4 Surprising Facts About High-Yield Savings Accounts (Strategies & Traps To Avoid!)

[@skoopqueen]

Thanks for increasing my knowledge this topic, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this period. My wife and I are both retired as an engineer, we are debt-free, and we're living smart and frugal with our money. Despite the economy challenges, we're still earning passive income thanks to our savings and investments. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it.

[@skoopqueen]

Okay Martin, so generally speaking, investing calls for more knowledge. For this reason, it's crucial to have a strong support system (financial counselor) to lead you through, particularly while choosing assets. I work with Regina Louise Collaro, a registered wealth management company's partner investment advisor. For the record, it has been the best experience for my finances. You may have heard of her because of how well-known her services are. She helped me become financially solid through investment, and now I profit from her passive income strategies on a monthly basis.Therefore, I'll suggest that you choose a reliable investment advisor for yourself.

[@skoopqueen]

You can easily find her details online by searching her name. She even got featured on CNN recently, she's quite easy to work with irrespective of your location

[@ugojazzy7812]

You are correct, and I am only one of many who gained from working with Regina Louise Collaro. I had no reason to live when I lost my job due to COVID in 2020, and it will always be a memorable year in my life. Regina made it possible for me to live comfortably through passive income, thus I owe her my life. To be completely honest, I think she is an angel who was sent to help those who are struggling financially.

[@natimarivelez]

1:52 thanks for pointing that out. I’ve watched endless videos on this topic and nobody else has mentioned it

[@SheTalksFinance]

Thanks for watching!

[@Deliverydragon]

That was common sense bro…. That was the easiest part

[@jamesm.2802]

I just watched about 10 videos about HYSAs and CDs and this was by far the most informative. Thanks!

[@SheTalksFinance]

Thanks so much !!

[@tessacarstairs5998]

Thank you! This is great info.

[@EstherLion91]

Great video! My parents are older and have a few years emergency fund. Do you advise opening more than one HYSA for protection or keep it all in one account?

[@EnioPlowden]

Great analysis, thank you! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?

[@LastSider]

In my experience, CDs are like savings within a savings account and a hassle, but worth it. To close/manage the CD, you have to make a phone call to your bank's CD. Some banks may have a 24/7 phone assistance and others have to be called during the work week and in certain hours.

[@trainlikecainfitness]

Awesome info and thank you for this! Bless you ❤

[@SheTalksFinance]

You are so welcome

[@weakplaysstrongwins]

This was so helpful! Thank you so much for the info!

[@SheTalksFinance]

You're so welcome! Thanks for watching!

[@Delta-qz3mb]

Whats the percent that the interest gets taxes?

[@SheTalksFinance]

It gets taxed at ordinary income rates - so it depends on your overall income level which bracket you’ll end in

[@DaveMartinez-o1s]

Thank you for the video very informative. Too bad some banks must deal in chicanery and Tom foolery . T bills are also worth investing into now and you have the luxury of no state tax. AT bill ladder in my humble opinion is also a pretty good to earn interest

[@joja2568]

Ive had barclays and marcus since 2019

[@leewithey2014]

Fantastic information!!! Thank you. 🐕

[@ff5973]

All online banks have the 6 transaction rule.

[@SheTalksFinance]

Some charge if you go over the 6 transactions a month

[@bitterswtmocha149]

All banks period. It’s a federal rule that was suspended during the pandemic and has not yet been reinstated but probably will be to ensure that banks have adequate funds. Most banks during this suspension are refunding fees for over 6 withdrawals.

[@jyotishchen]

Yoo I thank you for making this video I've mentally thought about something like this(CDs) I've wondered if there were, savings accounts that will lock your savings for ex. Amount of time and penalties against withdrawal for me that's great almost amazing because I want to learn how to acquire more money and build wealth mainly learning how to grow my earnings with that helping hand. I'm from Philadelphia & growing up living statically below the poverty line I've always wanted more out of life I'm sure there's tons of billions of people rich or poor who continue to want to educate themselves towards a more prosperous future along and starting to implement the new information I learn each day towards my financial life. Thank you ! I've already subscribed and will be looking forward to new information your willing to share.

[@SheTalksFinance]

You're very welcome! Happy to hear you're furthering your money knowledge (especially on my channel!)

[@stevencloninger1020]

If the HSA has a higher interest rate on $5000 an up, don't you get the high interest rate on all the money? If you have $6000 in account you should get the high pay on all 6000 unless you fall below $4999.99?

[@jacobpeterson4983]

I think she was wrong about that. I think

[@edwizard62]

She was correct. I just copied and pasted this from CIT site. "Earn 5.00% APY on balances $5,000 and more or 0.25% APY on balances under $5,000"

[@darkgalaxy5548]

What?! I actually have to pay tax on money I've earned. Who could've guessed?

[@nosondaitchman9073]

It's funny. I just saw cit's offer and was considering it. Thanks for doing the fine print reading for me.

[@SheTalksFinance]

No prob!

[@candierichard8931]

she is wrong. and hasn't bothered to correct her error. A little weird. if make a mistake, admit it.

[@edwizard62]

She was correct. I just copied and pasted this from CIT site. "Earn 5.00% APY on balances $5,000 and more or 0.25% APY on balances under $5,000"

[@johanneskreisler7647]

What country do you live in? All income is taxable in the US.

[@willmallory9085]

Excellent video Sister. I also keep some cash in my Robinhood investment account for a high yield.

[@SheTalksFinance]

Yes, I saw they're paying more for people who have subscriptions with them.

[@JLW667]

0:40 Emergency Fund in a High Yield Savings Account

[@cheyennemckoy2160]

This is a good example with CIT bank, but they do also offer another account. Their savings connect is at 4.6 and doesn't include that requirement.

[@bryansproles2879]

I locked up a nice 5.15% 9 month CD on Fidelity a couple of weeks ago. I don't have an HYSA per se, but I use my money market account like one. I keep my emergency fund in there, and the current 7 day yield is 4.73%, and has hovered in that general range since I put the money in last month.

[@SheTalksFinance]

9 months at 5.15% is pretty darn good!

[@mr.c6674]

Spot on video! I have an account with Ally. I have been happy with them. Especially in recent months when I received the emails about my interest going up 👍👍

[@SheTalksFinance]

Ally is a good one!

[@RandyMichigan]

Re: CIT Savings account. They are hardly trying to hide their tiered interest rates. It's right there as plain as day. The advice for this account should be similar to a CD. If you have an amount over $5,000 that you won't be touching for a while, then this is a great account. I will happily get my 4.95% in interest without having to lock it into a CD that would pay a similar rate.

[@JezebelIsHongry]

Mortgages actually aren’t set by the fed funds rate. It’s the 10 Year Treasury yield. The spread is historically 1.5-2% above the 10 Year. It’s a bit higher now.

[@SheTalksFinance]

And the 10 year yield is dictated by the Fed moving rates.

[@alejandrogalvan7519]

TYSM Nikki! I just had just put $5K in CIT bank couple months ago thinking I'm getting 4.85%. Taking it all out now

[@SheTalksFinance]

Glad you caught that! Thanks for watching!

[@TheBrentonJones]

@@SheTalksFinance does the fine print not say that if your balance is over 5k the entirety of it is 4.95% APY?

[@RandMasterFlash]

@@TheBrentonJones Yes, she's explaining things incorrectly

[@financiallytrained]

I also have CIT bank, and she is incorrect. You can do the math based on the interest they are paying you and can clearly determine that the first $5000 of your account is not paid at .25%.

[@candierichard8931]

she is mistating and hope she corrects. I have CIT HYSA and called and discussed. You are correct, agent walked me through the math. It is tiered from the perspective if it falls below $5k on a day then it will compound at .25%. I also asked about CD rates. They have an 11 month no penalty CD for 4.9% compared to 6 mo CD for 5%. @@financiallytrained

[@dbla87]

Nice video. I actually did what you mentioned about opening a CD because it was offering a higher percentage than my high-yield savings account. The only downside was that my high-yield savings account started offering a significantly higher interest rate than the CD I was locked into. It actually made sense to take the penalty on closing my CD and moving it all back into my high yield savings account.

[@SheTalksFinance]

Glad to hear! Thanks for watching!

[@Tmmd75]

A lot of these banks have a large minimum to open high yield accounts. I was looking into treasury bills and notes. They don't tax. And a t-bill ladder could be a good plan

[@SheTalksFinance]

Many of the banks I mentioned don't have minimums. Bills and notes are good but a little more complex to buy - so you have to have a bit of knowledge. You still pay federal income tax on the interest, but, no state tax.

[@Native722]

So many savings account, I don't know where to put it, so I just split it between different banks and accounts.

[@MarNicole76]

Thank you! This was excellent. I am literally doing my research and saw the exact thing you pointed out with CIT bank. Smh. Can you continue to do reviews for us. What’s your thoughts on UFB Direct?

[@SheTalksFinance]

At a quick glance , it looks like there is a $10 monthly fee for any balance under $5,000- so just something to be aware of!

[@MarNicole76]

@@SheTalksFinance thank you! I crossed them off my list on Friday. I appreciate you so much!

[@alanrobinson6794]

you cant just throw the word whatever at the end of your sentences when you have no clue what you are talking about. mortgage rates and fed fund rates are not correlated

[@gbinman]

Right now 4 week T-bills are paying higher interest than longer term T-bills. I am will stick with short term treasuries. I have 2 4 week tranches I added recently and have a 8 week ladder and a 17 week ladder. CDs are too long term and they have their little tricky rules.

[@go2ferdie]

I have CIT ... as long as you have more than $5000 dollars on your account you will get the 4.95% on ALL of the money, including the first 5k.... I think this needs to be clarified. The way you presented it , it made it seem like you get .25% on the first 5k then anything above that is the 4.95% which is wrong.

[@raining1975]

They also have another account for people who aren’t going to have 5k in it. Right now the Savings Connect account is 4.6% APY with a min deposit of 100$ to open the account. They also have no penalty CDs which are really easy to open, you can fund them with other Cit accounts. I keep my Platinum Savings at 5k and have 2 no penalty CDs, and if the rate goes up you can just make a new CD and tell it to fund the new no penalty CD with an old no penalty CD.

[@DENE2012]

Thank you!! That point in the video raised all sorts of flags for me! I’ve been debating Ally vs CIT bank for months and am in analysis paralysis at the moment.

[@bitterswtmocha149]

@@DENE2012I just put my emergency fund in CIT, but am going to move my main banking (checking, sinking funds) to Ally. CIT is ok but the app leaves something to be desired and transfers are slow. They do have great customer service. CIT doesn’t have physical checks. Ally does- I haven’t started to use Ally yet tho so we will see.

[@douglascooke1926]

You are correct. And it is currently 5.05% apy.

[@warriorloft]

Thanks for the clarification!

[@DoctorGME]

Hey Beautiful

[@roberthouston3809]

American1 c.u has 6% CD

[@denniss3980]

Are you sure about that, I am reading CIT fine print, and to me, it reads you get that 4.85% on the entire 5K From their site "0.25% APY on balances of $0.01 to $4,999.99; 4.85% APY on balances of $5,000.00 or more"

[@SheTalksFinance]

Yes, that is saying from 0-4,999 you get paid only .25% .. gotta have 5k or more to get 4.85%

[@zach_horowitz]

@@SheTalksFinance I believe this is incorrect. Minimum balance is required to obtain 4.85% APY. If balance drops below the 5k threshold then APY drops to .25%

[@bleugreen00]

I have $10k in the Platinum Savings account and just got my June statement. I did some math and can confirm that I received 4.95APY in interest on the entire amount. That being said, I agree that there are plenty of options out there that don't require a minimum balance

[@candierichard8931]

It is not saying that. Please call them if need be and then restate.@@SheTalksFinance

[@PAS2010D]

You read that CIT stuff horribly wrong.

[@BATEDJYUASDFGHKLZXCVHVBNDQIOPW]

Hi this is Bradley Todd I want to join you all from Bradley Todd

[@organic723]

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