Best High Interest Savings Accounts - Stop Losing Money!

So you have a job - at least, I’m assuming you do, and you work really hard at that job, clocking in every morning, waiting for the hours to pass by, heading home every night, and every two weeks you get a nice paycheck that rewards you for your work. Even if you love your job, ultimately money is a big part of why you’re there. So what if I told you that money that you’re working so hard for is being wasted as soon as you deposit it into your bank account?

Okay, the word ‘wasted’ might be a bit dramatic, but it’s true that you can often lose money by having it sit in a bank account that doesn't earn you interest that outpaces inflation. The good news is that 'high interest savings accounts' exist, and people can sign up for these accounts and earn more money.

The thing is, most people don’t do that - in fact, most people keep their money in the absolute lowest possible saving account options. Why?? It sounds kind of crazy, right? And it is crazy - as a collective, people in the US have missed out on over $600 billion dollars of free money since 2014 by sticking with lower interest rates - and guess which banks offer these lower rates? The biggest banks. In this video, we'll dive into just how much money people are 'losing' by sticking with the big banks, and what you could be doing instead.

0:00 You’re losing the money you work hard for
1:58 Big banks vs banks with ‘high interest’ saving accounts
4:03 Interest rates actually used to be higher at big banks
6:14 Why aren’t people switching banks?
8:45 Big banks are profiting off of people’s complacency
10:43 Another money lie that we’ve been told

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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

[stephandden]

When we saw the recent reports about just how much money people are missing out on by not using high interest savings accounts, we knew that we needed to talk about it! Where do you keep the majority of your money? We'd love to know! 👀

[JadenHercules]

I'd like to personally thank you both for inspiring my financial freedom journey. Since I discovered your channel in I believe 2021, I've managed to conservatively increase my savings and even took up a second job for some months as I got a new position. Gonna make some tough decisions the weeks ahead to propel my further in life, but wanted to thank you both! Also... As much as I agree with these other banks, I am still SO very skeptical! I was going to switch to EQ Bank, but got uneasy about the reviews, lol. Also, NEO financial is great! I unfortunately see no impact to my credit score, as I have the secured credit card which I'm basically lending my own money... It's odd, but the rewards are sweet!

[saymslee]

Thanks to your videos, I’ve learned to make my money work for me!
I use a traditional bank to receive my paycheque, but I immediately move it out to smaller institutions that have higher interest rates + incentives for spending money (i.e. earning points, cash back)

[NikolasGutierrezCasallas]

Good video as always. I have a HISA with EQ bank and it works great. The only point that you guys didn't touch on is credit products. Generally speaking, in order to get a credit card with good benefits you have to rely on the bigger banks.

[makeperday]

"Blessed are those who can give without remembering and take without forgetting." ---

[AliMalik-nbif]

10 mins of life-changing advice for SOOO many people. You guys are amazing!

[maaarie]

I live in Quebec, and I use Tangerine for my saving account (currently 5% until July 31) 😀

[xoReni]

This was so well explained! Thank you for this😀

[sherai]

I have mixed feelings on using these small banks. My husband and I saved our home down payment with EQ Bank. It honestly ended up being a nightmare to get money out of it or prove that the funds were ours in the end. Customer service was not helpful, and of course there is no actual branch because it’s an online bank.

Now for our emergency fund we refuse to use small banks. We use RBC, even if we are only getting 1.5%, the peace of mind knowing that it is seconds away from our account is worth it for us.

[McLivin]

I wouldn’t bother right now with the smaller banks collapsing. I have Ally but I keep seeing they are struggling as well

[singingturmeric]

Thank you so much for this, I just opened my High Interest Saving account with a smaller bank

[ChrisandRusty]

What are your thoughts on interest that componds on a daily basis? Would you recommend seeking it out specifically or is it that pressing?

[AthilaB]

I think the name/concept of HISA help to mess the thing. Because the big banks with money to advertise call their accounts by this name. If people were more educated on the actual interest rate they are receiving instead of the name of the account. Why just not call eq bank and neo as saving account. Maybe this way encourage people to use, the name sounds a different type of product and as you said not every feel comfortable to new product/concept.

[viniciuscustodio]

I'm moving to Canada in a couple of months, and your videos are super helpful to introduce people to the Canadian banking system and their perks.
We're used to high interest savings accounts here in Brazil, so taking advantage of those in Canada as well is definitely a plus.

[ludo_]

Even 2.5% at EQ bank is quite low in my opinion.

[FIRE_DrNinjaTurtle]

I love this and love your shorts as well. Very entertaining

[daniellebaxter]

Steph! Can you please apply to be a Monday Girl Mentor? I think so many women could benefit from mentorship with you myself included and people like Rosey Li who have YouTube do group sessions with 10-15 people. Love your vids as always!

[CanadianDividendInvesting]

Great video guys, some awesome info here!

[r.j]

Did you guys miss the fact Janette Yellen said they will pick and choose what banks will or won't fail? FDIC has a cap. Not all banks can be bailed out if failed.

[TheMaskedUnicorn]

An added comment: Canadian credit unions are 100% guaranteed by the CDIC without a cap on the member's holdings. This, along with their cooperative principles, sets them apart, which is why I use a credit union for my main hub account and mortgage and EQ bank for a higher interest savings. Best of both worlds.🎉