Ultimate Beginners Guide To High Yield Savings Accounts (2024)

[@DannySully]

Do you have a high yield savings account? If so, which one(s) do you use? - Enjoy! 💎 Get up to a $325 Cash Bonus on SoFi (High Yield Savings Account): dannysully.link/SoFi 💵 Free Savings Account Mastersheet: dannysully.link/SavingsMastersheet 🎥 5 Things You Must Know About High Yield Savings Accounts: kzbin.info/www/bejne/qHbRi4Opd5Kgpposi=x0yFgYOfbfUl-ont

[@TaraBrookstein]

Excellent info, thank you

[@DannySully]

I appreciate this, thank you very much!

[@aliciachavez257]

I used your link to sofi to open a account, thax

[@DannySully]

Thank you! Please let me know if you have any questions!

[@emojimr4427]

How long does it take to transfer money to different accounts or if you need the money right away

[@DannySully]

Usually just a couple days, it is similar to any other bank account you have used. For example, SoFi will also provide you with a checking account and debit card that earns some interest in the checking account as well. Although I don't use the debit card, If you want to pay for things they also have zelle and other features such as account and routing number. Many high yield savings accounts have these features, you just have to research and understand what each one has specifically that you are looking for. I hope this helps, thank you for watching my content!

[@emojimr4427]

Do you need to file your earnings on your taxes at the end of the year

[@DannySully]

Hey this is a great question! If you make more than $10 in interest then yes you do. To learn more about this and other things you must know about high yield savings accounts, I made a video that might help you out as well. kzbin.info/www/bejne/qHbRi4Opd5Kgpposi=LpDBGw4ZZcEZFfjX

[@pali4ever778]

bro! So do you see the APY you're earning every month or have to wait till year ends? Sofi told me yearly, but the rep might have been confused.

[@DannySully]

Hey! So APY is just the annual yield you are on track to earn if you hold the cash for a full year. You will be paid the interest monthly. The yields change over time so if you look in 2 or 3 months, that may be different. Does this answer your question?

[@pali4ever778]

@@DannySully Thanks Danny! Do you know if you will see the interest paid monthly on the app as you go?

[@DannySully]

@pali4ever778 yes you get paid monthly and can visually see it and use the interest!

[@pali4ever778]

thanks for confirming, Missed that part the first time I read your response. Appreciate the assist!

[@sensorsensurius4206]

Marcus by Goldman Sachs

[@DannySully]

Definitely a solid option!!!

[@dantesantoyo3460]

Would you recommend me adding a HYSA on top of my weekly investments that I do with acorns ? I put in $600 a month on top of my retirement with my work. I guess more specifically it is worth having both or should I just put that extra money into acorns ?

[@DannySully]

Hey great question! So an HYSA is much different than investments. If you do not have an emergency fund or any backup cash stored for safety, then it would be wise to start a HYSA. Emergency fund, vacation, wedding, taxes, down payment for a house, any cash you need safe and liquid short term this is better than in a big bank giving 0.01% interest. Does this help? That's awesome what you have going on!

[@DjSpicyO]

People. Dont follow advice from randoms on youtube… 🙄

[@DannySully]

Completely agree! Thank you!

[@josephpostma1787]

These sort of videos are good to initiate your search, and so you have a better idea of what to look for. Did you have a problem with something he said?