Pros and Cons of High Yield Savings Accounts - You Won't Believe What We Found!

In this video High Yield Savings Accounts are explained by Colin Exelby, CFP® giving you the pros and the cons.

It seems that almost weekly I have a conversation with someone about finances and I ask, do you have a high yield savings account, and the answer is no.

According to a recent survey from Time Magazine’s NextAdvisor, Just 21% of adults with bank accounts have a high yield savings account. And 35% of people put money directly into low yield savings accounts at a traditional brick and mortar bank.

Let’s fix that. Watch this video to learn an easy way to make some truly passive income.

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[About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management.

I provide financial planning for business owners and their families that makes sense.

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[seetheforestthroughthetrees]

Supercharge Your Financial Life with my free ebook, Accelerating your Path Toward Prosperity.

[moditekke]

My only regret in High Yielding Savings Account is I didn’t start with one earlier.

[nickmccoy]

Fiancé and I have 30k just sitting in our Chase savings and was looking for what to do with it, this video helps! Thanks

[seetheforestthroughthetrees]

Not a lot of "passive income" is passive income. HY Savings interest is truly passive income.

[davidcarp]

In the 80's I worked at a bank in the summers while in college (teller). We were trained to tell people they could move out of their XYZ savings, into PDQ savings with a better interest rate, we didn't try to keep them in crap accounts like today! My wifes savings is like .05% yet they have a 4.5% she could just open and move to (we will soon) but in many years they never mentioned that account as an option to her (not that she was there much in person, but still, no emails, letters, nothing).

[jmbfinesse]

I was pissed when I only made $11 on interest off 16k sitting in a regular Savings, I did research and moved everything over to a HYSA almost immediately, my own bank offers a HYSA I can’t believe I been missing out on free money 🤦🏽

[Pharaoh_Forbes]

Going down a 1am rabbit hole… HYSA, CDs, MMDAs.. Which to choose haha thank you for the information!

[joiathegreat]

Thank you! This is the info I needed and gives me confidence to move my savings into a high-yield account. For now I will use the same bank that has my checking account for ease of use. The rate is currently 4.30% and regular savings is currently 0.3%. It's "funny" they always advertise their credit cards to me, but never the high-yield savings.

[madisonm]

Great video! So glad to have found your channel!

[hochgonzalo]

Your expertise is appreciated.Thank you.

[EmiliaGradel]

I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.

[almarosas]

Great explanation. Very concise and informational. Thanks!

[kazhamo]

Just opened a HYSA via Western Alliance Bank via Raisin 5.15%

[firstlast]

Is this only available for citizens of the US? Or is it a service that banks offer globally?

[DJDELLANNIE]

Honestly I just learn about this today. IDK what I was doing but

[joseCalderon]

I just opened two high yleds savings accounts at 5% each and I'm getting like $200 bonus for opening these accounts. I'll see what kind of taxes I'll owe for 2023 on these things 😅. Subscribed

[supersteve]

My emergency fund is dividend and placed in 6 month CD's. One expires every 30 days. I just rolled one at 4.6% through Schwab brokerage acct. Then I keep one months expenses in my checking acct. It's worked for me so far.

[Pianoman]

Great info. Just set up a HYS with Amex. 3.75%

[LuckyLeftyxART]

Ive been considering this for abt 3 yrs already & always hesistate. Now im hesitating due to taxes😢 i wasn't aware we paid taxes on HYSA. With my investment, i'd get $500 interest and pay back $110 in taxes. It's still better than the 1 penny i get with chase. Being an adult isnt easy!!

[evcxejt]

Just finished reading about the pros and cons of high yield savings accounts, and wow, what an eye-opener! The insights provided were incredibly valuable in helping me weigh the benefits against the potential drawbacks. On one hand, the higher interest rates and potential for greater returns are certainly enticing, but it's crucial to consider factors like minimum balance requirements and withdrawal limitations. This article shed light on both the perks and the pitfalls, empowering readers to make informed decisions about their savings strategies. Highly recommend giving it a read!