Let’s not make this complicated. | Choosing a high yield savings account in 2023.

I got a request to talk about choosing the best high yield savings account so here it is! These accounts help you earn more money on your contributions and from the rising interest rates, it seems we're encouraged to save more during these times versus spend.
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🤗About Me:
Hey I'm Dyana, single mom of 2. After becoming debt free, I now share my life on a budget and money tips as I work to create generational wealth!

[@fefeasp2697]

This is why I’m with Capital One savings…I already had a cc. All of these banks are competing for your business which is why the similarities are so close. Thanks for sharing this🤗.

[@bm9275]

I just opened an ally account about two weeks ago. I love it. I don't know why it took me so long.😂. And 24/7 customer service with actually nice customer service workers is a big plus!

[@DyanaMariie]

Right?!

[@BrianaBudgets]

I’ve had an Ally account since February and I love it. They have a “buckets” feature so you can divide your money up into different categories but you still earn interest on the total amount of the whole account.👏🏼

[@DyanaMariie]

📌Hey guys, Ally has a promo going on right now! Enroll for an Ally account before 10/10/23 and earn $100 after your first qualifying direct deposit if made within 60 days after opening! www.ally.com/referral?code=7S3S8J9Z7Q

[@eh-fee-yah]

They also have bucketing for their checking accounts, almost like a digital envelope system. Love it for tracking. As always thanks for sharing.

[@DyanaMariie]

@@eh-fee-yah Ally does? Really? Cause I have a checking with them and never knew this!!

[@Yusheesan]

I have SoFi checking/savings. Direct deposit unlocks the 4.5 apy. You don't need to deposit obscene amounts of money into it. I actually like it because it lets me keep track of my spending, set a monthly spending goal, no issues transferring between checking and savings and I also have investing accounts with it. They also have savings vaults for each type of saving - emergency, house, etc. 4.5 apy applies to vaults as well. The thing you need to worry about is whether the bank is insured with FDIC to protect your money.

[@stefflores]

SoFi is! And they recently upgraded their insurance to up to $1m in assets!

[@Arlene_witha_y]

In the process of switching let DD to Sofi but my HR department is so slow and difficult! Won’t be done until the next pay period in 2 weeks and i called about it last week 😒

[@Sitasbudgetingjourney]

I just opened an account with Ally because of their bucket feature.

[@Nwakaego_]

I was just thinking about opening another HYSA before this year ends, thanks for this video, Dyana!!! God is an on time God no doubt!✨👏🏿🥰💯💪🏿

[@simbaby1438]

Great video with great tips, just be careful because savings accounts earn interest, the IRS considers them taxable income. This interest is taxed at your earned income rate - in other words, the same rate your income is taxed at. For the tax year 2022, income tax rates range from 10% to 37%, based on your tax bracket. So you don’t want to be paying the IRS the same amount of money that you got for free

[@JanelleJnewstudio]

Great video! I’ve had Betterment for years cause I have my Roth there. The APY at the moment is 4.75% and there’s no minimums. They also have something similar to the buckets you mentioned. I’ve been housing my sinking funds there. No complaints so far.

[@brittanypleasant4517]

Can I just say that I love your channel! I found you a few weeks ago and you’re so real and authentic. You make finances relatable in this crazy world we live in. Thank you for all of your hard work that you put into this channel! ❤

[@JimSteve-qj7co]

didn't become financially independent until I was in my mid 40s, in addition to owning a second house making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market.

[@johnpeter1025]

Yeah, investing in stocks and crypto is a great way to start building wealth and can move later to real estate because they hardly get devalued, but I also learnt that the market is profiting if you are using a good broker or account manager to help out with trades or provide signals

[@johnpeter1025]

How did you go about yours?

[@JimSteve-qj7co]

Well you are right, Understanding the intricacies of investing is crucial. That's why it's important to have a reliable support system, such as a financial consultant, who can guide you, especially when it comes to selecting assets. Personally, I work with Alex martin tarlor, an investment advisor who collaborates with a licensed wealth management firm. I must say that my financial journey has been exceptional under his guidance. Alex is widely recognized for his excellent services, so you may already be familiar with him.

[@anitapauline651]

Alex martin tarlor right? I and my neighbor have been investing with him as an advisor since last year and and we receive large payouts monthly

[@johnpeter1025]

I think I have watched Alex tarlor once on a business interview with Bloomberg

[@TriceeBC94]

Ma'am you're God sent 🙏 🙌🏾

[@dadraduffus1108]

This was very helpful thank u ❤ also if possible can u pls do more education videos like this where u break it done in the simplest form and provide us with examples.

[@myrnaj4502]

Thank you for this love.❤

[@DyanaMariie]

Welcome!

[@frankglover4560]

Great video!

[@amoebacat]

Great advice. I had an AMEX HYSA for about a year, then switched to Bread to chase a higher APY. Switching was super easy and quick. The highest rates are going to be these new “never heard of them” banks. I don’t mind using them so long as they’re FDIC insured.

[@melslife89]

Capital one also has the buckets and it’s higher than ally at 4.5%. I have accounts with both and love both.

[@dadraduffus1108]

Thank u ❤

[@basementtunes277]

4.3%

[@monie5490]

Thank you for sharing this and I definitely wanna invest in a high yield savings account. I will need to check my golden 1. I need to do my research for alley....❤

[@amycolucci6769]

I have a brokerage account through betterment so i got their high yoeld savings right now they offer 4.75%.!!!

[@katresealexander1311]

I love Synchrony Bank.

[@TheSdcole60]

Looking into this bank to transfer my emergency account. What are the perks of banking with Synchrony and why do you love them?🤔

[@bigmikeschevytruck3827]

Thank you for taking the time to teach others while your working toward making your millions. Keep up the great work..

[@noonee101]

Hi Dyana! Happened to come across this video of yours today. I opened up Capital One accounts late last year (a checking and 3 savings accounts) and I am LOVING them so far! I have 2 jobs and so I have my part time job paychecks go into my Cap One checking account and my fulltime go into my main bank account at Wells Fargo(I know I know why am I still with WF but I have been w them for years and have had no issues knock on wood). I recently just moved my emergency fund from WF to Cap One and it was the best decision I made! I figured why leave it with WF where it's barley gaining any interest when I could move it to a HYSA like Cap One and am earning so much interest now. I'm taking advantage of the higher interest rates while I can! I really like Capital Ones website and the APP too is very easy to use and convenient.

[@TheSdcole60]

How long does take you to access or withdraw your Emergency Fund money with Capital One? I've always used traditional brick and mortar banks, so the idea of using an online bank makes me a little nervous. LOL I just want to know that I'm able to deposit and withdraw without any issues. Thanks for any insight you can provide.

[@noonee101]

@TheSdcole60 It's very easy to withdraw money. When I need to I just transfer the funds from my savings account to my checking and then at any of the ATMS in the Allpoint network which are in CVS,TARGET, WALGREENS withdraw the money. You can deposit money for free at any CVS or WALGREENS too. Or do mobile deposit if it's a check.

[@charlesjacksoniii8787]

I have a Discover High Yield Savings Account its 4.30% I am putting my emergency fund into it.

[@kara8911]

Do you like it? Easy to access money in an emergency? Fees?

[@charlesjacksoniii8787]

@kara8911 Yes I do no fees

[@charlesjacksoniii8787]

@@kara8911 I can access the money

[@johnfields1206]

Definitely invest in saving accounts that’s going to pay compound interest!!

[@susansholisticlifestyle4572]

I love all of your tips and input regarding finances! I’ve been wanting to start a KZbin channel and I was wondering if you could possibly please do a video regarding what set up is needed with an accountant and or an attorney that you completed when starting your social media business brand. Thanks!

[@stefflores]

I have SoFi and Ally accounts I like the buckets more in Ally but you can only have 10 buckets and in SoFi I dont think theres a limit on their vaults (their version of Ally's buckets). I ended up going with SoFi cause they have a higher APY and as long as you have a direct deposit set up I'm pretty sure you can get around that minimum cause I definitely don't have $25k either but I've never paid a fee for the account.

[@TMKJG24]

I also have Ally i love the bucket feature

[@DyanaMariie]

I might need to check SoFi out then!

[@ginamoffett1973]

I have wealth front, which also has sub categories ( buckets) that I found is really nice. No minimum balance, no monthly fees and right now 5.30% when you join under a personal link or if you share your link.

[@southernnaturalhairaffair7912]

Same!!

[@joshuanyaribo]

How come no one is talking about everbank. It has the highest rates currently..

[@NayPalm]

Great video! Curious why you didnt open a monry market account with truist. My mother just opened one for either 4.2 or 4.5 Apy. Cant remember the exact #.

[@alyssa.brooke]

I put off creating a HYSA for way too long bc I couldn’t decide which one. Ended up going with Marcus bc my friend sent me a referral, and I am so glad I finally did it. No annual fees, no balance minimums, and currently offering 4.4%. If you get/give a referral you get an extra 1% for 3 months (so 5.4%). Happy to provide a referral link if anyone’s interested.

[@remymartin3699]

Me I would love a referral

[@samr.1073]

Referral link please !

[@alyssa.brooke]

@@samr.1073 I’ve added the link to the description on my channel!

[@kara8911]

I’ve been looking in to these and keep panicking and not signing up for any. I don’t want checking and we own our small business so not doing direct deposit just want the savings.

[@miguelibarra8076]

Does anyone know if to get a HYSA you need direct deposit every month into the account ?

[@Mimzy-qu3yc]

Vio Bank’s Cornerstone Money Market savings account is offering a 5.25% APY!

[@cindayanamusic]

Have you heard of the bank upgrade

[@candy2325]

I have capital one and you can have multiple savings accounts that act like “buckets” .. I have like six sinking funds on there. The APY is 4.30%.. great bank. Had them for years

[@DyanaMariie]

Nice!!

[@harcharnrajpoot]

CO they dont have buckets, with them you have open multiple saving accounts that means for each account you have print each 1099.

[@KnowledgeSeeker78491]

I have no idea how much my apy is at my credit union and I'm not finding any information about it online

[@so.many.obstacles]

More than likely it’s not much. You can look at your statement to see how much it is. Strange that you can’t find that by Googling.