Best Savings Account in 2023 (Best HIGHEST Yield Savings Account)
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- เผยแพร่เมื่อ 8 มิ.ย. 2024
- Best Savings Account in 2022 (Best SUPER High Yield Savings Account). In this video, I'll walk through the best high yield savings account in 2022 that all have more than 5% APY. These 3 savings accounts are the best if you want to get the highest APY possible.
I'll show you the best 3 savings account in 2022 that still brings in a substantial APY. If you thought Ally, Marcus, CIT, or the other traditional high yield savings account had the highest rate then you've been lied to! These savings accounts have the best and highest APY available so far in 2022. All these 3 savings accounts have more than 5% APY.
I hope you found this best savings account video helpful. Please share with friends or family who may want a better savings rate. As always, SMASH the Like & Share button to support my content. DROP a comment to tell us other coronavirus tips for paying bills.
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Topic: Best Savings Account in 2020 (Best SUPER High Yield Savings Account)
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You said ten dollars, I think you meant one hundred dollars.
is credit union or all the investment product you mention pays me interest monthly?
Please note - I made an error in the video. I incorrectly stated you would get $6.17 for every $10 invested in the SUPER high yield savings account. I meant to say you get $6.17 for every $100 invested.
5 or 6% is a joke with a $1000.00 limit. There's always a catch. A $1000.00 maximum is not worth the effort, even for 6.17%. This video was not helpful. There's always a catch. Stop patronizing these banks who pay us peanuts until they offer us a better product. Buying prepaid debit cards to get a lousy 5 or 6 % is not how it is supposed to work. Don't play their game. Make all of the banks offer their customers a better product by ignoring fake offers of high interest. That's exactly what these kinds of offers are. Fake offers of high interest.
@@glynnjohnson2194 It may not be worth the effort for you but the typical American has less than $1000 in savings. This is a safe liquid alternative for them to reap a decent rate of return outside of the markets.
I have to agree with Vincent. The majority of Americans can't handle a $500 emergency if it came up. For those of us that still are holding on to our $1200 stimulus check these banks are great options. Plus it's free money! If someone came up to make and gave me $5 free, would I deny it? Nope!. I think it's worth the 5 minutes signing up for one. Thank you for the awesome information Mr. Chan.
Can I keep 1k in DCU and transfer the 5 dollars every month to my main account in order to maintain that 6.17% APY? Is that possible? Or how would you do it in order to maintain 6.17% every year?
@@jamesdecker9312 Thanks, James! Appreciate your comment :) Happy to share useful information, I'm glad it helped!
I have $160k in a HYSA earning 4.6% p/a, but I'm worried about inflation. I want to invest in stocks to safeguard my nest egg. As a beginner, what's the safest approach?
A healthy portfolio needs three essentials: ETFs for diversification, cash-flow assets like dividend stocks, and leading tech stocks such as. While I can't provide personalized advice, consulting a reliable advisor is crucial for proper investment planning.
True. I’ve been investing in the stock market for 11 years now, last 5 years with the help of a financial advisor. Through this period of advisory support alone, I've been fortunate enough to achieve a 10x return compared to my previous efforts as a DIY investor, summing up nearly $1m roi as of today. My best so far.
I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "KRISTIN AMBER LANDIS" I've worked with her for years and highly recommend her. Check if she meets your criteria.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.
The traditional high yield savings account video is coming soon! Please subscribe to stay updated for that :).
⚠️⚠️ Check out the BEST CHECKING account in 2020 with a WHOPPING 🔥4.09% APY🔥 : bit.ly/bestAPYchecking ⚠️⚠️
I have a question Vincent I put 1,000 for the first bank they give me 5 back I buy this prepaid credit cards for 1,000 and I then put in 1000 for the last bank and they give me 5% back ?
@@mannyreyes4632 Hey! for the first bank they give you 5% APY which means if you put 1000 in, they'll give you $50 in a year (1000 * 5% = 50). For the last one, if you put 1000 in, they'll give you $61.70 in a year (1000 * 6.17% = 61.7). Hope that helps! Please let me know if you have more questions :)
Keep making these videos. LOVE LOVE LOVE
@@Bkshowed Thanks so much :) Please consider subscribing for more content!
Nice edit for 2022 to draw me to this video although it was 2020 🤦🏽♂️
And now 2023
Thanks for watching! Subscribe for more videos about money and investing!
⚠️ ⚠️ ⚠️ Check out a 🔥 SAVINGS account with 🔥 6% APY WITHOUT $$$ contribution cap: bit.ly/OutletFinanceVid ⚠️ ⚠️⚠️
What would be the strategy for ending these accounts or should it be the plan to keep these for more than the maturity date?
@@CORNPOP24 It's really up to you and how long you want to keep the high $ APY for. I don't believe closing these accounts will impact your credit score so feel free to close whenever. I also made 2 more videos on other great checking accounts with higher yield and even a savings account with 6% APY with NO cap on $ contributed. Check them out:
bit.ly/OutletFinanceVid
bit.ly/bestAPYchecking
Remember to subscribe for more videos!
Is it same to presume that you should withdraw your dividends monthly as this would put your savings (maxed to 1,000) over the high yield %?
@@NaturalHealthResources It wouldn't matter too much because you'll get the high interest up to your $1000 and anything over will have a lower interest applied
I would like to know what happens once each account is maxed out for maximum apy? do we just let it sit there and collect every few weeks or months? Wouldnt that take it above the balance? Or should we have it within the range of $900-1000?
Thank you so much for this info! Please find more of this type accounts!
Welcome to my channel, Athena! I actually discovered a savings account that gives a consistent 6% APY with NO limit on $ contributed. If you're interested, make sure to SUBSCRIBE to stay updated for that video release.
In the meantime, check out this video where these checking accounts offer >4% APY with much higher limits: bit.ly/bestAPYchecking
You should also cover what it takes to close these accounts back down, closing fees and such.
That's a great suggestion, thanks for the feedback!
yep. banks have these hidden fees and surprises.
This should be top comment tbh. Not many people would be as skeptical or fully understand.
was this video ever made?
Where are the links for these three sites??
I feel lied to lol 😂 Wow My mind is clown. I’m going to look into these 3! Glad to have found your channel!
Haha thanks, Ryan! Glad to see you here :) What savings account do you currently use?
You speak to my soul I love how easy you explain it!!!
Thank you this is super helpful and I'm going to look more into these tomorrow morning!
Also if I deposit $1k for the savings account wouldn't the APR drop each month because it would be over $1k? Have you also gained much from the dividends by depositing at least $5 a month? Could you explain that more because I thought that was interesting and don't quiet understand when I was looking at the sites. Thanks again
Depending on one stream of income had never made any millionaire and earning check don't put you on forbes
@Serah Fabregas Investing for today is priceless because tomorrow isn't promised, trading bitcoins, gold, silver and crypto secures a better tomorrow.
Mr Charles Patrick is the best, recommending him to all beginners who wants to recover losses like I did
Trading with Mr Charles Patrick was never a regret to me, All thanks to him, he is the best I have ever seen
@@JohnWilliams-vj7yk My personal portfolio/investment manager; Mr Charles Patrick, after a whole week of research,he runs an investment platform where you don't have to undergo any stress in the trades, he manages my trading account which i opened with a capital of $3000 and now i have grown my portfolio up to over $21,500, a huge success
+ 1 ••• (9 1 8). •••• 3. 1 9 •••• 9 1 3 4
I'm new to this type of stuff so could someone help me out with a question? For the DCU account, if I were to put $1000 in, would it still earn any interest? Or does the account stop earning interest once it reaches a $1000 balance?
I think anything over $1000 would not earn the interest but the $1000 and under would even if you had $1200.
Subscribed to a bunch of finance channels and just found you! Loving your videos and approach! Subscribed and put my notifications on. Just watched your "I quit my job" video. Best of luck on your channel.
*There is an eligibility requirement for this bank!* You must either be: 1) related to a current member 2) a member of an organization that this bank serves (or become part of one) 3) a member of a condo association that this bank serves or 4) an employee, retiree, or family member of a company that this bank serves.
This account is *not* open to everyone.
I was just about to say that DCU isn't for everyone, I tried to apply but I'm not eligible
Sounds like a pyramid scheme
Hey actually, a loophole I found was to just APPLY to be a member of one of those organizations. Super easy and instant membership when you sign up for the “remembering students/school” one (sorry don’t remember the exact name. Point is, I understand the doubts y’all have on applying for this one but I was able to because I just looked up the organization online, applied for membership and then went back to the DCU application and said yes I am a member, even though I was a member for 5 minutes when I applied it still counts!
Awesome video man! Thanks for sharing. Looking forward to more content from your channel!
Hey Pierce, thanks so much! I checked out your channel and your videos are really awesome, keep up the great work. I really enjoyed the passive income suggestions. How were you able to grow so quickly and get so much engagement?
Also just subscribed to you :) looking forward to more content in the future!
Vincent: Money, Investing & Real Estate thank you I really appreciate it! Hasn’t been all that quickly, but pretty much just through commenting on other videos. I have a lot of great content planned for the future
@@PierceJordan Got it thanks for the tip :) Do you have any more advice that helped with your growth?
Sounds like you are very well educated and passionate about this topic, which is very inspiring and trustworthy. Thank you very much.
Welcome to my channel, Dawn! I love helping others understand personal finance and improving their financial situation. Consider subscribing because I make videos on money, personal finance and investing 3x a week!
Really good in comparison to the fact that this video was published exactly when the COVID-19 pandemic started the same year.... can't really find high yield savings accounts like this right now
Very helpful! Thank you so much.
Hi Vincent, I had a question. When you say these accounts only allow a max contribution of $1k, is that $1k contribution max per year or $1k total? Thanks.
In total
Just found this video. Question: If I reach my 1k max for the 5% APY, what happens if I continue to add? Will the APY just go down for the remainder of the amount or will I lose all the APY from the initial 1k? ex: I will receive 5% APY up to 1k, now let's say I've added up to 2k. will I still get 5% for the initial 1k and maybe a lower APY for the second 1k or will I lose all APY once I exceeded the initial 1k. I hope I'm making sense.
You just earn interest and they only paid out on first 1k and not your balance over 1k.
@@donniethesportsguy893 beer.
Liked and subscribed thanks for the information keep up the good work!!!💰💰💰
Hi ! II just stumble upon this video. With Blue Fed, do you withdraw the interest at the end of the month so it stays at $1000? How does that work?
Is Credit Karma’s debit card, savings account worth jumping into? 🙃
Hey,
Thanks for posting the video. I believe, however, the netspend account may not be a good idea. There are so many fees associated with the account. I, actually, had lost the patience to continue reading all the fees associated with the account. I'm wondering where might you put over 100k. Any accounts with a fairly high APY for those amounts.
Hey which fees are you referring to? I’m only aware of the inactivity fee being a thing but there could be more! To waive the inactivity fee, I would just set up automatic $1 transfers monthly. I saw the % APY dropped again for the common online high yield savings account like ally, marcus etc. I'll do some research for one of these common ones with better rates. let me know if that would be helpful :)
I agree, I don' think Netspend is a good choice. I say this after opening 2 accounts and trying out their services for past 3 months. Their customer service is AWFUL and they do not know their own products. I called many times, one rep would said the savings interest rate is 0% then another one say interest is $.01 per month. I had to tell them multiple times they were wrong. Also, Netspend offered a $5 promo if I used their mobile check load app. I tried many times but the code did not work but I deposited my funds anyways hoping they would credit the $5 later. I had to call multiple times and argue with them until they would honor my promo code. Also I spoke with Ingo (their mobile check load vendor) and they also confirmed many Netspend cilents were having the same issues. Also, when is the 4.91% interest paid? Monthly? It does not reflect in my statements at all. @vincent chan- I'm pretty disappointed in your recommendation as I believe you don't even have a Netspend account...
how are taxes collected tho ? do we receive the interest post tax ? or pre tax and pay it when we file taxes
Great advice, Thanks!
thank you for teaching me what public schools failed to really appreciate what you do man helps me A LOTTTT!
This is good information but you should really address the membership limitations. For Blue and DCU, you need to meet pretty specific membership requirements. This highly limits the people that can apply. Really good for those who do meet the requirements though, so still look into it!
They used to let anyone get an account until word got out on their rates and then they locked it down hard. The title was changed to 2022, but this is a 2020 video. Amazingly, these banks are still offering those rates, but you had to get in before they locked down new account access.
hi Vincent! thank you for the info on the video. I would love to learn more and have similar questions to the rest of the comments below regardinghow to move forward and continuing to earn once we have reached the max. I hope you can answer some of the questions below. I appreciate you!
Opened up a FBCU after this.
My thoughts are that you would have to split up your money among each account once you hit each limit to get the most out of your money. Is that correct? Also, once your money exceeds say $1000 does the interest rate decrease for everything or just the amount that goes over the limit?
Maximum of 1000 makes all of these banks useless.
Welcome to the channel, manillaice! Glad you're here. You might be interested in my other video where I talk about the top highest % APY CHECKING accounts (>4 % APY) here with much higher limits: bit.ly/bestAPYchecking . In addition, I found a savings account that gives you 6% APY with NO limit - I'm releasing that video next week so make sure you subscribe for that one!
Vincent Chan - Personal Finance & Investing yah! Waiting for that one !
Vincent Chan - Personal Finance & Investing did you already release that video?
Agreed, this was misleading
BASICALLY!
Nice one man, I started with day trading but later switched because I still lost...the fact is you should learn and practice on demo before you lose your capital.
How do you possibly trade?
Am new to trading system and basically need help
I make my trades with Mr Logan, A professional broker that I got his recommendation on LinkedIn
I have worked with 3 brokers in the past none of them is as efficient as he is. . ..His trading strategies is awesome
Wow , He's really amazing, with his amazing skills he changed my 0.3btc to 2.1btc
Great vid this helped out ALOT!!! 🤑
I just found your channel and have learned so much already! Thanks so much for the great content l
Yotta is the best HYSA! You can win prizes every week just for saving money. The APY is 0.2% but with the prizes included the average person gets a yearly return of 4%. Use code KELSEY88 for 100 free tickets!
Okay maybe a silly question but if the cap is $1000. Do you need to take the interest you earn at the end of the year out to be able to continue earning interest on that $1000? Or would they just only ever give you interest off that $1000 and everything else is just in the account but wont earn interest?
The latter. You can put as much in it but they will only give you interest on the first $1000
@@NiOko2013 so would this mean I take the amount earned from interest out of the account at the end of the year, and just let it earn the same amount over the following year?
(writing this for myself and i’m sure will be helpful for others)
3. Blue Federal Credit Union
4.99% APY
2. NETSPEND
prepaid debit card; money deposited into cards & held in online accounts at
5% APY
Limited to $1,000 but can open up to 5 debit cards.
1. Digital Credit Union
6.17% APY
$1,000 cap
Can contribute up to $7,000 using all 3
The hook is the interest rate, they make money on the fees....It’s win win for them because of $1000 limit lol
Welcome to my channel Tacoma, there are actually ways to waive the fees just let me know which account you're referring to and I'm happy to help. You can also contribute more than $1000 limit, the interest rate will just lower but still be higher than the national average. If you're looking for a 6% savings account with NO limit check out my video here: bit.ly/OutletFinanceVid. Don't forget to subscribe for more videos on money, personal finance and investing!
@@VincentChan how to waive fees on outlet?
Goodmorning Vincent , love the information , Which is your favorite one to use ?
Thanks for sharing this information I find it to be helpful!
Great video 🔥🔥. I’ve been looking into putting money into a savings account with high interest rates.
Thanks for watching and welcome to my channel, Lavar! Check out my 2 other videos with super high yield accounts (6% APY with no money limit and 4%+ APY on checking accounts).
bit.ly/OutletFinanceVid
bit.ly/bestAPYchecking
Remember to subscribe for more videos on money and personal finance!
@@VincentChan I'm still fairly new and teaching myself this since I was never taught about intrest rate. I do get an interest rate from my current account but not like credit karma. What's with the intrest rate in this?
@@solidtron1965 Which account are you referring to?
@@VincentChan credit karmas savings account. How are they and is it legit?
@@solidtron1965 I never looked into credit karmas savings accounts! i didnt even know they offered them!
So can I put 1,000 into each of these accounts and still get the apy? That’s the limit on these, and than after the percentage goes down
Exactly! Remember to subscribe for more videos on money, personal finance and investing
Helpful thank you.
Great video! Very informative!! I did have a question about the max balance you can put in. Is this max amount you can put in per year or does it keep that balance and add compact interest over the years?
I have the same question. You just maintain below the maximum (1k) and then just make all of that money back every year.
It seems almost too good to be true. Haha
Did the math on a 6.1%apy $942 is should be add up to about $999.46
This was really helpful. I never heard of these before, I guess I know where my emergency funds are going now! lol
Welcome to my channel! I'm so glad you found this helpful :) Let me know if you have any questions about the accounts. Also check out my other videos on highest yield CHECKINGS account (>4% APY) with higher $ limits th-cam.com/video/fxG324bhToM/w-d-xo.html.
Consider subscribing because I post videos on money, personal finance and investing 3x a week!
My thoughts exactly!
@beautiful boombap Haha exactly! Remember to subscribe for more videos on money, personal finance and investing every week!
@@IAMCOACHFLOYD Yup perfect for emergency fund. Remember to subscribe for more videos on money, personal finance and investing every week!
Wow so happy I came across this! Wealthfront was the highest I saw at 1.28 it’s now down to .35 thanks for the video!
Welcome to my channel, Justine! Really appreciate your comment. Remember to subscribe for more videos on money, personal finance and investing!
Is the $1000 max contribution a monthly/yearly max or a total max?
Was very helpful thank you
If the maximum for most of these accounts is $1000 and they compound daily - wouldn't you go over the maximum almost immediately (or at least monthly) and then lose the 5%APY rate? and get reduced to the lower rate?
Yeah, this was a clickbait video. Waste of time, unless you want to make 3 extra savings accounts all with under $1k 🙄
Compound YEARLY.. not daily or monthly..
APY - Annual Percentage Yield ...
I really appreciated the information in this video, but the music placement/volume was pretty distracting. :/
Welcome to my channel, Shay! I'm glad you enjoyed the video. I hope you can forgive me on the music and volume. It was one of my first personal finance videos. If you check out my more recent videos, they should be much better! I hope you consider subscribing for 3x videos on money, personal finance and investing every week.
thank you will try these out.....wish the last one allowed you to put more and build but its a start......
Thank you for information. 💯
I have been a Marcus customer since they started up and I have been disappointed at how over time their rate has gotten lower, and lower.... and lower lol. These sound like some interesting options, thanks for letting us know.
Exactly - the traditional high yield savings accounts have been lowering their rates constantly with the fed funds rate. These 3 accounts with >5% APY took a while for me to find haha. Are you thinking of sticking with Marcus?
@@VincentChan I usually move between Ally and Marcus depending on the rate but since I know about the above ^^ might as well move a percentage of the 6-month emergency reserves into the $1,000 max savings accounts and park it there. If anything, it'll bring up my weighted average apy lol. Most free cash however I put into the markets to swing trade the volatility.
@@forrestspellman Nice! How has swing trading been working for you on average? I might start getting into it
@@VincentChan I love it I have a strict proft-taking benchmark and then average down on short term losses. All stocks I trade I am super content holding long term so where I am outleveraged I just turn the stock into a LT position lol
@@forrestspellman Nice! That's good that you'll turn into long term position and just wait it out. I may try it some time in the future :) Any videos or blogs you recommend about swing trading best practices?
So with the Netspend would i buy 5 cards for 1k each an charge it to the same account or would they be separate accounts.. and im Confused about the last one.. is he saying open 3 1k maxed accounts?? Uf so where does the 7k come from??
Thank you so much
Great and informative video. Although, while trying to open the DCU account, I am required to be a member of the organisations DCU serves. Unfortunately, that was a major issue and I had to back off from opening the account.
Welcome to my channel, Ausmita! Another way to qualify for membership is to give a one time donation to a charity, and you specify that you want to make the donation on your application. They will take the donation out of your opening deposit. Let me know if that works!
@@VincentChan Hi Vincent, thank you for this great video! I am tying to apply as well, but can't find the donation section? Would you please show where exactly that is?
@@lynjeangabor3288 It should be in the application when you apply!
Yeah I noticed that too. It’s not always good as it seems
@@VincentChan Is it a specific list of charities that they support or can it be any charity?
Thank you for this amazing content. I’ve been traumatized from day trading a few years ago and have been sitting out of the stock market for awhile now but my savings grew substantially over the years. I currently have almost $250K in cash and just want to park my money somewhere with good yields until the market dips again to low levels and I can buy assets for cheap for the long term. Thing is with interest rate hikes not sure if the markets will pick up quickly like before.
If you don’t mind me asking, how did you manage to build a cash pile like that in just a few years? I’m trying to get like you lol
@@luckypoison8708 had a lucky head start because of my family’s money but it was through discipline savings, taking on no debts, buying as much things only when they are on sale, and lots of sacrifices that some people are not willing to make! I moved back into my family’s home since I am single and since my family has no mortgage I just help around with the bills which is significantly less than paying rent! Rent eats up a lot of your disposable income. Also due to the central location of my family’s house, I realized I don’t really need a car at the moment so gave that up and used public transportation instead which saved me money on gas, parking and other expenses associated with a car! Of course some people may not have that option or would not like to sacrifice those things that I gave up which is understandable. It doesn’t bother me at the moment to live with my family I grew up with and not using a car but eventually I want to be financially comfortable enough to reclaim an independent lifestyle!
@@jon6309 thats nice. Its cool you are willing to make the sacrifices. That can lead to good personal growth and pay off later. The perspective will feel nice.
If you don’t mind me asking, have you contributed to a Roth IRA?
@@tapangasoul6928 yes I have a Roth IRA account and a regular 401k account from my employer. I’m thinking of converting my 401k into a Roth but still thinking about it. My employer has a very generous matching plan which I’m trying to take advantage of.
So rates can change anytime they want/prefer. Or will it be locked the same for the year? And you will be able to withdraw anytime you want? And if you withdraw and planning to deposit to max amt. are your rates going to be at the beginning or current rates? Thank you
Great video, just subscribed!!!!
Question, is it worth putting money into each of these accounts or just having one high yield savings account that may have a lower rate, if you have a little more money to put away? I have about $10k that I want to put into a HY savings account and idk, the idea that I can only put $1k into each account seems like it’s not worth it and I should just put the whole $10k into an account and maximize that full amount.
**I’m new to HYS so no one come for me and my ignorance, lmao, thanks!
Thanks so much for subscribing! I hope you find my other videos helpful :)
Whether it's worth it to open these accounts is really dependent on your situation. You should factor in the initial time to open the accounts as well as the time to manage the accounts. If you're concerned about the contribution limits in these accounts, I just made a video on the HIGHEST interest rate CHECKING accounts here: bit.ly/bestAPYchecking. These checking accounts provide 3%, 4% and 4.09% APY respectively and have much higher contribution limits so they may be a good middle-ground for fantastic rates.
Let me know if you have any questions, happy to help!
Vincent Chan - Personal Finance & Investing how funny, i JUST watched your highest interest rate checking accounts video and the how to make money during the pandemic video! I actually screenshot your mention of amazon mechanical turks as I’ve never heard of it and am going to look into it.
I didn’t think about initial time to open the accounts as well as time to manage the accounts so thanks for bringing that up, I’m going to do more research on HYS before opening one. These videos are super helpful and insightful, thanks for them!
@@goldenxdiva6562 I'm very glad you found them helpful :) Please let me know if you have any questions on any of the topics I covered! Also do you have any topics you want me to make videos about?
Vincent Chan - Personal Finance & Investing I’d love more videos on the market! I see you have a couple but maybe even intro level videos on understanding the market and how to buy and sell stock!
@@goldenxdiva6562 Just made one here, please check it out! th-cam.com/video/mcL7kv0z43U/w-d-xo.html
Nice info. Too bad out of all these 3 saving's accounts, we only can contribute up to $7000, and the interest rate changes every month. If they allow no upper limit savings, it'd be much better. ;) I subbed to your channel. Hope to watching more of high interest rate bank videos.
Thanks so much! I'm really glad you enjoyed my video :) What kind of videos do you want to see more of in the future?
This is a very well done and informative video. I do want to point out that you have your percentages off. $4 is 40% of $10, not 4%.
Lol!!
@@Subjectivelyoffensive6312 i thought only my math is bad
Thanks buddy I'm checking these out and will start hopefully growing my money thanks to you!
Hope you enjoy! Check out my other videos on investing if you really want to grow your money further!
Quick question! Once I max out an account from whichever bank you said, will I be able to close the account with no penalties, charges, or tax-free? I really would like to switch my savings and put 100 dollars each into three bank accounts. Once I max out the 1,000 limit, I would like to take my money out and put in high yield savings account with an APY of 1.70-2.00%. Do you think that's a good plan? Keep in mind I already have 3k set and ready to build so should I add in money into each account biweekly? weekly? monthly? Thanks for reading this!
Great question Valeria, why would you want to close the account after maximizing your return for the year? You can just take the over-the-limit money and deposit it into another account while keeping the banks I recommended open to get another high return the following year. Let me know if that answers your question, happy to elaborate!
@@VincentChan Yes this is great thank you. But what would you recommend doing with the bank after transferring the money?
This is very helpful! thank you! I've been looking into it. So cool to know about this opportunity!
Thanks so much I’m glad you found it helpful! What content do you want to see more of?
@@VincentChan I think you just answered my prayer by your newest video 🤙🏼
@@realtomchou Hahahha I'm so glad I was able to answer your questions :) Let me know if there's anything else you'd like to see! I love seeing your comments!!
@@VincentChan Always bro! Keep it up! Almost 1K!!! I wish I can get that soon too!!
Honestly, this video was super helpful! The only thing that confuses me is why doesn't google list these three banks on the highest apy for the bank accounts? I am only seeing banks such as CIT and Capital one listed which is low compared to the last one. Why?
Great question Patrick. I can think of a few reasons:
1) these banks are not popular enough because they're relatively small credit unions so people aren't too aware of them
2) these banks don't offer affiliate / referral bonuses (not that I'm aware of) so the sites you're looking at for "highest % APY" aren't posting these because they can't get any $ from sharing them
I try my best to do as much research as possible to find the most factual information despite what Google says. Check out this video too that shows the highest % APY for checking accounts: bit.ly/bestAPYchecking
I'd also appreciate if you subscribed for more videos in the future :)
Thanks man!
Hi Vincent, thank you for the great resources. Regarding Netspend, it sounds like I would need to open 5 accounts in order to take advantage of high interest rate? Is this correct?
Welcome to my channel, Rosana! You only need to open 1 account to take advantage of the rate but you can maximize the money you can have in the account with 5 accounts. Check out my 2 other videos with super high yield accounts (6% APY with no money limit and 4%+ APY on checking accounts).
bit.ly/OutletFinanceVid
bit.ly/bestAPYchecking
Remember to subscribe for more videos on money and personal finance!
That is insane, I wasn't expecting that any would even be near to that at this time - wonder how they do it!!!
It's crazy isn't it? 6.17% is pretty much equal to the average stock market return. Plus there's no potential downside since it's in a savings account that's FDIC insured. What savings account do you currently use?
Vincent Chan - Personal Finance & Investing How do I open one of these accounts?
Wow!! 6.17%???? That's awesome
It really is, especially in today's market conditions! That's so close to the 7% average return on the stock market
On $1,000.
Hell yeah ! Thank you
Thanks broski 👌
Man this man can't get his math straight! 10 dollar in for a year 5% apy is 5 dollar? Yo, it should be 0.5 dollar.
Hey Jordan - you're 100% right! I noted it in the comment section that I meant to say for $100, not $10.
@KARMA One Welcome to the channel! this was one of my first personal finance videos so I do hope you can forgive me :)
Math mistake... I was about to comment about that as well. I don't think it was malicious just a simple mistake. At the end of the day we are responsible for our own finances and we are responsible for checking the math.
You are wrong
What!!!! For every 10$ with 6% i get 6 $
Pay attention in your math class man
Thanks for watching! You're right! I messed up the numbers since this was one of my first personal finance videos on TH-cam.
@@VincentChan dont worry mate keep doing good vids
@@shadowgamers6785 Thanks so much! Consider subscribing for more videos on money, personal finance and investing!
A question...Are those high yield interest rates for the savings account daily or monthly ( coumpound ) interest or not ?
Percentage is for the year but you get pieces of it monthly
Very nice info worth thinking about
The best saving account is investing on coins. Get it
Very true.👍
Bitcoin is only truly democracy that ever exist!
Bitcoin is the future,investing in it will be the wisest thing to do especially with the current price. That's why I chose to trade with Mr Sean Anthony. He makes me see how profitable the market can be
I have been seeing so many recommendations about expert Sean on other platforms trending I think he's must be good for people to talk about him
I did invest with him. He made me more Profit weekly
So on that 6% annual interest one you can only have $1,000 in there at a time or is it $1,000 a month you can contribute?
Amazing! Thank you for this video!
Thanks Aimee, appreciate the support. Consider subscribing for at least 3 videos a week money, personal finance and investing!
Vincent Chan - Personal Finance & Investing Already liked and subscribed!
You're the best man, thanks!
Glad it helped!
So glad you're giving account that aren't popular; tired of hearing about ally and synchrony. I've got one myself (synchrony account) but this is a new opportunity to research. Thanks!!
I am trying to open a dcu account and the lowest fee for becoming a member i can see is 10$ a year for their listed charities, would I need to pay every year to have the dcu account with the charity membership or would it just be needed the first year?
Welcome to my channel, Jonathan! I believe it's a one time fee for the $10. I'm happy to dig deeper on this for you, please let me know.
Vincent Chan - Personal Finance & Investing thank you that would be amazing I’m trying to spend as little as possible on it to maximize my return from it love your channel!
This is Philip Wooten from Flint Michigan your great thanks for the info.
Thank you for helping me I saw somebody talking about it on fb and I searched on TH-cam and it brung me here
Super helpful
Great video and the way you explain it is easy to consume bro , you got a new subscriber..👏
Awesome man, thanks so much!
For DCU, is the $1,000 maximum contribution limit a monthly limit?
Bravo 👏🏾 good game !
I tried joining Digital Federal Credit Union, but they had eligibility requirements on the third page through. It asks if you work for them, live in one of the communities they serve, or work in a job associated with their company. Do you know anything about this?
Very good advice my friend we need anything that can help right now 👍
Welcome to my channel! I'm glad you found this video helpful, subscribe to stay updated on money, personal finance and investing! Let me know if you need any help or adivce!
I just subbed my guy.. I have the Cap.One 360 saving and that shxt just keep going down. I'm at 1.15% now. I had the Amex Saving at 1.30%... anyways My question is.. How should I go about doing this to maximize my profit the fastest way ? for example. should I just deposit $1000 at one time and leave it there for ...????howlong??? or deposit $1000 over 2-3 months and then leave it for a year?
Thanks man appreciate the sub! I would recommend just depositing all at once because the %APY is calculated on a monthly basis. So you would be getting monthly returns which will add up to your total annual return. If you want to further maximize your returns, check out this vid I made about the highest yield checking accounts which are more than 4% APY bit.ly/bestAPYchecking
What does that linit nean? Is it per year or one time only?
Was excited about seeing this until I saw the limitations of the accounts. Do you have anything for 5 or 6 figures?
Thanks this is nice
Thank you! which savings account did you decide to go with?
For the last hys account, if I contribute $1000 and I get$ 61.70 does it continue to compound if I just leave the money their?
Do you get locked in to those rate or they can change them at anytime?
This is awesome! How secure are these online savings accounts though?