The HIGHEST Interest Rate Savings Account

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What's the highest high yield savings account right now? I looked at a few options and one of them is a staggering 6.17%! The choice to sign up for a brand new savings account really depends how much cash you plan to save and if all the work justifies the movement. You also should factor in what rate you can get right now with the banks you currently have. Also, you might want to consider if the new bank is reputable and easy to withdrawal from. Some banks may hold your money hostage or to a lesser extend, hold it for 5 days before releasing it if you want to transfer it out.
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#highyieldsavings #bestsavingsaccount #highestinterestrate
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[@DJSolistica]

Not sure if I want to hold large amounts of cash within a product managed by a company that can't even figure out how interest works.

[@social3ngin33rin]

Lol :)

[@Native722]

This HYSA video, brings back to good old days when you talking about these things. There's a few that I like, CITBank, Bask Bank, and Bread financial.

[@JamieTownson]

I 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, I took a significant decision.

[@madelynw9442]

How did you make passive income?

[@JamieTownson]

Generally, investing requires higher knowledge. For this reason, it's important to have a solid support structure to guide you through especially in asset picking. I operate with (Alex martin tarlor) an investment specialist who partners with a licensed wealth management firm. For the record, his experience has been the best for my finance

[@PaulCurie-sr7rc]

Alex martin tarlor right..I just googled him now and made contact

[@dave597]

In UK the situation seems a bit better, there are many easy access accounts to choose from offering 5% to 5.2% currently, or a 1 year fix at 6.2% with government bonds with high max.

[@Allaiya.]

I no longer chase the highest rate bc they just drop it shortly after from my experience and it wasn’t worth the hassle. I went with a highly rated one that consistently had an above average rate, although right now they’re only offering 4.25

[@yohannmessam]

I use tabbank and they usually maintain one of the highest rates for years.. currently 5%

[@Native722]

ALLY!

[@heinuchung8680]

Ally lol

[@AK-qo6tx]

Are you still invested in DOGE and Bank of America?

[@99999me1]

Do you use t-bills or money market funds?

[@yongsu2733]

Is the 5% correct as your interest-bearing balance does not change as shown?

[@PresidentEvil]

what happens to your money in the event webull goes bankrupt 💨

[@RichardTouchfaith]

You can read up about FTX or even Enron. It pretty much goes up in smoke. Not FDIC insured

[@BeatTheBush]

It is completely different than FTC or Enron, it is covered by SIPC the equivalent of FDIC but for securities up to $500,000.

[@dylanboyle-levy9026]

It should be mentioned if your goal is the maximum interest rate and you're willing to tie up your money for 3-months, T-bills purchased on the secondary market are currently yielding the best rates. They're T-bills so they're just as safe as bank deposits (unless the Federal government defaults) and i've seen rates as high as 5.5%. On top of that, T-bill interest is NOT subject to state income taxes. If you live in a high-tax state, these can effectively be an even better yield than any savings account out there.

[@capcom4eva]

Where are the secondary markets for T-bills and what makes it worth buying over treasury direct?

[@circletech7745]

You buy T-bills through your local brokerage account (Fidelity, Schwab, Webull, Meryill Edge) just like how you would buy stocks. @@capcom4eva

[@JiTengful]

What do you think about wealthfront high yield savings account?

[@seaxofbeleg8082]

I have been with Wealthfront for six years. Their Cash Account is a leader in high interest rates. Right now it is at 4.80% APY. The Cash Account is not technically a Saving Account but something even BETTER. It is FDIC insured for up to $1 million and functionally acts a Checking account offering checking and unlimited monthly transactions.

[@brightonchou1393]

good.

[@rightangletriangle3188]

Why not just put it in money market fund like SWVXX which yields about 5.35% APY or T-bills which yields about 5.5% APY and no state tax?

[@tempest9232]

Less liquid

[@DewTime]

A money market fund has 100% liquidity.

[@bahhumbug2072]

Presumably because Money Market Funds are generally not insured by the FDIC and thus count as a risk vs the High Interest Savings accounts.

[@Species7284]

*I have just over $10k sitting with HSBC earning 0.01%!!!!! Question. How quickly can i withdraw settled funds from Webull?*

[@BeatTheBush]

I did a test when starting to use it and it was at a satisfactory speed. I don't remember exactly how though.

[@yohannmessam]

I cant find information on this webull cash bonus anywhere.. I only see the bonus for free stocks

[@yohannmessam]

Ok nvm i found it.. ohh so this is only for transferring stocks not money

[@BeatTheBush]

If it doesn't work, try this link: a.webull.com/i/BeatTheBushCM

[@ExtraGuac007]

Don't forget to mention the account closure risk. If you move large amounts of money too quickly or too frequently, the man buns will flag you for doing pass through transactions and shut your account down.

[@noslipups3657]

so let's say you get 10,000 in interest every month if you take your interest once a month they can shut down your account?

[@ExtraGuac007]

@@noslipups3657 In short, yes. You are at the mercy of the banks that can shut you down for any reason. Banks don't like customers that move large amounts of money frequently.

[@RichardTouchfaith]

Back in 2006-2007 I remember shopping around my Credit Unions for CD rates to stash extra cash. 6.5% was the promotion rates for over $10k. My 15 year mortgage was like 5.3% after points as well to out it into perspective. We all know what happened the following years after 07. Good thing about getting older....you tell yourself this isn't/won't be your first rodeo and things will eventually work out....so you sleep better at night. I am glad to be a Gen Xer though. I know I am slowing down and can't keep up with the constant changes in life.

[@IsuAsenjo]

What happened next? Did people lose their deposits and bonds? I know the recession happened but don't know how that affected accounts like this one.

[@Payote88]

Watch out for bubbles they all burst eventually!

[@jcdenton7914]

I was in high school at that time and put the savings I had in a CD, then interest rates became an absolute joke until recently. I can only hope this will last a little while.

[@taus_ahmed]

What do you think of Robinhood Gold? Nearly 5% APY

[@styleszachary6196]

Right now the online bank Milli does a savings account of 5.5% APY for free

[@kylemckennie2599]

67k invested makes more then this channel

[@BeatTheBush]

This is the Webull 5% APY with a cash bonus for transfers: a.webull.com/i/BeatTheBushCM

[@capcom4eva]

Strangely I can see the page is still up, even though it expired 10/30. Did they extend it or introduce a new offer? 🤔

[@syson16]

thank you for the info!

[@BeatTheBush]

Any time!

[@ChintanCG]

Surprised you didn't mention sofi

[@Kwameking1]

Thanks!

[@Jersey1971]

I notice a lot of these new rich lack class and demand respect . Money won't buy either

[@7motion985]

Not trusting

[@ethanmandel2413]

Great video as always. One alternative: earn higher APY from within your existing brokerage account with 0-3 month treasury ETFs such as USFR or SGOV, and it's state and local tax free. After-tax you're doing much better.

[@asianstud7]

Can going to how one can do that?

[@asianstud7]

How is it tax free?

[@ethanmandel2413]

@@asianstud7 federal bonds are not taxed by the state or local governments. They are not "tax free". They're still federally taxable.

[@pushslice]

I’ve noticed those, but haven’t done the research. so the fact that it’s bundled into an ETF, still preserves the ‘state tax free’ status when buying/cashing out on them??

[@ethanmandel2413]

@@pushslice yes. On your state tax return, there's a box to put the federal bonds income which will be deducted from your taxable income for your state income tax. Your 1099 from your brokerage will give you the amount at the end of the year.

[@seds94]

i gotta go big. i want 30%

[@whysoblutube]

Most people don’t have enough cash to put into a high yield savings account. It’s a moot point. You make nearly $10 per day in interest but you have almost 70K in the account.

[@Allaiya.]

It adds up over time. It’s a good place to park some extra cash or emergency fund. Much better than .01 rate local banks are offering.

[@BeatTheBush]

Put what you can in it.

[@tic857]

Its patience and consistency. I started my high yields account back in like 2015 and was only able to put $5 a week or even a month. Hell my brother was getting married and I didn't even make it to the $300 cash gift I wanted to give him. But as i got better jobs, I was able to put more in. Eventually I got jobs where access to my direct deposit was available on my end and I could play around with my percentages. Many jobs and moving later... Now I make a pretty decent interest and I've almost reached my emergency savings goal. Once that is done i can start another goal. The major thing is I never touched it. The only time I used the money was when I used some to open bank accounts for their bonuses.

[@DewTime]

That doesn’t make sense. Whether or not you should put your money into savings is not dependent on how much you have. It sounds like you’re saying that you wouldn’t be satisfied with $10 a day. So therefore you’re going to go for $100 a day by investing in crypto.

[@steadymobbin.]

Bush

[@ThMinecraftChannel]

Robinhood has 7% on invested cash

[@bahhumbug2072]

They were also fined 70 million for misleading customers. If you like them great, but just be aware they do some shady stuff.

[@miodyssey]

❤❤❤❤

[@jcdenton7914]

Shame that within the next 12 months a recession will nuke these interest rates

[@BeatTheBush]

You take what you can get and adapt.

[@thedopplereffect00]

If you believe that, buy some bond funds. They'll shoot up in value as rates fall. I don't think rates are going down within the next 2 years though.

[@jcdenton7914]

@@thedopplereffect00 Treasury bills pay but the bonds are down way below the bills

[@kayakuprising5914]

Not going to happen.