High Yield Savings Account vs. Money Market Mutual Fund

In this video, we're going to compare high yield savings account vs. money market mutual fund. We'll discuss the pros and cons of each option, and help you decide which is right for you!

If you're looking for a high yield savings account that offers a stable rate of return, then a money market mutual fund could be a good option for you. Money market mutual funds are safe and offer a high rate of return, making them a great option for short-term savings. Alternatively, if you're looking for something with a bit more flexibility, a high yield savings account could be a better option for you. High yield savings accounts offer a higher rate of return than money market mutual funds, but they can also be

🟦 About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.

The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.

I will be covering the following topics:

- Personal & business tax planning tips;
- Personal finance;
- Accounting;
- Investing;
- Entrepreneurship

[Mongarnsamuel]

I came across your channel through this video—case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[TJDawgs]

I just moved a considerable amount of cash (at least I consider it considerable) from a standard savings account I was earning only 0.1% APY from into a Money Market Prime account with a 4.75% APY. I'm gonna go from earning approximately $35 a year to earning about $2, 400 a year...it's a no brainer! My only gripe is, I'm angry at myself for not doing this a few years back...missed out on a decent chunk of change. Thanks for the video...

[christianndasilva]

You made way more sense to me than all the other people on YouTube using dumb unnecessary editing and graphics. Thanks!

[CherylLouise]

There’s SIPC insurance for investment products

[takeshii]

I'd still leave it in there even after they go back down because chances are they will still beat the 0.01% youd get at your regular bank.

[defendingthefaith.]

Capital one does not have a balance you have to keep in a high yield that pays 4.3 percent. Not penalty for withdrawals.

[grahamfinance]

Sofi has 4.6% with direct deposit into a checking or saving account with them. FDIC insured. No balance requirement

[razeenshepard]

Thank You for the information. It was exactly what I was looking for.

[daralynx]

An important difference to me is money market mutual funds pay qualified dividends vs interest. Can matter tax-wise when the balance gets up there.

[vikjhaveri]

Thank you so much for this video! Is it better to open a high yield savings account or keep it uninvested in a brokerage account like Vanguard or Fidelity that also gives around 5% annual?

[dapetik]

Good video and thanks for the information. Needed to watch it in 2x the speed 🤣

[pcdihealth]

Thank you so much for sharing the information..

[TheMachomaniac]

I put 16 grand in a mutual fund at Fidelity 8 years ago and today its around 21 grand. I just learned about HYSA. Should I leave that cash where it is or move it to a HSYA?

[coffeegrindgossip]

Thank you so much for this information, and you're 👉 right, most people are scared to open a new bank account. I'm a former bank teller, I've seen it all.

[luisgarabito]

CIT bank requires a balance of $5000 or more to qualify for that nice 5.05 percent APY but if you go below it goes to .25%

[innocentlife]

I learned more from Rob Cop, than the Customer Svc Rep at my bank 🏦 🏧 😔 she informed me that she wasn't really educated towards the money mutual accounts, IRA accounts.. I'm saying to myself like, what 🤦 Why are you even working at a bank institution, if you not educated on how all the different accounts works for customers... Smh

[MrGus.]

My Fidelity advisor just advised me to buy a single premium, 3 yr. annunity. The interest rate sounded pretty good. I thought it would fit into my portfolio "safety net" well, but then I found out he made a big fat commission on it. Was that a conflict of interests?

[sherilyncortez]

Hi. Can I move money from a Traditional IRA to a Money Market Account without paying taxes?

[OffGridandOutdoors]

I think it depends on where your money is. If I've got uninvested cash in a brokerage account, I'm not moving it to A HYSA, I'm investing in a MM Fund.

Conversely, the rest of my money is at Wealthfront cash. Wealthfront, whoot whoot, once And done.

[LIFE]

Hey Rob! Curious if you would be open to filming a video with me regarding using whole life insurance as an emergency fund? I am not where you stand on the topic? I know CPA opinions on the matter vary widely. Either way, I am looking for a CPA to come on my channel to have the conversation. Your take will shape the dynamic of the video - either way I am wanting to increase the conversation on the topic. I have watched a couple of your videos and your content is solid!