A Bank Account You NEED.
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- เผยแพร่เมื่อ 19 ก.ย. 2024
- A Bank Account You NEED.
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💸 SoFi Checking & Savings: Get up to 4.20% APY, pay no account fees and earn $250
when you sign up and set up direct deposit. Terms apply ➭ sofi.com/humphrey
I literally just got this one the other day 😊! Super easy to use the only thin my that stinks is your direct deposit has to be 1000 or more to qualify for the promo/bonus money
But you can’t beat 4.2% from a reliable FDIC insured bank
Axos Bank/UFB direct is currently at 5.02% APY
Humphrey. Yes. Everyone with the intelligence put in pea gravel understands that a higher interest rate is a desirable feature for a savings account. The problem is... An awful lot of people have no savings whatsoever, between stagnant wages, the current high inflation rate and the persisting housing crisis.
Perhaps your advice would itself bring greater returns if you were to reflect on the politics of these issues and advise the average person on how to advocate for positive changes in policy at all levels.
What if im in denmark and dont know what high yield means?
@@unclejoeoakland but everyone knows politics arent good for youtube
I also recommend CIT Bank. They offer 4.5% for regular savings and 4.75% for savings over $5k! No signup bonus but also no direct deposit required
Any fees or rules that need to be followed?
@@edaingonzalez7179none
It’s up to 5.05% now! No maintenenace fees either
@@edaingonzalez7179it’s 100 dollars to sign up
They raised both of those numbers now 🤩
Opened a Capital One HYSA in November and it started with 3% APY and it is now at 3.75% APY. Took 5 minutes to open an account.
After a while they up it because mine is 4.15
I use a cash management checking account with Fidelity and keep my cash in their money market fund. Yields around 4.5% at the moment.
Money market funds aren't FDIC insured like a bank account, keep that in mind
@@vulpixelful this is not a problem. Money market accounts are usually 98% fed securities or bonds. Only if the fed default can cause any risk. And when fed defaults, FDIC is uses less (fun fact, the F in FDIC stands for Federal)
@@aliciafaulkner416 The federal government defaulting has nothing to do with the FDIC. The FDIC doesn't use the same pool of cash that the federal government uses to pay back debts.
Or open a saving account in another country with better interest rates to outpace inflation. My girlfriend makes around 13% APR in Brazil.
But in reais , or foreigner currency.
thats great to know. Vietnam offers 7.75% APR and it's one of the fastest growing economy
@@legendisme8693 yeah but you lose US insurance
@@weird-guy Doesn’t matter. Convert your dollars to reals and convert back. The percentage gains are proportional.
@@Playingwithproxies worth skipping out on. Brazilian banks insure too
For my fellow texans go to texas capital bank, they have real physical locations and offer 5.10 to residents. Also dont forget since people rarely mention this but be prepared to pay taxes on ypure interest earned at the end of the year! Good luck cowboys and girls!
In my country the highest they offer is 2.5% if lock minimum of 2.5k€ for 6 months or 1 year, government savings certificates offer 3.5 with fidelity bonus to 4%.
where are you from. Vietnam offers 7.75% for 6 months
@@legendisme8693 I’m from Portugal
i use sofi for savings and investing great bank
I get 4.90% at Marcus
I use Marcus by Goldman Sachs because it seemed simplistic. Currently getting 3.95% interest
Now it's 4.15%.
I get 4.81% with UFB Direct
In this environment with the banking system is it recommended that we put money into something like SoFi? Let me know what you think
You’re money is fdic insured up to 250 k and investments have an insurance policy if the bank goes bankrupt nothing happens.
What about taxes? How much / % do you have to pay taxes for these hysa?
What are the down sides?
A number of hysa accounts are offered through online banks, so if you're not quite comfortable with online-only banking (some may have like only one branch like Discover, others may not at all) you lose out on the convenience of going to your local bank's atm and withdrawing cash. Not all are like this (Citi bank I believe offers like 4.35% rn) but many are, and those that are online-only tend to offer top-of-the-line rates.
Depending on the institution, there may also be minimum balance/deposit requirements, so shop around online and take time to research those terms!
When you file taxes you have to report the interest you made as income
Ah damn. Don’t like the downsides
What do you think of wealthfront?
Do they add money daily, monthly or yearly to the account?
And how long do I have to have money in the account to get the interest?
Monthly
Most pay out monthly and interest accumulates on a daily basis. So if you add more money during the month, you’ll be able to take advantage of the high amount of interest you receive
Where can I get a low-yield savings account? I'm not even getting that...
Most regular savings accounts can be seen as 'low yield"
your regular savings account
Apple savings 4.5%
I will say that during the long low Fed rate era these accounts outperformed regular savings but it wasn’t nearly as compelling as it is today so that’s why adoption rates are low.
I have Marcus 4.40 and Barclays at 4.35
I’ve got it in a brick and mortar bank checking account earning a 0.01% Interest Rate and would love to transfer it to HYSA but it seems like it’s going to be a headache I’ll have to track the money gained from interest and report to the IRS and pay taxes on it,
And I don’t even have the slightest of clue on how to get it out of my checking into a HYSA, it says online that it will be a big fee if I transfer it and also I’ll have to report the transfer to the IRS and possibly pay taxes on my already taxed money in my bank account
You’re still losing money with a HYSA due to inflation just not as much.
But you still have liquidity. Plus this is a lie HYSA usually outpace annual interest rates t by 1-2%
Lol.
Depends on your yield. As of today the US inflation rate is on average 3.7%. If you have an HYSA paying you 4.5%. Well you can do that math on that one.
Brio Direct offers 5.35% interest
Question - of the APY on your HYSA goes way down, would you move all thar money to a higher interest account or just let it hang out where it is?
Does the interest need to be filed during taxes as taxable income, and if so, how much minimum interest is accumulated to start, or once you start putting money in, it should be filed?
I believe if you make more than $10 in interest you have to report it.
@@jakesouth2 thx for the info.
@@mytunalunch bank will give you the documentation at the end of the year. 1099-INT
yes. they will send you a little piece of paper kinda like a w2 for your interest (i forgot what its called)
yeah, youll get tiny little chicken poops for interest rates, and youll have to pay uncle sam huge tax rates on your chicken poop
Are there any downsides to these accounts?
as long as it's FDIC insured, not inherently! I prefer to do my checking where the savings account pays high yield though, bc if you do need your savings in an emergency, it's gonna go through the regular timeline of bank transfers. It's more that brick and mortar banks don't have any motivation to pay better interest to their customers because they know their average customer is never gonna move their money, so there's a downside NOT to use these accounts. I moved from BoA to Capital One when I realized I was getting no benefit from BoA, and also Capital One doesn't charge maintenance fees or overdraft fees.
And what about consistently contributing more money every month to the HYSA?
What do people think about Tab banking I just signed up!
I got my Bask HYSA kicking ass right now at 4.65%
I was ready to open an account with SOFi but than I saw most terrible reviews on the google business page, so I am not sure, sould I open an account with them or not? would love to hear what you think.
When I file taxes do I need to mention that I have this separate savings account?
If you earn more than $10 in interest then the bank will send you a 1099-T.
Does this mean they pay you every month or every year ?
Wow free money! I’m sure nothing could ever go wrong
its fdic assured, and its not "free" they offer high yields for our money because they know banks pay us less
Anyone recommend Jenius Bank?
How about 4 week T bills?
You have to have a certain amount for those accounts.
No you don’t not for a lot of them- mine has no minimum deposit and no fees
Incorrect.
@Humphrey Yang are there any bank savings account that offer weekly, bi-weekly, or even daily compounding interest? Ive recently began my journey to taking control of my finances and gaining financial freedom in the near future, I don’t want my money sitting in PNC bank earning 1 cent per month😂
Discover pay you monthly 3.75% don't need to lock it
Pretty much all of them are monthly. You might be able to accomplish bi-weekly interest payments if you split between one that pays in the middle of the month and one that pays at the end of the month. It's not going to earn you any more money though.
I'm experimenting rn, and a number of online-only banks are paying daily compounding interest that credits monthly. I'm planning on tracking how much gets credited to make sure it's actually compounded daily as opposed to just acting like one month's worth of daily simple interest. There is a point to note though that daily vs monthly does not make much difference until you have a really substantial balance, so I might be wasting my time waiting for a month to pass before depositing again.
What other banks allow to deposit monthly to gain Interests rates?
4.81% on upgrade
At 4.25% APY, $10,000 should get you about $34 if interest is paid monthly such as my bank.
Let’s not forget compound interest!
What is the tax percentage s person has to pay on that savings account ?
Same percent as youre current income tax bracket
What for Europe?
All these guys always forget about us ☹️
I’m from Portugal, the highest they offer is 2.5% to 2.75% but you need to lock up 2.5k€ for 6 months or 1 year, the uk I think it offers 5%.
How does this affect Lebrons Legacy??
No shite, but I dont have a min 10-20K lying around when groceries jumped up tp 200 a week.
Just remember to plan for a lower expected future tax refund or even a possible bill. You'll definitely still come out ahead though. Just be aware there are tax implications.
Wealthfront is 5%.
I just opened up a UFB and it pays 5.25
@@stevemarshall3508 ufb?
I want my Roth IRA account to OWN the HYSA. That way, I won’t have to pay taxes on the earned interest
What is the catch on earning so much interests ? There has to be a trade off no ? They dont just hand out free money like that ?
The cash is you have to pay taxes at the end of the year.
@@joseanimates1269 if you’re more than $10 a year which is a joke
They can afford to pay such likely bc they're online and don't have to pay for the expense of physical infrastructure (bank branches). Ofc, if you're worried how this might affect customer service experience for you, you could probably just open an account with some of the more reputable banks (Marcus by Goldman Sachs is well trusted) but if you plan to set it and forget it, as long as you read your account agreement and don't do much else customer service is probably not something too pressing.
I just don’t trust any of them with direct deposit because USAA has been so good and loyal with anything I need. I’m looking for one that I can just put my 6 month emergency fund into and leave it be.
Me over here after I opened a big bank CD with lower rates than an online high yield 😅
We all make mistakes. Just wait for the maturity date, and see if you can get a better rate. If not, chuck a deuce ✌️
Same here😂😂
Sounds like a bad sponsored Ad, which you should state if it so.
leave less money on the table and buy tbills
Wealthfront has better savings rates than Sofi
Remember to get these number YOU SHOULD IMMEDIATELY HAVE THE $10,000 saved up already 😂
Well even if you don’t have $10,000 you should be investing your money, but you won’t and you’ll stay broke.
@@user-vf6km4sf2r investing what money? Why are rich people so willfully ignorant it's disgusting, like someone who stinks so bad you can't stand next to them in a closed space, that's how horrific a rich person's privileged ignorance is. Literally nauseating
Why not? 10000 isn't a lot .
@PLEBEdeHASHEM to the folks with a car lease(joke in itself)well beyond their means to pay, unnecessary credit card debt, etc... 10k is a lot... they don't know how to save money. They spend it before it even drops in the bank.
@@user-vf6km4sf2ryeah, no
I like your sweater where did you get it?
where does the money from the 5.05 come from?
I was close to seeing one up 4 days ago
But then I noticed that the rate changes
Like historical rates have been less than 2% within the last year for high yield savings.
yeah the good ones react to federal interest rates--bad ones stay at 0.01 to 0.05. I'd still much rather have my money keep the same buying power than leave it in a bank of america/chase/wells fargo/citibank/us bank savings account earning pennies on thousands.
If you have more than $10 of interest you will have to pay taxes on thatZ
You still have more than if you didnt have one!
And taxes will take 30% of the 10$ still making profits
Before I moved banks one year I only made $12 of interest and the IRS took exactly one dollar. That was just salt in the wound at that point.
You have no idea how stupid I feel not having a high yield savings account. I seriously didn't even know it was a thing! I thought all banks were the same! I wasnt taught about this at all until I got into the banking industry and saw that my BOA was the biggest joke.... I regret so much! I'm trying to have my sisters do the same thing! PNC Bank is 4.30% APY as of today
I feel the same!! I’ve been totally blind to this for years - so foolish letting BOA profit off my cash and giving me literally 0.01% in return. Never again!!
It’s ok 👍🏽 we all learn when we’re supposed too.
For real though, whatever savings I managed to make in school were rotting away to inflation bc I never learned about banks paying substantial interest. Now I have a grudge against Chase for being so cheap, I'm only continuing to hold accounts with them bc they're local.
"I'm shocked by how many people" bruh idk shit ab banks & school didn't prepare me for anything to do with finances, so how tf are you shocked?
Privilege
Virtual signalling.
I’m sure they taught you spelling… or is that your teachers’ fault as well?… grow up and take some RESPONSIBILITIES!
You have a phone/pc - Access to Internet. Literally just Google for a few minuten and you find Banks with good interest… yeah you Night have Not as much as Others saying you cant spare 5 minuten for quick online searching when you can comment here, is a blank lie
Cut acting as a Victim and whining „ehhhh priviligied“ yall
And you have to pay taxes
Are u serious?
Yes, you thought it was free money ? Once you reach $10 you start paying tax at the end of the year.
Sofi!
Yesss!
👀
Free money?
Bask bank
Thank Sir,On it 😂
MYTH
Thats $40 a month bro...
😂😂😂 bruh talking about 400 too 500 helk naww you not making that on 10k
He clearly means that’s the yearly return bozo
I've never cared about the amount of interest being paid, because banks will never pay you enough interest period. My main goal is to put that money aside for emergencies and short term goals. If you're not happy with what your bank pays you in interest, pay it yourself at the end of the month, by saving a bit more and pretend that was your interest earned.
Putting more money aside at the end of the month is not the same as a bank paying you interest for doing absolutely nothing other than banking with them. In my opinion the main purpose of a HYSA is to hedge your liquid savings against inflation.
This makes absolutely no sense.
Feed the hungry, don't hoard wealth
WHERE IN UK
WHERE IN UK IS THIS
DO NOT RECCOMEND IF I'M NOT A SEPTIC TANK YANK
Excuse you?
@@Jesuslovesyou8525 What don't you understand ?
PNC 4.75%
SPAXX serves me better