099-INT form in my HYSA, 2024 is the second form I get, 2023 is the first one I got last year, now I did file my taxes for 2023 last year and I didn’t include the 1099-INT 2023 form, do I get any penalty or I just do include the 1099 INT 2024 form and that makes me pay the taxes for 1099 INT 2023 as well?
Hello, thanks for the video.
Someone recommended me Landing club to park my money.
What do you think?
Awesome video as always 🌟
Thank you 🤗
I use my Roth IRA as my savings account. I don't have to worry about taxes and I have access of the initial amount I deposited if need be with no penalization.
Exactly
Thank you for another awesome video ❤ Happy New Year ❤️
Thank you for your constant support! ❤️ Happy New Year! 🥳
I love sofi and capital one so good happy new year para todos , happy new year for everyone God bless you all thkyou very much for the information that you provide to us 👍 we love you
Thank you, and happy new year to you too, Chino! 🎊
Keep up the excellent work ❤
Thank you! Will do! Happy New Year! 🥳
Happy New Year 🎉
Great Advice, young lady. Thank you!
Here 🙋🏾♂️ presente
Very good point. As long I keep PYF, the result will be better to build your saving account on the HYSA.
Thanks!
No problem! 😄
so helpful - thank you so much
Glad it was helpful! Thank you for watching! ❤️
great video! thanks a lot
Happy New Year 🍾
Happy new year my friend, I'm glad to see you around in 2025, hehe! Many blessings to you and your loved ones! 🎊🥳
Very informative!
Thanks! 😊
Great Video!!
Thanks! 😊
I appreciate your post! My okx wallet holds USDT and other coins and I’ve got the seed phrase :(tag suit turtle raccoon orange fever main skull special hungry crystal mixture). Could you explain What's the best way to send them to Binance?
RIP 5% HYSAs lol
@@sasukesuite1 Seriously! For nowww…. 🤞🏽😂
Can a business have a HYSA? Or just individuals.
Anyone can
This was very informative. I just applied for everbank which has a rate of 4.4%
The key is to diversify and live your life by a series of percentages.
Great video! Can you make a video on high yield checking accounts?
Good video. She's not one of those women that put cash in different envelopes and pouches in order to budget each month. ❤
Oh my goodness I thought I was the only one who doesn’t gel with that
At 1:41.. 10,000 in the account and 4% APR is 400/ year? I thought APY was calculated on a monthly basis
APY is calculated annually, but the interest can be compounded on a daily, monthly, or yearly basis, depending on the account.
For example, if you deposit $10,000 at 4% APY with monthly compounding, interest is added each month based on your balance.
At the end of the year, your total balance would be about $10,407, thanks to compound interest growing your money slightly faster than simple interest.
Thanks for the update, keep up the good work.< Learned a lot from my market journey, especially the importance of living within one's means. With Loraine Souvenir’s guidance, my nest egg has grown to a 7-figure sum. My advice - get an analyst for better financial trade decisions and peace of mind
Having access to reliable information is crucial for us as investors to succeed both financially and in life. This is valuable, I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this
Wealth building and financial freedom are attainable with the right knowledge and tools. Using proper financial strategies and products is essential to growing and sustaining long-term wealth.. glad to know you want others to succeed
It's truly refreshing to see a comment about Loraine Souvenir. I've also had the pleasure of working with her for several months after discovering more about her online. She has a knack for simplifying complex issues, whether it's a market surge or decline. Her approach consistently keeps you ahead of the curve. I'd call her a guru, for sure
She's really good in studying the market and making a strategy and i am learning so much from her already...
Ever since I started following Loraine’s strategies, my trading game has elevated to new heights. Truly a mastermind in the trading world.
What is a high interest and what is low?
I’d say less than 1% is low, 2-3% is mid, and 3.5% or higher is good in today’s market. Some people prefer better features over a high rate, while others focus on getting the best interest rate possible. So make sure you look into those things before getting a hysa to ensure you get the best one for you.
whatabout the Lending Club
SoFi dropped down to 3.8% 😭
Just curious, isn’t it even better to put your money in a certificate account?
It depends on what you’re looking for.
CDs are good if you want a fixed interest rate and don’t mind locking up your money for a set time.
HYSAs are good if you want/need easy access to your money at all times, even though the rates can change.
Sounds like a topic for a video on the different buckets
The taxes you pay are small but it still irks me that you are taxed on inflation or less returns that you might not be withdrawing, especially when the rich pay a lower % tax than you and I and important programs are in danger because the rich don't pay their fair share.
Oh please with the fair share bs… the top 10% pay 90% of the taxes in this country. Majority of the rich people are business owners and guess what, they create jobs and new sources of tax revenue for the government. The tax system is really an incentive mechanism. Problem is that the government pillages your beloved programs and overspends all the money. And i have to ask this to everyone but what exactly is a “fair share”?
Brains and Beauty 👍👍👍
There are many online banks that are fintech banks and are not FDIC insured
Fintech companies usually provide FDIC insurance by working with partner banks.
@DayanaPlays sometimes but not always. Define print gets more vague by the day.
❤❤❤
Thanks J! Happy New Year! 🥳
How is the Sofi platform? Any kind of issues? My main concern would be transfers and not being able to physically walk-into a bank and speak in-person if I have issues or want to make a large cash withdrawal (1k to 3k range)
I use sofi only for a HYSA and I love it. I’m sure there are other options that could be better. But personally I just transfer money in and out of my main bank account to my sofi. Yes, there is a two-day or so processing period but I’ve never had an issue. The app is easy to use and I’m not mad they don’t have any physical stores bc that probably saves them from overhead costs thus allowing a higher APY :)
Thanks ❤️ 😊 🫂
You’re very welcome 😊
Great video! Thanks.
Glad you liked it! ❤️
very informative!