🚨The High Yield Savings Account TRAP 😳📉

High yield savings account 4% interest may actually stop you from earning much more with stocks, dividend stocks, and ETFs. Best investing tips during a down market as stocks can raise much higher so think long term!
#highyieldsavingsaccount #etfinvesting #dividendinvesting

*not financial advice

[ilyaw.]

Yes but parking your emergency fund in a high yield savings account is a smart move l

[NoWorriesTJ]

So its not a "trap". Youre just not gaining on the upside by investing in stocks or an etf. Hard to call something a trap when u still receive 5% with minimum to no risk

[JesusGarcia-cswl]

Maybe people do it because... IDK.
The money is insured. And we can't all afford to gamble it away on the stock market. 🤔

[RayRiv]

My dumb ass had 30k in Chase saving for years not gaining interest, i finally opened a HYSA and dumped most of it in Capital One 360 saving at 4.35%APY...i chose CO over others with 5% or higher because CO has branches near me and a convenience if i ever have to pull money out. I may also put some money in their CDs for the higher APYs

[ghackney]

I don't think this is very good advice. Some accounts are paying close to 5% right now and not taking advantage of free money is foolish. I trade stocks and see good people get flushed out all the time because they try and catch a falling knife. Wealthy people can take risk and gamble because at a certain level of wealth money has doesn't have the same value.

[vandrex]

To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis." - Robert Kiyosaki. I wasnt financial free until my 40's and I'm still in my 40's, bought my second house already, got a new business my wife is managing, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone 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 is a grand choice I made😊

[brandonozoria]

High Yield Savings Account is not a CD

CD’s have similar interest rates as HYS but you are required to lock your money for a minimum 1 year and require a penalty if you open it up.

High Yield Savings does not do that.

[Lomv]

THIS IS NOT WHAT BANKS DO!
This is blatant misinformation

[skiddysm]

The whole point of a high yield savings account mine is 5% is that you can access the money whenever you want like now if I had to pay for an emergency of course have money else where aka a portfolio but do not have your savings in the stock market like if you trying to save up for a house o shit house market dropped 10% interest rates got lower also omg this is the house I want o shit stock market is down 50%

[bladeddavid]

Clicks “Don’t recommend this channel anymore”

[MariRed]

you can park your money in a high yield savings account until you find a good investment opportunity!!! REITS! or for an emergency

[RPaulok]

Why can't you do all of that, put your money in high yield savings and invest in solid ETFs and companies? That high yield savings account sure beats the hell out of the .015% offered by banks like Chase.

[juanrdz]

I maintain a 10k balance on my savings account that pays 4%. That $400 dollars that I receive on a monthly basis is 1/3 of my mortgage. So yes I let the bank pay 1/3 of my mortgage.

[jeanettehernandez]

so if I need money right away will I be able to take it out from the ETF without a penalty fee?

[tootoottoot]

HYSA are for folks who don't want to take risk.

[angelicavasquez]

I don’t have the money to throwaway when stocks drop like they do. Idk what to do.

[DarthRaider]

You're still getting that 3-4 percent increase when you weren't gonna spend it anyway. Yes the banks use it, but you still have the amount you put in. That's how all banks work even with debit cards

[Jgl]

I agree that you can make a higher return but your pocket watching mentality doesn’t make sense.

By your logic, you shouldn’t have gone to chipotle because… why are you going to fund the owners Lamborghini? 😂

By the way big banks loan your money, CHARGE YOU to use your own money and make millions on stupid fees such as over drafts.

It’s a no brainer to use a hysa, unless you need a physical location. Ask yourself, when’s the last time I’ve visited my bank in person? If the answer is over a year. Then it’s time to switch.

[isaiah_b_]

Time in the market NOT timing the market.

[MMJ]

Please don’t make shorts just for the sake of making it