6 High Yield Savings Accounts to Build Wealth in 2024

6 Best High Yield Savings Account in 2024 (in no particular order)
➡️ AMEX Savings: vincentchan.co/savings-amex
➡️ UFB Direct Savings: vincentchan.co/savings-ufb
➡️ Marcus Savings: vincentchan.co/savings-marcus
➡️ Ally Bank Savings: vincentchan.co/savings-ally
➡️ SoFi Savings: vincentchan.co/savings-sofi
➡️ Laurel Road Savings: vincentchan.co/savings-laurel...
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⌚️Timestamps:
00:00 Start here
00:06 Savings Account 1
01:08 Savings Account 2
04:05 Savings Account 3
05:01 Savings Account 4
07:03 Savings Account 5
10:25 Savings Account 6
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
Past performance is not indicative of future results. Vincent Chan does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned. Before acting on information, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

[@VincentChan]

6 Best High Yield Savings Account in 2024 (in no particular order) ➡ AMEX Savings: vincentchan.co/savings-amex ➡ UFB Direct Savings: vincentchan.co/savings-ufb ➡ Marcus Savings: vincentchan.co/savings-marcus ➡ Ally Bank Savings: vincentchan.co/savings-ally ➡ SoFi Savings: vincentchan.co/savings-sofi ➡ Laurel Road Savings: vincentchan.co/savings-laurelroad

[@candywrapp]

How do you feel about Vanguard's cash plus account? Offers 4.6% on cash, but the benefit is you can buy their money market mutual funds (VMFXX/VUSXX) which also offers 5.28-5.29% APY

[@benitabussell5053]

I'm 49 and earn about £2M ($2.5M) per year and save about 30% in HYSA's. I've been reading a lot of articles mentioning how w0rthless 'cash savings' are in this current unstable economy. D0 you suggest I invst in real estate, stocks or Gold?

[@RickWatson-xu6gw]

A consistent 5% return from the bank and US securities sounds better to me than worrying about losing your money if the stock market falls. Also consider financial advisory with the size of your budget.

[@A_francis]

The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, Financial Consultants are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, amidst covid outbreak, my portfolio has yielded massively in ROI, summing up to 7-figures as of today.

[@benitabussell5053]

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@A_francis]

*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@vibora7795]

Is this a serious question?? If you make 2.5 million a year then you are the 0.1 percent,and you are asking how to invest on youtube???😅

[@HildaRealtor]

Been with AE for over 20 years, their customer service is bad in recent years. I canceled my premium card, not worth paying almost a thousand annual fee for bad customer services. They used to have well trained local customer services, now they out source, maybe that's why it's so bad now.

[@Jme_CA213]

Oh no! I just applied for a HYSA with them.

[@ThomasRPatterson]

Thanks for the video, informative, and came in handy! Take care and keep it up

[@digital_0630]

Surprised Wealthfront is not on this list!

[@dimZone4]

I use CIT bank platinum saving account which yields 5% APY on balances $5,000 or more

[@Renejime9288]

Hello Vincent, thank you for the valuable information. I attempted to open the high yield UFB account but it seems I have to wait until it get approval. Do you recall how long that process takes?

[@CENA896]

I just got a CD with ally 4.60% and the interest accrues daily I plan to use the interest each quarter to pay a bill or two plus I have a money market with them

[@ivanpena5531]

Whats your take on Vanguard's high yield account?

[@PW060284]

You should also talk about the potential pitfalls of using a smaller bank too. Higher likelihood of bank failure, e.g. SVB. Yes, there is FDIC insurance BUT your funds are probably inliquid until that process runs it course (and who knows how long).

[@royjohnson9043]

what do you think about ally

[@PiggyBankStories]

Thanks for the video Vincent! So good that cash can sit in these accounts and make a 5+% yield for us! Also good to buy T-Bills too 😊 so we don’t pay Fed tax on the gains

[@matthewlaughlin1619]

Everbank/TIAA is 5.16% (no fees, no strings)

[@allisonmclean2251]

What is your take on Synchrony high yield account?

[@fmsporthighlights7137]

Hey Vincent, what are your thoughts on ONE ? They offer 5% APY when you set up direct deposit, cash back at select businesses, access to hundreds of in network ATMs with zero fees and also offer the round up option as well. Any thoughts?

[@yonallb]

Laddered t-bills if you have a decent amount of money. Or a federal money market fund if you want it more liquid, it helps avoid state/local taxes.

[@kehtonhultquist5075]

Are these better than HYSA?

[@sadiegirl5312]

Absolutely! Been buying tbills for 2 years, monthly. 5.25-5.40%

[@kehtonhultquist5075]

@@sadiegirl5312 huh ok. And they’re tax exempt??

[@BSGSV]

This video gives great information for new savers. Also, most brokerages offer 5+% CDs.

[@VincentChan]

thanks! do you have a HYSA?

[@arewethereyet73]

It was just a few months ago that my wife and I went with Ally due their features and solid review ratings. After watching your video, however, I'm now wondering if UFB is the better option? We've been happy with Ally so far, but that extra 1% sounds appealing. I just don't know enough about UFB and I'm a bit unsure if it's really worth the switch process. Thoughts anyone?

[@Shauneeful]

I have Marcus and I love it! No complaints!

[@VincentChan]

How long have you been with them?

[@minhchu15]

I have Marcus too. I've been with them for years now. I noticed when rates drop Marcus will lower slower than the other competitors.

[@Shauneeful]

@@VincentChan Since November of 2023.

[@KanitaRutley]

Extremely informative video! Thank you for sharing. May I also ask what kind of video camera you are using? The clarity is impeccable.

[@cinnamonrussell6153]

Hi Vincent, great video! What APY calculator would you suggest to calculate future projections for a HYSA?

[@reyjosegutierrez4934]

I want to know too

[@maness2112]

Multiply the amount times .0xx

[@gamereditor59ner22]

Interesting! Thank you for the information and keep it up!

[@VincentChan]

Thank you! Do you have a HYSA?

[@lisamargo4979]

What do you recommend for a high yield for an LLC (business) account?

[@rick.austin]

Great video, Vincent. It's crazy how much we are getting paid for cash now

[@VincentChan]

Yeah!! Do you have a HYSA?

[@rick.austin]

@@VincentChan I do, actually I use my brokerage also for my liquidity and it gives me 4%. It's almost the highest amount you can get in Europe. In the US it's higher

[@priestesslucy3299]

In the 90s it was pushing double digits

[@kylecaraway8662]

This is because inflation is high for the most part but this also has to do with competition in the market doing the same thing making high yield savings. In order to combat inflation they increased interest rates but if they reduce the interest rates you’ll see lower interest rates for bank accounts as well but your money will not be losing its value as fast so it’s not much of a difference when talking about high yield accounts but like he said it’s better to get the higher rate then deal with these banks that give you less then a percentage.

[@raznatalia141]

These savings accounts were deff picked based on their affiliate offers.

[@thejunkyrd]

For the UFB bank it really isnt worth upgrading to the 5.45% rate if you break the math down. If you transfer 10k over to their checking which id assume 0% or close to it. youre losing money and essentially only getting .10% on that 10k when you could just keep it all in the 5.25% rate or up it to the 5.35%

[@VincentChan]

Yeah I wouldn't go through the hassle of getting that extra 0.20% but the great thing is UFB direct offers 5.25% right off the bat. That's what I've been personally using

[@TonyaBrown51990]

​@VincentChan, l just opened a UFB account. Now,my goal is to save $10,000 in this account. I have to keep focused....😂😂😂

[@chrisbacosa9960]

Thoughts on Synchrony HYSA? 4.75% APY, no minimum balance or deposit, and no monthly fees. FDIC insured up to $250K. Just have to wait a few days for transfers.

[@kimnguyen8705]

Does BofA charge you to transfer money into your Goldman Sachs account? For instance, my job sends a direct deposit into my checking account. Would there be a fee to transfer it to my HYSA?

[@MissKinderGarden319]

I love Capital One and Discover HY Savings😊

[@jollama]

Capital One compounds monthly while Discover compounds daily

[@foodlover8151]

This is great!!!!! In times of high inflation, I could really use this information 😅

[@VincentChan]

Glad it was helpful! Which HYSA do you use?

[@foodlover8151]

@VincentChan I think right now just what our banks offer. But we plan to move them to your recommendations. I don't think we decided on exactly which ones, but I'll update you

[@foodlover8151]

@@VincentChan we moved to UFB

[@VincentChan]

@@foodlover8151 Awesome!! glad to hear

[@artnatureinspiration]

I noticed that you didn't mention Discover or Capital One HYSAs. Is there a reason?

[@VincentChan]

Discover / Capital one HYSAs are fine but their interest rate is on the lower side compared to the ones I talked about in this video. Generally, what I'm looking for is either: 1/ HYSA with slightly lower interest rate but more features or 2/ HYSA with higher interest rate but less features. Capital one and discover HYSAs both have slightly lower interest rates AND less features which is why I didn't include them

[@redscorpion9325]

Capitalone went from 4.35% to 4.25% few months ago,I like Capitalone but even Im going to transfer Savings to another Bank in a few months.UFB and Laurel Road looks very interesting

[@nataliehotta3161]

Have you ever heard of the Raisin platform? What are your thoughts on it?

[@VincentChan]

I haven't, what is it?

[@nataliehotta3161]

It's a platform that offers different hysa, CD's and no penalty CD's. I have been using it since December of last year and getting 5.22% currently.

[@user-bz4nq2cl6q]

Vincent, there's a high yield money market with Vio Bank that offers a 5.30% interest rate.

[@VincentChan]

ya Vio bank is an option too but they have funding requirements and transfer limits

[@heatherh1109]

I recently signed up for ally. I really like their bucket feature. I was between them and laurel road, but I’m overall happy with ally.

[@rich5164]

I just left Ally - yield was way too low compared to everyone else

[@VincentChan]

@@rich5164 what did you switch to?

[@hunterandchavy]

Thanks Vincent! I was thinking of either using AMEX vs Sofi HYSA? I also need a business checking that offers HYSA too … any suggestions anybody?

[@ABDLAZ]

I wouldn't sign up for AmEx savings. Easy to open and deposit. Difficult to withdraw. They make you jump throw extra hoops to prove identification. Took 3 weeks to withdraw. For SoFi, I heard you have to set up a checking account and direct deposit to get the higher rate in the savings account. Also, not all direct deposits get counted as direct deposit.

[@Magnus055]

Sofi?

[@jonb740]

PNC is 4.5

[@minhajkhaled7827]

Currently using rh gold 5% on my money. $5 fee for gold. I take the interest & invest into blue chip stocks. Killing 2 birds with 1 stone.

[@adrianalopez1271]

Can you do 529s please?

[@SAV99]

For UFB, from "step 3" in your processes to receive more %, if maintained 10K in the savings account, does that mean I am going to be receiving 5.35% APY?

[@tamaramattson4768]

Forbright , your thoughts? 5.3%

[@parranoya100]

Western Alliance is at 5.36%

[@DAVIDRIVERA-pz2re]

Vio Bank is 5.30%

[@gussonthebus4]

Any thoughts on Citi Bank’s 4.35% APY?

[@VincentChan]

Citi’s HYSA isn’t available in all states and they have a bunch of fees tied to the account if you don’t meet certain requirements

[@MrLamborginigallardo]

Vanguard has a savings account with a current of 4.70%

[@jhonwayne1003]

Is this only sign up or phone call only?

[@jzbreezio]

also Capital one 360 performance savings account offers 4.25% with no fees

[@jollama]

That compounds monthly while most others compound daily

[@TheXixi743]

Was checking out UFB but the offer linked and the page it opens say 5.15% off the bat. Probably will still go with it!

[@TheXixi743]

I clicked the link for UFB and it took me to the My Bank Tracker link. And I clicked on the sponsored ad for Laurel Road. I didn't see anything on the page anywhere for UFB. If you have some kind of benefit for signing people up for UFB, then do don't this, because I can't tell how to continue to UFB from the link in the description. I'm just going to search for it online and join. I would've preferred to credit you properly for recruiting a new customer for UFB!

[@teejay6058]

@@TheXixi743 let me send you my link for a brokerage account?😂 Sofi is paying out for referrals for any old reason

[@VincentChan]

sorry about that! need to update my website. there was an error

[@VincentChan]

@@TheXixi743 Just fixed the website :) If you didn't open one up yet, I'd appreciate if you use my link. No worries if you already opened one

[@EhtizanVideoEditor007]

Hey Vincent Chan, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel

[@lindaaustin-morin7781]

UFB savings - How many times per cycle are we allowed to transfer $$$ out of account? I typically use my savings as a “holding account” for my monthly bills

[@VincentChan]

they don't have any limits around number of transfers :) did you open an account?

[@lindaaustin-morin7781]

No, not yet. My Bank of America Savings has a 6 transfer limit, that’s why I asked. Thank you for helping us

[@ibanarruabarrena3992]

Hey! Im a 19 y/o trying to set my first savings account. I already have an amex gold credit card and the amex savings seams interesting. But i also the Ally and its savings features are great. Any recomendation for someone that makes $4500/5000 a month with some extra cash left over?

[@VincentChan]

recommendation in terms of HYSA? Are you looking for an alternative to ally?

[@jollama]

@@VincentChanYou’re not getting a reply bro

[@marlossteward2730]

Don't forget Vanguard's 4.7% Cash Plus High Yield Savings Account.

[@VincentChan]

Yeah it's a decent option but it has an annual fee but you could do a workaround to get rid of it

[@jamesao1235]

How about Wealthfront?

[@StephsHealthMatters]

True, they are offering 5.00%, right?

[@garincarter7279]

@@StephsHealthMatters yep! And up to 5.5% if you refer a friend or family member

[@al3xzzGG]

I use them and they're my favorite. I continually extend my 5.5% APY boost and their mobile app is super easy to use, looks great, and the debit card is a huge plus.

[@judgeo2956]

I love Wealthfront, I did a lot of research and couldn’t decide between Wealthfront and Marcus but went for Wealthfront and I loved it. I ended up opening a Marcus account weeks after that but I still prefer Wealthfront

[@erichunt983]

I have Wealthfront and I love it!!! Totally worth it!! 5%

[@premium_chicken_nuggy]

Hey Vincent! I’m trying to find a good HYSA to park $2000 for an emergency fund. I just graduated college and I wanna have an emergency fund that I can access quickly and use in sticky situations (flat tire, medical emergency, last minute stuff that happens). Do you recommend UFB for me to start with?

[@VincentChan]

yeah UFB is a good start. It has the highest APY out the ones listed. Let me know if you have any questions setting it up

[@robertm8380]

You want the APY Savings that compounds daily not monthly

[@marielli7]

The SoFi 5000+ requirement is so annoying lol

[@Parcother]

I'm in the Philippines its not relatable enough😢

[@Jack_Clemans]

I keep all my extra cash in precious metals. Specifically Mr. Magic Lamps. Not a great APY but dang it if that bro can't rock a mustache.

[@VincentChan]

Lmaoooo love it 😂😂😂

[@Erokk1988]

Vio bank 5.3% no stupid hoops like UFB

[@VincentChan]

Vio bank is a decent option too but they have funding requirements and transfer limits

[@Userllmaa]

Vio is bad. You will find out

[@hhwin2198]

Why not buy T-bill directly from the govt website?

[@VincentChan]

because t-bills require you to lock up your money for the set durations (e.g. 6 months, 1 year, 2 years etcs.) HYSA is where you should hold your savings that you need to be liquid / have access to

[@sadiegirl5312]

You have a one month option! You don’t have to hold for 6 months! Really lame you say 7 mo and up. You love k in that 5.35% rate for 30 days! A bank savings acct floats. You don’t tell them that did you.

[@sadiegirl5312]

You can buy for 30 days you are NOT forced to buy 6 month and higher T bills. His response was BS.

[@Naturenerd1000]

5% interest for a high yields savings account is passive income after a few years.

[@VincentChan]

100% agreed - it's passive income even the 1st month

[@StanleyC-vx5jz]

At the moment, yes. When the Fed starts cutting the interest rate, these HYSA interest rates will go down. The interest rate may still be decent but will definitely be less than 5%.

[@jasminearceo4312]

Nice video but I don’t like the "building wealth" title for a HYSA video. HYSA is more for preservation of capital & emergency funds. I think "building wealth" videos would align better with a video on investing. IMO you can't save your way to wealth.

[@ausis6214]

Considering my money has earned more in a few months in HYSA than years at my traditional bank. I'd say it's helped me build wealth. HYSA is in the toolbox to earn wealth.

[@user-wp3pc9ky4l]

Ugh direct has too many steps to qualify for that apy I think I want to my life simple lol

[@VincentChan]

UFB direct is simple for their 5.25% rate :) the extra steps are only to get the rate to 5.45% which isn’t necessary

[@Kitkat915e]

SoFi makes it so you can’t get the best APY unless you make about $80k annually :/ need money to make money

[@VincentChan]

Check out UFB direct or laurel road, they have a higher APY than SoFi and don’t have those requirements

[@tommccabe1019]

Goldman Sachs never!!!!

[@kimnguyen8705]

why?

[@Lucky_McHugh_38C]

Only problem I have with your investment videos is your automatic assumption that we have $1,000.00 or more to invest. Im a disabled veteran on disability lookin to better my situation financialy... I get less than a $1,000.00 a month. Got any advice for us poor folks ???

[@VincentChan]

The 1k is just an example to show how much difference percentage points can be. You can have 100, 50 or 200 and the percentage points will still be impactful

[@lg7728]

I am a disabled veteran also. Are there any other earned conditions that you can claim, such as obstructive sleep apnea (with a sleep study), depression or anxiety, and others?

[@ralphramirez1979]

Banks are folding. Hold cash. Physical gold silver real estate. Soon blood on the streets

[@EriksJourney]

Is a savings account going to build wealth? Really? Wealth? Come on lol

[@al3xzzGG]

I'd say it's helped me build wealth with the few months I've had my money in a HYSA than the years I've had it with traditional banks. Better than your money earning you pennies a year

[@rotaman8555]

Yes, it is. Because wealth is a relative measure and not an established category. The more money/assets you have, the wealthier you are. Maybe you aren’t wealthy compared to a multi-millionaire, but you can grow your personal wealth by adding to the money/assets you have. So a savings account that offers interest will help you grow your wealth, and a higher-yield account will grow your wealth more than a low-yield account.

[@TonyaBrown51990]

​@@rotaman8555Well said!!!!

[@joeaquatic3816]

ok