Best High Yield Savings Accounts of 2024 (Earn Passive Income!)

[@roadmapmoney]

Want to use the same savings account I am using to earn $1,200 in 2024? -- www.roadmapmoney.com/go/CITSavingsConnect Grab the spreadsheet. -- docs.google.com/spreadsheets/d/1p8TnFjSL_hiFSU_gaRzwdnxqlzsj-eSXOgR4iwsFMe4/copy

[@charlesanderson5805]

None of these people tell you that you have to pay taxes on your interest at the end of the year

[@JerkStoreCalled]

That’s actually a really good point

[@JuanCarlosFernándezGarcía-c5j]

Exactly

[@stairwaytoheavenable]

How much tax?

[@dral22]

Just like you have to pay ratio fees, maintenance fees, and random tax fees when you invest your hard earned money in the risky stock market. What was your point!

[@sammyparadero8762]

I mean everything is being taxed. Even that $23 I earned from my savings account was being taxed 😭

[@gwencaveman8851]

Investing can be a very impactful way to grow your money, especially when you consider the three main factors that play a role in how much wealth you build: rate of return, how much you invest each month and, of course, time.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..

[@jacondan6335]

I would be happy if you could advise me, as I am ready to go the passive income path.

[@gwencaveman8851]

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[@jacondan6335]

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[@gwencaveman8851]

Alright, you can easily find her information by doing a quick 🔍 search. Feel free to reach out to her directly with any questions you may have.

[@eadad4371]

Seeing Regina Louise Collaro mentioned here is unexpected. I've harbored mixed feelings about enlisting the services of an investment advisor. To set the record straight, my association with Regina dates back to 2019. She handles approximately 70% of my investments, with me managing the remaining 30%. My principle revolves around prioritizing my financial interests, yet Regina has persuaded me of her wealth of insights into current market conditions and future prospects

[@SteveSabbai]

I'm staying away from UFB Direct. Any HYSA company that doesn't automatically give you the latest higher interest rate is not a company i want to do business with.

[@ia6980]

Cit or wealthfront which one would you recommend?

[@SteveSabbai]

FDIC protects my money in case the bank goes under. Does it protect my money if my account is hacked and my money is stolen from these online only HYSA?

[@natashacoda4354]

Which do you recommend for someone new to high yield and is a little bit afraid to venture into something new with their money?

[@roadmapmoney]

Any of these are reputable banks and your money is insured by the FDIC, so there's no risk of loss. I personally use CIT Bank, but all of these are pretty great.

[@iyanuolaseun]

I went with CIT! do you recommend opening multiple high yield saving accounts? thanks!

[@Embrxceyourdemons]

I do. I keep $1k-5k in a highly liquid high yield account. This one is less about the rate and more about having a debit card and 24/7 customer service with same or 1 day transfers. Basically my emergency fund. From there I have multiple accounts set up for my financial goals. House fund, furniture fund, new used car fund, etc.

[@roadmapmoney]

Yes, I like having accounts for each savings goal. I believe you can open multiple with CIT and give them each a nickname (car fund, Christmas, vacation, etc.)

[@paigekaufman5835]

You can open multiple with CIT? does CIT give you a debit card as well?@@roadmapmoney

[@Sexcmo78]

​@@roadmapmoneyyes you can.. I just opened 3x Accts with CIT so far and I love them alot and overall a good mobile app and super helpful customer service reps too to match.. They have a winner 🥇 here.

[@josephmgomez3921]

I'm gonna go with Sofi and CIT.

[@brianmanning9271]

Where is Western Alliance on this list?

[@glorytogod8208]

One word. Subscribed!

[@daytonpyro]

2.15 sub/ time to leave the brick bank at 0.01%

[@troysolomon7747]

What's better: having money in one account (more money more interest) or having multiple accounts (less money at start but overall more interest)? I feel like the latter would be better but is it lifestyle dependent? Thanks for any insight!

[@roadmapmoney]

Just pick one account with the best rate and leave it there. Splitting money doesn't earn more. Only reason to split money is if you have over the $250,000 FDIC insurance amount

[@chozham8764]

Great video 😊

[@mcooke59]

Do these accounts offer zelle or venmo transfer to and from your main account?

[@roadmapmoney]

Some do, but the transfer limits will vary by account. For example; CIT Bank offers Zelle, with a $600 daily transfer limit. SoFi does not offer Zelle, but you can link a SoFi debit card to Zelle. UFB doesn't advertise Zelle at all, so not sure on that one. I use ACH transfer from CIT all the time, takes a day or two usually. But I keep a smaller emergency fund in my main bank, and the rest at CIT.

[@TahiraDavis]

I've been watching so many videos I don't know if I should go with Sofi, CTI, Ally, or Wealth front. My biggest thing is I want to be able to have access to my money when I need it with little hassle. Help.

[@roadmapmoney]

If you need quick access, you need an account with Zelle. This allows near-instant transfer to other banks. In another video I reviewed Qountic Bank, and their Money Market accounts pays 5% interest and has Zelle and an ATM card. More info 👇 www.roadmapmoney.com/quonticMM

[@Jenna888s]

Can i ask your thoughts on Betterments HSA? I noticed its not on your list and would enjoy your pros/cons perspective of them. Thanks! This was very helpful

[@roadmapmoney]

It's a great option if you already use Betterment. Otherwise you'll need to sign up for a Betterment managed account, which charges a fee for managing your investments. I like the platform, but prefer to manage my own investments.

[@neilhamirkeshvala]

Marcus also discriminates against disabled employees

[@elonmusk8667]

Vio bank offers 5.3%

[@roadmapmoney]

Looks like a great option with their Money Market account. Just make sure to keep an eye on transaction limits - some banks limits withdrawals. Otherwise, great rate!

[@rethkim323]

What about Bread savings? They look good on paper but am nervous since it’s my first time using an online bank versus a in-person bank.

[@roadmapmoney]

Bread looks decent -- backed by Comenity Capital Bank and FDIC insured...so your money would be safe there.

[@Silvio67]

can i use any of these to pay bills online? especially with direct deposit..

[@roadmapmoney]

They accounts aren't meant for bill pay, but for storing savings. But the SoFi account I believe offers bill pay.

[@luisannarojas9207]

Can I link my business account on UFB?

[@briannaprieto3043]

What makes you not recommend Aly HYS?

[@roadmapmoney]

Ally is cool, so is CapitalOne 360 Performance savings. Solid choices. Didn't want video too long, Lol. But CIT and others do pay a higher rate than Ally or Cap One

[@miguelr2739]

Good video