If I missed any other good High Yield Savings Accounts, then let me know down below so that I can learn more and feature them in future videos! Here's some of the resources and links I mentioned: 🏦 List of Savings Accounts: danielbraun.me/SavingsAccounts 💵 SoFi Checking & Savings ($300 Bonus): danielbraun.me/SoFi
@@drewconway7135 I respectfully disagree because I very intentionally did not put any in the S tier. In my opinion there’s not really any way that any one high yield savings account can be THAT much better than the competition. If there was an account that was truly S tier then it likely would be losing money for that bank and would get adjusted quickly. So for the purposes of this video, I really think that anything in the A or B tier is perfect for 99% of peoples needs when it comes to a savings account. Just my opinion though - I also kept the Tier List formatting standard to the thousands of other tier list videos on TH-cam. If you have any accounts that you’d consider S tier then I’m happy to listen and maybe will change my mind when the right one is shown to me 👍
The only thing I use Wells Fargo for is churning bonuses. There system seems to be broken, I keep on getting bonuses even though I’ve had several accounts this year. Then I just close the accounts and repeat.
With SoFi you actually just need any direct deposit. It doesn’t need to be your whole check. My jobs HR software lets me split my direct deposit how I want so I just allocate a small amount to SoFi and get the full interest rate.
I feel like the direct deposit requirement shouldn't limit them if the benefits are that good. Interest on checking high yield on savings and multiple account to utilize
My favorite part of Sofi is overdraft protection. With it i can keep all my money in the savings account and when I use checking it automatically pulls from savings giving me that high interest rate on my checking balance
@@GuiSilva1 In my experience they limit transactions (depositing in and withdrawals) but the automatic overdraft has never counted towards those transactions.
It might be worth looking into if this affects your ChexSystems report (It's like your credit score, except for banks). Overdrafts cause a negative remark, but not sure if there are funds available if it causes a negative mark as well. Might be worth looking into before defaulting to this method!
@@GuiSilva1 Nope. Since the Fed removed the rule in 2020, its been up to banks if they still want to impose any limits. Sofi does not, you can do this an unlimited amount. @amandaturner9903 It does not. Sofi does not use Chex anyway.
I keep $1000 in a local brick and mortar bank. They don't give much interest but I feel better having at least some of my money close by. Everything else goes into SOFI.
Moved my HYSA to Amex. 4.25% no minimums, fees, or anything. And Amex raked in $3.02B just in one quarter alone, super safe place to park. After the Yotta madness, better to avoid all fintechs.
I think that's a great choice! Amex is a super simple and solid option. Yeah I briefly mentioned the Fintech stuff at the end of this video because I think it's important for people to talk about that
I did this too. I know I can get slightly better rates, but I am willing to give that up for the excellent app, ease of setup, no fees/minimums, and ease of transferring.
I did this too. I know I can get slightly better rates, but I am willing to give that up for the excellent app, ease of setup, no fees/minimums, and ease of transferring.
I've been looking at the Amex account, and they advertise daily compounding with monthly deposits. Is it truly daily compounding or just monthly compounding but daily calculation?
Saving is def a good backup and avoid yourself spending/being in debt. But success is self discipline but if you saying success liek retire or make more, invest is the one
Another consideration is holding your money in certain banks as a relationship while you work through credit card subs with that bank. They will most likely approve you for more cards with the relationship.
Yeah that can be something to consider for certain banks - I think US Bank is one that comes to mind for that relationship like that. I will say though that I've had a bank account and a car loan through Capital One, and they still denied me for the Venture X last year 😂
Marcus has lowered APY to 4.25% as of last week. Looking to move my money elsewhere, since plenty of places offer much better rates. Thanks for the solid video. 💪
Another thing to pioint out is that you can also buy Treasury bills or notes, they offer similar interest rate, and you don't have to pay state and local taxes on your profit
I have Barclays savings online account for more than 10 years now. Their rates are always very competitive, usually offering slightly higher % than Amex. Currently paying 4.35%. Definitely no fees and I don't recall a minimum balance required.
@@jakoblarson4597 I never had to call them and I have pretty much emptied the account a couple of times over the years. It's tru that it takes a while for the money to sit, sometimes you will make a transfer into the Barclays account, and the whole amount might take up to a week to be available to you. Just need to take into consideration when you put money there, you won't have access to it for up to 7-8 days, until it settles into the account. Withdrawals to other accounts, usually take 1-3 days for me.
Forbright Bank is 5.30% APY and was super easy to open as well with no minimums and is FDIC insured. I was tied between SoFi or Ally but the APY was a no brainer. Highly recommend
@@fabriziovalerga686congratulations on opening the Forbright account. I am still deciding. Mybanking Direct have a 5.35% APY with a minimum $500 opening. I have found a local bank in Chicago that have a HYSA with 5.25% APY with a minimum $100 and I can go to the branch to deposit or withdraw funds.
Ally allows you to open an account in the name of a trust. A lot of the other options don't, so I think this is a huge advantage for Ally, might even be worth moving them to the S tier.
For estate planning purposes, many people will set up a trust. So rather than your assets needing to go through probate, you create a trust and it owns all your assets. That way, at your death, they don't need to go through probate, they just get handled based on how you have your trust set up. Out of the most commonly supported HYSAs, Ally is the only one I found that will let you have the owner of the account be your trust. Secondarily, you can have a bank account specify a transfer on death entity. So, if you can't have the account owned by your trust, you could at least have it transfer to your trust on death. However, again, all of the main HYSAs also don't allow you to specify a trust as the transfer on death entity, it has to be individuals. So, if I used something other than Ally, at my death, my HYSA now has to go through probate.
I totally agree,,, Ally is a great Bank by far.. never had issues with them and great customer service... I like Wealthfront a lil more.. but the trust acct is a big thing for Ally, because all places dont offer a trust.. I just dont like how dated there UI is with Ally,, but they do offr alot tho
Ally refused to give me any money when I tried to take anything out. They held my money for 3 months before they finally said “if you pay us $10, we’ll send you a check.” Definitely strongly advise AGAINST banking with Ally.
I have an Ally account for a trust I manage, and it has monthly withdrawals that have never been blocked. I've never experienced any issues getting money out of my account. Most (if not all) online banks have limits on withdrawals, this includes Ally. So you have to understand what those limits are. When I moved my money from Marcus to Ally, I had to call Marcus and get permission from them to initiate a transfer to move all of my money out. Yes, moving large amounts of money can be tricky, and you might need to do it over several months, but this isn't limited to Ally.
I’ve yet to find a good way to search interest rates online that doesn’t skew towards the companies that pay for ads. Thank you for doing this video. Maybe you could do one on CDs in the future? Thanks again.
@@iSlyOneI just switched to Fidelity CMA product. Have to admit their app Suuuuuucks when you're used to a standard checking/savings app, but have been able to pay bills so no fails yet, can't complain about SPAXX yield
@@Blittsplitt5 So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
went from PNC (0.01%) to Sofi (4.6%) about this time last year. Might move to Huntington (4.5%) soon. (I like my Huntington branch. I have an easier time with jointed account (cannot do that with Sofi). and great sign-on bonus (up to $600).)
Thanks Daniel - I actually just came across your channel the other week when I was researching for a video topic! Your upload consistency is insane, so keep it up man!
You know what I wish there was a ranking video of? A Ranking video of Banks Bill Pay Systems... One of my Key things I use is Bill Pay because I like sending out weekly checks to work pay down my Debts.... I have experience 4 systems.... Chase, Capital One, TDECU, and NFCU.... My current ranking is this on these 4: 1.) Chase - S 2.) TDECU - A 3.) NFCU - B 4.) Capital One - F
Me personally I use Ally and love them way better and your not tied or locked into your direct deposit just to get a higher rate and offers more accts if needed than just the Bundle..
Do you have multiple HYSAs to get the highest rates or it's best to choose one and stick with it? Also, I have a marcus and I feel it takes too long for the transfer to my checking account..
I was just saying to myself today. I thought I was bugging tried to add another deposit today and said it would be in the account by the end of the month 🤔🤔🤔🤔
So is this a common issue with Marcus? I was considering opening one due to the fact that it seems good and safe. Any other notable things from a day to day user?
No, because that's not what it is. I use it RH myself for what you're referring to, but you need to read all the fine print. It would basically come with an annual fee to get the highest rates and isn't a bank. It's a brokerage. It makes sense for me, because I was already using certain services with them that made it a no brainer. You would need to read up on if it makes sense for you, but you probably would be better off just using one of the regular bank's HYSA instead.
I’d put apple savings on the A tier. If u have an iPhone, u just request an Apple Card which is easy and great…u get all your charges, etc. on your phone laid out in detail in the apple wallet; and u use Apple Pay. And savings at 4.4%. And u can move it anytime u want. It is not tied up for 6 months like a lot of banks require. I haven’t seen anything that pays higher without tying up your money for 6 months.
Im literally looking for one right now too, perfect timing for this video lol. Before watching this right now I'm considering capital one. I'll update what I choose after.
Awesome to hear that! Capital One 360 Savings is great - I have an account there myself. Personally I like that one and SoFi, but there's plenty of great A and B tier options that you can't go wrong with from this video 👍
@@Daniel_Braun I applied to Marcus by Goldman Sachs after this video but I got rejected for insufficient information to confirm my identity where I might've messed up somewhere so I think I will stick to Capital One since Sofi requires a lot to start😭
@@DeLGhXst My wife and I use Capital One 360. We have a joint checking with a debit card, and various joint and single savings accounts. The online and app interface is clean and simple, easy to move money around. It connects with Zelle which we like for bank to bank transfer and friend to friend. APY was never our concern there, we just thought it was nice, free, no fees, etc. Easy to use, "real bank", etc.
Thank you so much for watching! And not yet, I’ve got one planned soon because I’ve made one for Chase, Amex, and Capital One. Gonna do Citi by the end of the year 👍
Should include how the bank stacks up with customer service. Can you get a hold of a live person? How long do you have to wait? Did they resolve your issue. Read the BBB on Sofi and doesn't look that great. 1.5/5.
Love the video! Have you ever thought about making a video about a credit card setup to maximize points if you don’t have to pay annual fees because of SCRA and MLA? Could be super helpful to all the military folks out there! Love the vids!
is this better then CDs im not financially savy and im glad youtube recommended you to me but i have a CD with NFCU and i was wondering whats the difference and which is better
If this video is ever updated or there's a checking account version made, one important feature of Capital One Checking account is that you can deposit cash at any Walgreen's or CVS without any fees and instant access. This was important for our family because of how much cash we receive in the form of gifts or odd jobs and I haven't found an online bank that offers a feature like that (at least fee-free). We pair our Capital One account with a Wealthfront account that's used for our emergency fund, our daughter's savings, future home projects, etc. because they offer that "envelope" or category feature while the total balance earns one the of the highest rates, I've seen.
Hey, thank you for the information. Yes the rates are lower then what they used to be. My only question is when you set up your account do you lock in that rate or does it change at any time?
It always interested me how those big banks have such horrid savings acct options. I'm guessing their customers are older/aren't comfortable with online banks?
Have both an acct with So-Fi and one with CIT. So-Fi just dropped their rate to 4.3% and CIT is still at 5.05 for the Platinum Savings. Moved a big portion of my savings to CIT. CIT should have been in the top category in my opinion.
I am so glad I found your channel & video! So clean & simple yet very thorough. It being 2 months later I visited each banks site for info in case of change. I think I have made my decision! Thank you so much!! 🙏🏾😎 Subscribed!
Glad you mentioned the Yotta Madness. I'm frozen in that. I like how you explained the FDIC part as I thought I was covered, but obviously not. Such a mess. Stick the the well known
I have a 4.4 with Apple and a 4.6 with SoFi on my savings. SoFi also give me a 0.5 on my checking. I have no fees or anything. Only way to get the 4.6 is to set up either direct deposit or deposit 5000 into your account every month.
@@valg.3152 Wealthfront has been great for me so far, I like that they’ve maintained high rates currently at 5% but if you refer someone you get get a 0.5% boost for 3 months. They are not a bank however they sweep your money to up to 32 partner banks which gives you UP to $8 million in FDIC insurance on your holdings. You have the ability to create and delete little categories within your one account which makes savings super easy! I also like that you can have a debit card associated with it as well which makes many emergency needs accessible quickly.
Great content as always but the PNC High-yield state requirement is incorrect. Directly from their website the 4.65% APY is "only available online in the following states: AK, AR, AZ, CA, CO, CT, HI, ID, IA, KS, LA, ME, MS, MT, NE, NM, NV, NH, ND, OK, OR, RI, SD, TX, UT, VT, WA, WV, WY. Offer is available online and in a PNC Solution Centers in MA, MN, TN and in the greater Kansas City area in MO". Decent chunk of the country & I've had mine based in MA for years.
Thank you for watching and for the comment! I just check it out and looks like they updated this page from when I last saw it because I looked everywhere and all I could find for locations was from that Forbes article. But looks like it’s available in those states mentioned - unfortunately not in my state of PA though (even though PNC is everywhere here and I had an account there before). Thanks again for the comment 👍
Although Capital one in on the B tier I am fine with it, Capital one makes my transfer so easy the transfer that I make from my checking account to my saving is done within seconds I do not have to wait 5 to 7 business day for my money to be available. I get my money in seconds.
Thanks Daniel, takes time to compare enough options. That you for going through it in one video. Any upcoming videos on credit unions with the best benefits?
How interesting you make this video as I was comparing a HYSA between Chase & AMEX. Deciding to go w/AMEX for savings and Chase for CDs since their 3 month CDs are looking good.
Thank you for warning viewers about SoFi's highest APY eligibility on the savings account! I recently opened a SoFi account intending to get a competitive APY. Frankly, I was blindsided by the fine print. I would only receive 1.20% APY (less than 1/3 the expected rate) unless I setup direct deposit (no way can I afford $5K in deposits per month). Could I have done a better job of reading the fine print? Absolutely. However, I think many are likely to have the same experience as me.
Been into HYSA's since 2017 when 1% was considered doing pretty damn good believe it or not. I now get around 6% and opened an account for a $600 bonus this year. Glad other folks are starting to finally catch on like this guy in the vid.
Hey, thanks for watching! Correct, SoFi is now a bank and received their charter for that about 2 years ago. Still newer, but now a larger institution that's actually a bank - unlike most other FinTechs. And yes, I can definitely include customer service as a more of a factor in other videos!
FYI: Initially funding your new savings account online via your existing account can be a bit of a hassle. Especially if transferring from PNC. What a major pain it's been trying to make a simple transfer. Also, many of these banks don't tell you that there's a waiting "grace period" before you can even do the initial deposit. Example; I set up a Cit savings account. But I must wait 72 hours before I can fund it. Just some things to take note of before you commit to anything. Good luck out there and be wise with your money ;)
What about Synchrony Bank? I never see it mentioned on any list or video, but it often times have higher APR than most of the banks listed. UI is not fancy and actually kind of minimalistic. Customer service is decent; at least better than most of the commercial banks.
I just opened a chase checking and savings account because you can get up to $900 bonus after 90 days if you meet the requirements. Definitely closing them after that but it's definitely worth it for the bonus
Daniel, thank you for bring up yotta bank situation. This is part of the reason why i switched to saving money with bank directly instead of going thru someone else's hands.
10:17 Look closely at what’s best for you. Ally decides where to move my money without my input and puts a “bucket” tag on some of it, at a cost of $800/yr from a lower interest rate, in my case, vs. Marcus? Hard pass.
“Welcome bonus” would’ve been a good factor to discuss in this. I’m currently working on the checking/savings bonus with Chase that ends up netting me $900 that first year. It takes a while for the HYSAs to catch up to that value if they don’t have a really big SUB or you don’t have a pretty huge initial deposit of cash.
I like the videos could you include USAA as well. After watching a few videos I decided to check out my savings and noticed it doesn’t offer much so definitely switching out. I was using it due to convenience
Let's say I'm banking with Bank of America, could I create a HYSA with Ally(for example) and still keep Bank of America? And just have 2 banks(2 separate savings accounts). Or would that be pointless? Thanks!
Two questions. First, any opinion on the Charles Schwab savings account, especially when used in conjunction with their investment platform? Second, does having a significant amount of money in accounts with a bank (Chase, for example) influence approval odds and credit limits with the same bank's credit card products?
Why would you use Charles Schwab's abysmal 0.48% savings account when you can 10x that with sooo many other options. I'd say just skip that. Second, depends on the bank, but generally you should focus on raising your FICO credit score and increasing your household income is you want the best card approval odds and higher limits. You don't even need an account with a bank to get their credit cards if you just take care of those two things alone.
I really like charles schwab's checking. Yes the .45% apy isnt great but I just like the layout and everything. SWVXX (their mm fund) gets a nice 5.17%ish apy which is cool and the customer service is great! A Fidelity CMA however is probably the better choice. Uninvested cash gets 4.95% apy automatically instead of having to buy into anything. I havent had a great time with customer service from the debit card services but its been okay. Lmk if you have any questions
@@Daniel_Braun So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
Amex vs Wealthfront? Any ideas? After yotta and juno its better to stay away from fintechs but wealthfront says theyre set up differently, im still skeptical about them, standard bank is better way to go.
Hey Daniel, I want to combine combine chase UR points between household members but need some help. I have a CSP and my household member has a FU and a CIU. I know I can call Chase and combine the FU points to my CSP as we share the same address. However most of the points are on the CIU because of the higher earning multiplier and I am not listed on the business. Would my household member be able to move their CIU points to their FU, and then I could combine them from the FU onto my CSP. Or how would I go about getting those points onto my card? Thanks!
Hey Daniel, thanks for another great video! I just wanted to clarify, is the only reason you put Bask Bank in A and UFB Direct in B because Bask has the AA points option?
Thanks for watching! Yeah basically I had to find a way to distinguish A from B tier, so having those extra features is what does it. But like I said in the video, you really can’t go wrong with anything in A or B tier. So if you want one of the highest rates then technically I think UFB is slightly higher than Bask right now
If I missed any other good High Yield Savings Accounts, then let me know down below so that I can learn more and feature them in future videos!
Here's some of the resources and links I mentioned:
🏦 List of Savings Accounts: danielbraun.me/SavingsAccounts
💵 SoFi Checking & Savings ($300 Bonus): danielbraun.me/SoFi
Synchrony Bank!
If you don’t put anything in the S tier, then there is no point in having an S tier. Just saying. 🤨
BMO alto maybe?
@@drewconway7135 I respectfully disagree because I very intentionally did not put any in the S tier. In my opinion there’s not really any way that any one high yield savings account can be THAT much better than the competition. If there was an account that was truly S tier then it likely would be losing money for that bank and would get adjusted quickly.
So for the purposes of this video, I really think that anything in the A or B tier is perfect for 99% of peoples needs when it comes to a savings account.
Just my opinion though - I also kept the Tier List formatting standard to the thousands of other tier list videos on TH-cam. If you have any accounts that you’d consider S tier then I’m happy to listen and maybe will change my mind when the right one is shown to me 👍
Weathering could be an S tier contender
I personally don't care what Wells Fargo does. I will NEVER bank there.
And BoA
@@saulramirez1093 BofA screwed me over so I agree, never banking there again
The only thing I use Wells Fargo for is churning bonuses. There system seems to be broken, I keep on getting bonuses even though I’ve had several accounts this year. Then I just close the accounts and repeat.
Why do you say that?
Their credit cards are great. That said I haven't seen anything good from the rest of their bank
@@LLSniper Lack of trust in Wells Fargo
They had a former scandal of using customer information and creating accounts in their name
Should make a Checking Account version of this!
I have a Coinbase Checking account and I earn 5.60% APY on USDC.
@@N35T1T0not a bank right?
Definitely!
What credit karma savings?
I use a discover money market as my checking. Limited to 6 withdrawals per month but great rates.
With SoFi you actually just need any direct deposit. It doesn’t need to be your whole check. My jobs HR software lets me split my direct deposit how I want so I just allocate a small amount to SoFi and get the full interest rate.
Same! I did the same thing
This was my exact question so thank you sir
I do the same :)
I feel like the direct deposit requirement shouldn't limit them if the benefits are that good. Interest on checking high yield on savings and multiple account to utilize
THANK YOU!!
My favorite part of Sofi is overdraft protection. With it i can keep all my money in the savings account and when I use checking it automatically pulls from savings giving me that high interest rate on my checking balance
Savage
Does Sofi have a limit on how many times you can transfer out of savings like other banks do?
@@GuiSilva1 In my experience they limit transactions (depositing in and withdrawals) but the automatic overdraft has never counted towards those transactions.
It might be worth looking into if this affects your ChexSystems report (It's like your credit score, except for banks). Overdrafts cause a negative remark, but not sure if there are funds available if it causes a negative mark as well. Might be worth looking into before defaulting to this method!
@@GuiSilva1 Nope. Since the Fed removed the rule in 2020, its been up to banks if they still want to impose any limits. Sofi does not, you can do this an unlimited amount.
@amandaturner9903 It does not. Sofi does not use Chex anyway.
I keep $1000 in a local brick and mortar bank. They don't give much interest but I feel better having at least some of my money close by. Everything else goes into SOFI.
Moved my HYSA to Amex. 4.25% no minimums, fees, or anything. And Amex raked in $3.02B just in one quarter alone, super safe place to park. After the Yotta madness, better to avoid all fintechs.
I think that's a great choice! Amex is a super simple and solid option. Yeah I briefly mentioned the Fintech stuff at the end of this video because I think it's important for people to talk about that
I did this too. I know I can get slightly better rates, but I am willing to give that up for the excellent app, ease of setup, no fees/minimums, and ease of transferring.
I did this too. I know I can get slightly better rates, but I am willing to give that up for the excellent app, ease of setup, no fees/minimums, and ease of transferring.
I've been looking at the Amex account, and they advertise daily compounding with monthly deposits. Is it truly daily compounding or just monthly compounding but daily calculation?
@@zouzoubouzouzouIt’s daily calculations and monthly contributions.
Fidelity’s cash management account blows them all away
People need to know saving is key to success!
Absolutely! Always good to save
No they don’t, if they can’t figure that out then they’re on their own
is this a joke?
@@iam_ultron😂😂
Saving is def a good backup and avoid yourself spending/being in debt. But success is self discipline but if you saying success liek retire or make more, invest is the one
Another consideration is holding your money in certain banks as a relationship while you work through credit card subs with that bank. They will most likely approve you for more cards with the relationship.
Yeah that can be something to consider for certain banks - I think US Bank is one that comes to mind for that relationship like that.
I will say though that I've had a bank account and a car loan through Capital One, and they still denied me for the Venture X last year 😂
@@Daniel_BraunJust got denied for Venture X myself. Cap1 is a weird bank.
Marcus has lowered APY to 4.25% as of last week. Looking to move my money elsewhere, since plenty of places offer much better rates. Thanks for the solid video. 💪
Another thing to pioint out is that you can also buy Treasury bills or notes, they offer similar interest rate, and you don't have to pay state and local taxes on your profit
I have Barclays savings online account for more than 10 years now. Their rates are always very competitive, usually offering slightly higher % than Amex. Currently paying 4.35%. Definitely no fees and I don't recall a minimum balance required.
do you have to call them if you need to take out a lot of money? how long does it take to make big withdrawals?
@@jakoblarson4597 I never had to call them and I have pretty much emptied the account a couple of times over the years. It's tru that it takes a while for the money to sit, sometimes you will make a transfer into the Barclays account, and the whole amount might take up to a week to be available to you. Just need to take into consideration when you put money there, you won't have access to it for up to 7-8 days, until it settles into the account. Withdrawals to other accounts, usually take 1-3 days for me.
Love the clear layout! Way to break it down Daniel!
Thanks Danny, appreciate it man!
Forbright Bank is 5.30% APY and was super easy to open as well with no minimums and is FDIC insured. I was tied between SoFi or Ally but the APY was a no brainer. Highly recommend
I am gearing that way to Forbright
I recently opened a Forbright account too. What's your experience so far? have you tried the transfer speed yet? Cheers
@@fabriziovalerga686congratulations on opening the Forbright account. I am still deciding. Mybanking Direct have a 5.35% APY with a minimum $500 opening. I have found a local bank in Chicago that have a HYSA with 5.25% APY with a minimum $100 and I can go to the branch to deposit or withdraw funds.
I just looked up a Reddit and apparently it’s hell to withdrawal your money! Be careful
Sad 4.60%
Super solid video! You should add time stamps so we know when each new section begins to easily hop around
Ally allows you to open an account in the name of a trust. A lot of the other options don't, so I think this is a huge advantage for Ally, might even be worth moving them to the S tier.
What does that mean?
For estate planning purposes, many people will set up a trust. So rather than your assets needing to go through probate, you create a trust and it owns all your assets. That way, at your death, they don't need to go through probate, they just get handled based on how you have your trust set up.
Out of the most commonly supported HYSAs, Ally is the only one I found that will let you have the owner of the account be your trust. Secondarily, you can have a bank account specify a transfer on death entity. So, if you can't have the account owned by your trust, you could at least have it transfer to your trust on death. However, again, all of the main HYSAs also don't allow you to specify a trust as the transfer on death entity, it has to be individuals.
So, if I used something other than Ally, at my death, my HYSA now has to go through probate.
I totally agree,,, Ally is a great Bank by far.. never had issues with them and great customer service... I like Wealthfront a lil more.. but the trust acct is a big thing for Ally, because all places dont offer a trust.. I just dont like how dated there UI is with Ally,, but they do offr alot tho
Ally refused to give me any money when I tried to take anything out. They held my money for 3 months before they finally said “if you pay us $10, we’ll send you a check.” Definitely strongly advise AGAINST banking with Ally.
I have an Ally account for a trust I manage, and it has monthly withdrawals that have never been blocked. I've never experienced any issues getting money out of my account. Most (if not all) online banks have limits on withdrawals, this includes Ally. So you have to understand what those limits are. When I moved my money from Marcus to Ally, I had to call Marcus and get permission from them to initiate a transfer to move all of my money out.
Yes, moving large amounts of money can be tricky, and you might need to do it over several months, but this isn't limited to Ally.
I’ve yet to find a good way to search interest rates online that doesn’t skew towards the companies that pay for ads. Thank you for doing this video. Maybe you could do one on CDs in the future? Thanks again.
frontwave has 5% cd rn for 6 months
@@pgamingbs Thanks, I took a look, highest I saw was 4.27.
@@jonathanakaplan might of been a limited time then im in it rn for 12 months
Why put an S tier on the thumbnail if you didn’t even mention one in the video smh
Fidelity’s Cash Management account would be S tier
Gotta earn it I suppose
@@iSlyOneI just switched to Fidelity CMA product. Have to admit their app Suuuuuucks when you're used to a standard checking/savings app, but have been able to pay bills so no fails yet, can't complain about SPAXX yield
exactly
Simple because you're a douche canoe
Capital One merging with Discover would be another boost for Discover as they would seemingly add branches.
Wealthfront has been phenomenal!
Agreed. I've had an account since November 2023 and no complaints here
Wait how come none of them made it to S tier??
Video came at a perfect time for me, Im looking for a new savings account because Chase has terrible APY. I think Discover or Sofi will be my choice.
Great decision to switch! Thanks for watching - both of those accounts are excellent options 👍
Can't recommend discover enough, they've been great
Good job Link
I'd suggest Sofi
Go with SoFi any day. Made for millennials and GenZ. Great UI and do yourself a favor by paying some SoFi stocks as well. Thank me in 2025.
@@Blittsplitt5 So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
went from PNC (0.01%) to Sofi (4.6%) about this time last year. Might move to Huntington (4.5%) soon.
(I like my Huntington branch. I have an easier time with jointed account (cannot do that with Sofi). and great sign-on bonus (up to $600).)
love your videos, you were a big reason I started my own credit card channel
Thanks Daniel - I actually just came across your channel the other week when I was researching for a video topic! Your upload consistency is insane, so keep it up man!
@@Daniel_Braun thanks man I appreciate it
@@daniel.sparksthank you for commenting! Your channel is amazing! New subscribers earned
You know what I wish there was a ranking video of?
A Ranking video of Banks Bill Pay Systems... One of my Key things I use is Bill Pay because I like sending out weekly checks to work pay down my Debts.... I have experience 4 systems.... Chase, Capital One, TDECU, and NFCU....
My current ranking is this on these 4:
1.) Chase - S
2.) TDECU - A
3.) NFCU - B
4.) Capital One - F
I use NFCU all the time and would give them an A compared to other banks I have used.
SOFI has my vote through and through!
Me personally I use Ally and love them way better and your not tied or locked into your direct deposit just to get a higher rate and offers more accts if needed than just the Bundle..
So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
@slimm-xh9jd yes.
Thanks for the video.
Do you have multiple HYSAs to get the highest rates or it's best to choose one and stick with it? Also, I have a marcus and I feel it takes too long for the transfer to my checking account..
I was just saying to myself today. I thought I was bugging tried to add another deposit today and said it would be in the account by the end of the month 🤔🤔🤔🤔
So is this a common issue with Marcus? I was considering opening one due to the fact that it seems good and safe. Any other notable things from a day to day user?
I currently have my savings with capitol one. is it worth moving to ufb direct? wanting to capitalize on the largest interest rate
Would you consider robinhood gold a high yield savings account?
I kept seeing the ad for it. Sounds really good but haven’t seen details yet
No, because that's not what it is. I use it RH myself for what you're referring to, but you need to read all the fine print. It would basically come with an annual fee to get the highest rates and isn't a bank. It's a brokerage. It makes sense for me, because I was already using certain services with them that made it a no brainer.
You would need to read up on if it makes sense for you, but you probably would be better off just using one of the regular bank's HYSA instead.
Amazing video, thank you.
I’d put apple savings on the A tier. If u have an iPhone, u just request an Apple Card which is easy and great…u get all your charges, etc. on your phone laid out in detail in the apple wallet; and u use Apple Pay. And savings at 4.4%. And u can move it anytime u want. It is not tied up for 6 months like a lot of banks require. I haven’t seen anything that pays higher without tying up your money for 6 months.
Im literally looking for one right now too, perfect timing for this video lol. Before watching this right now I'm considering capital one. I'll update what I choose after.
Awesome to hear that! Capital One 360 Savings is great - I have an account there myself. Personally I like that one and SoFi, but there's plenty of great A and B tier options that you can't go wrong with from this video 👍
@@Daniel_Braun I applied to Marcus by Goldman Sachs after this video but I got rejected for insufficient information to confirm my identity where I might've messed up somewhere so I think I will stick to Capital One since Sofi requires a lot to start😭
@@DeLGhXst My wife and I use Capital One 360. We have a joint checking with a debit card, and various joint and single savings accounts. The online and app interface is clean and simple, easy to move money around. It connects with Zelle which we like for bank to bank transfer and friend to friend. APY was never our concern there, we just thought it was nice, free, no fees, etc. Easy to use, "real bank", etc.
very nice video! good job!
Thoughts on discover cap one acquisition?
Stay away from Bread financial unless you wanna have problems
Hey Daniel have you made a video on how to redeem Citi Points for travel?🤔 Love your content by the way! Watch it all the time!!🙏🏼
Thank you so much for watching! And not yet, I’ve got one planned soon because I’ve made one for Chase, Amex, and Capital One.
Gonna do Citi by the end of the year 👍
@@Daniel_Braun Oh thats perfect! Thanks so much Daniel, appreciate it!
I got the Blue amex card back in November, built my business credit, got eligible for loans.
Should include how the bank stacks up with customer service. Can you get a hold of a live person? How long do you have to wait? Did they resolve your issue. Read the BBB on Sofi and doesn't look that great. 1.5/5.
Love the video! Have you ever thought about making a video about a credit card setup to maximize points if you don’t have to pay annual fees because of SCRA and MLA? Could be super helpful to all the military folks out there! Love the vids!
is this better then CDs im not financially savy and im glad youtube recommended you to me but i have a CD with NFCU and i was wondering whats the difference and which is better
If this video is ever updated or there's a checking account version made, one important feature of Capital One Checking account is that you can deposit cash at any Walgreen's or CVS without any fees and instant access. This was important for our family because of how much cash we receive in the form of gifts or odd jobs and I haven't found an online bank that offers a feature like that (at least fee-free). We pair our Capital One account with a Wealthfront account that's used for our emergency fund, our daughter's savings, future home projects, etc. because they offer that "envelope" or category feature while the total balance earns one the of the highest rates, I've seen.
Hey, thank you for the information. Yes the rates are lower then what they used to be. My only question is when you set up your account do you lock in that rate or does it change at any time?
It always interested me how those big banks have such horrid savings acct options. I'm guessing their customers are older/aren't comfortable with online banks?
Have both an acct with So-Fi and one with CIT. So-Fi just dropped their rate to 4.3% and CIT is still at 5.05 for the Platinum Savings. Moved a big portion of my savings to CIT. CIT should have been in the top category in my opinion.
I am so glad I found your channel & video! So clean & simple yet very thorough. It being 2 months later I visited each banks site for info in case of change. I think I have made my decision!
Thank you so much!! 🙏🏾😎
Subscribed!
Amazing videos! I'm currently in the UK so it's not relevant to me but I love how you tell it here!! Nice
Currently using a Fintech but may switch, curious about why BMO didn't make it to this list, crazy high rate with unlimited transactions and no fees?
Glad you mentioned the Yotta Madness. I'm frozen in that. I like how you explained the FDIC part as I thought I was covered, but obviously not. Such a mess. Stick the the well known
10k frozen in there. Likely never going to see that money back
Wow that’s a shame.
@@jeffreyliang9453do you know the reason why the money is Frozen?
I have a 4.4 with Apple and a 4.6 with SoFi on my savings. SoFi also give me a 0.5 on my checking. I have no fees or anything. Only way to get the 4.6 is to set up either direct deposit or deposit 5000 into your account every month.
you need to deposit 5k every month??? or legit just make sure you have 5k in ur account at the EoM?
So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
So I have a question if I wanted to get one of these A rank cards does it matter if they’re not in my state?
Hello, I bank with BMO and was wondering if you’d rank BMO Alto in B tier?
I’ve got mine parked in Wealthfront atm
How is wealth front?
@@valg.3152 Wealthfront has been great for me so far, I like that they’ve maintained high rates currently at 5% but if you refer someone you get get a 0.5% boost for 3 months. They are not a bank however they sweep your money to up to 32 partner banks which gives you UP to $8 million in FDIC insurance on your holdings. You have the ability to create and delete little categories within your one account which makes savings super easy! I also like that you can have a debit card associated with it as well which makes many emergency needs accessible quickly.
@@valg.3152it’s like Yotta only less sketchy. Wealthfront is not a FDIC insured bank and uses sweep accounts to move money to its 32 partner banks.
Is a high APY, sure but is that bank safe in case SHTF? Are their pockets deep enough?
I've been using Wealthfront for about a year and a half now and it's been legit, love them
Great content as always but the PNC High-yield state requirement is incorrect. Directly from their website the 4.65% APY is "only available online in the following states: AK, AR, AZ, CA, CO, CT, HI, ID, IA, KS, LA, ME, MS, MT, NE, NM, NV, NH, ND, OK, OR, RI, SD, TX, UT, VT, WA, WV, WY. Offer is available online and in a PNC Solution Centers in MA, MN, TN and in the greater Kansas City area in MO".
Decent chunk of the country & I've had mine based in MA for years.
Thank you for watching and for the comment! I just check it out and looks like they updated this page from when I last saw it because I looked everywhere and all I could find for locations was from that Forbes article.
But looks like it’s available in those states mentioned - unfortunately not in my state of PA though (even though PNC is everywhere here and I had an account there before).
Thanks again for the comment 👍
Although Capital one in on the B tier I am fine with it, Capital one makes my transfer so easy the transfer that I make from my checking account to my saving is done within seconds I do not have to wait 5 to 7 business day for my money to be available. I get my money in seconds.
I’m in Tennessee and also get the 4.65% from PNC
Thanks for this Dan. Always let your money make you money
Thanks Daniel, takes time to compare enough options. That you for going through it in one video. Any upcoming videos on credit unions with the best benefits?
How interesting you make this video as I was comparing a HYSA between Chase & AMEX. Deciding to go w/AMEX for savings and Chase for CDs since their 3 month CDs are looking good.
Yeah CDs are another option for even better rates with certain banks! As long as you’re fine with having the money sit there for a set period
Great list! It’s also good to note that AMEX Checking has an APY of 1%.
Awesome video Daniel!
Thank you for warning viewers about SoFi's highest APY eligibility on the savings account!
I recently opened a SoFi account intending to get a competitive APY. Frankly, I was blindsided by the fine print. I would only receive 1.20% APY (less than 1/3 the expected rate) unless I setup direct deposit (no way can I afford $5K in deposits per month).
Could I have done a better job of reading the fine print? Absolutely.
However, I think many are likely to have the same experience as me.
Been into HYSA's since 2017 when 1% was considered doing pretty damn good believe it or not. I now get around 6% and opened an account for a $600 bonus this year. Glad other folks are starting to finally catch on like this guy in the vid.
Which one?
6% with which bank??
Hey Daniel! 2 questions. Sofi isn't fintech? And can you include in future videos customer service?
Hey, thanks for watching! Correct, SoFi is now a bank and received their charter for that about 2 years ago. Still newer, but now a larger institution that's actually a bank - unlike most other FinTechs. And yes, I can definitely include customer service as a more of a factor in other videos!
So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
Sofi doesn’t allow u to link ur fidelity account 😢
FYI:
Initially funding your new savings account online via your existing account can be a bit of a hassle. Especially if transferring from PNC. What a major pain it's been trying to make a simple transfer. Also, many of these banks don't tell you that there's a waiting "grace period" before you can even do the initial deposit. Example; I set up a Cit savings account. But I must wait 72 hours before I can fund it.
Just some things to take note of before you commit to anything. Good luck out there and be wise with your money ;)
Wealthfront has been really good to me.
What about Synchrony Bank? I never see it mentioned on any list or video, but it often times have higher APR than most of the banks listed. UI is not fancy and actually kind of minimalistic. Customer service is decent; at least better than most of the commercial banks.
I just opened a chase checking and savings account because you can get up to $900 bonus after 90 days if you meet the requirements. Definitely closing them after that but it's definitely worth it for the bonus
Daniel, thank you for bring up yotta bank situation. This is part of the reason why i switched to saving money with bank directly instead of going thru someone else's hands.
10:17 Look closely at what’s best for you. Ally decides where to move my money without my input and puts a “bucket” tag on some of it, at a cost of $800/yr from a lower interest rate, in my case, vs. Marcus? Hard pass.
“Welcome bonus” would’ve been a good factor to discuss in this. I’m currently working on the checking/savings bonus with Chase that ends up netting me $900 that first year. It takes a while for the HYSAs to catch up to that value if they don’t have a really big SUB or you don’t have a pretty huge initial deposit of cash.
I like the videos could you include USAA as well. After watching a few videos I decided to check out my savings and noticed it doesn’t offer much so definitely switching out. I was using it due to convenience
what about vio?? 5.20 atm been using them for years now
Im thinking about closing my accounts with chase and switching to PNC in general. Good move?
Let's say I'm banking with Bank of America, could I create a HYSA with Ally(for example) and still keep Bank of America? And just have 2 banks(2 separate savings accounts). Or would that be pointless?
Thanks!
is bmo alto any good
Thanks! 👍
Great tips!
Good video 👍
Citibank is definitely a solid bank for high yield savings thats missing from this list. Currently running Citi, Sofi and Capital One
Thanks Daniel!
Two questions. First, any opinion on the Charles Schwab savings account, especially when used in conjunction with their investment platform?
Second, does having a significant amount of money in accounts with a bank (Chase, for example) influence approval odds and credit limits with the same bank's credit card products?
Why would you use Charles Schwab's abysmal 0.48% savings account when you can 10x that with sooo many other options. I'd say just skip that.
Second, depends on the bank, but generally you should focus on raising your FICO credit score and increasing your household income is you want the best card approval odds and higher limits. You don't even need an account with a bank to get their credit cards if you just take care of those two things alone.
I really like charles schwab's checking. Yes the .45% apy isnt great but I just like the layout and everything. SWVXX (their mm fund) gets a nice 5.17%ish apy which is cool and the customer service is great! A Fidelity CMA however is probably the better choice. Uninvested cash gets 4.95% apy automatically instead of having to buy into anything. I havent had a great time with customer service from the debit card services but its been okay. Lmk if you have any questions
I would recommend to also mention Credit karma hy savings option
I lived in both Washington and Louisiana and had no problem getting the high yield rate with PNC.
Love it ❤
I've had a savings account at Bask Bank for two years. It's great. Easy to use and among the higher rates out there.
Wealthfront and Robinhood Gold has 5% APY
He mentions WF at the end.
Really wanted to go with Sofi but monthly direct deposit of 5,000 is too much for me...
It’s actually only either direct deposit (of any amount) OR $5,000 of deposits to qualify for the higher rate. So any direct deposit amount works!
@@Daniel_Braun So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
What is the point of the s tier if there is no account that would qualify for it?
Add Jenius Bank to your list. Backing of Japanese behemoth SMBC. APR at 5.25%
Amex vs Wealthfront? Any ideas? After yotta and juno its better to stay away from fintechs but wealthfront says theyre set up differently, im still skeptical about them, standard bank is better way to go.
Hey Daniel,
I want to combine combine chase UR points between household members but need some help. I have a CSP and my household member has a FU and a CIU. I know I can call Chase and combine the FU points to my CSP as we share the same address. However most of the points are on the CIU because of the higher earning multiplier and I am not listed on the business. Would my household member be able to move their CIU points to their FU, and then I could combine them from the FU onto my CSP. Or how would I go about getting those points onto my card? Thanks!
Hey Daniel, thanks for another great video! I just wanted to clarify, is the only reason you put Bask Bank in A and UFB Direct in B because Bask has the AA points option?
Thanks for watching! Yeah basically I had to find a way to distinguish A from B tier, so having those extra features is what does it. But like I said in the video, you really can’t go wrong with anything in A or B tier. So if you want one of the highest rates then technically I think UFB is slightly higher than Bask right now
So what happens if you quit your job or worse get fired and your direct deposit stops coming into your account? Does your APY go down using SoFi??
What do you think about the acorns savings account?
For some reason, im not getting the rates announced in this video, i live in cali, and so fi is offering 4.30 and amex 4.10.
They just recently lowered them. At the time of this video upload, those rates were accurate.
Could youdo a checking account video as well?
For Bask Bank does it matter that Im a california resident? Since he mentioned its based in Texas or something