Ultimate Beginners Guide To High Yield Savings Accounts

This video covers an Ultimate Beginners Guide To High Yield Savings Accounts In 2024. By watching this video, you'll learn everything you need to go out and master your own savings - Enjoy!

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⏰ Timestamps ⏰
00:00 Intro
00:45 What Are High Yield Savings Accounts?
01:34 How Do They Work?
03:53 Best Accounts
08:04 Things To Be Aware Of
Final Thoughts

What is a high yield savings account (HYSA)?
A high yield savings account is a type of savings account that offers significantly higher interest rates compared to traditional savings accounts, helping your savings grow faster.

How is interest from high yield savings accounts taxed?
Interest earned from high yield savings accounts is considered ordinary taxable income by the IRS, and banks issue a 1099-INT form for interest over $10, which must be reported on your federal tax return.

What factors influence the interest rates offered by high yield savings accounts?
Interest rates for high yield savings accounts are influenced by federal reserve policies and competition among banks, meaning rates can fluctuate based on economic conditions.

What are the best high yield savings accounts?
Currently I have categorized the best accounts into 3 categories as of 2024...
1. The highest potential rate: My Banking Direct at 5.35%
2. Known bank you already use: Capital One, Discover, American Express (4.25%), PNC (4.65%)
3. Overall account for 2024 that I use: SoFi (4.60% APY and up to $325 cash bonus, the only one in the industry to get instant cash and competitive rates).
- Other overall accounts to consider without a cash sign up bonus would be Ally or Wealthfront. Too learn more about these accounts, stay tuned to my channel as next week I will be uploading the best savings accounts for 2024!

What are the benefits of using a high yield savings account for short-term savings?
High yield savings accounts are FDIC insured, offer higher interest rates than traditional banks, and provide easy access to funds, making them ideal for emergency funds, vacations, or down payments.

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This content is for entertainment only and does not constitute legal, tax, or financial advice. It is for general informational purposes. The presenter is not a licensed professional. Viewers should consult their attorney, accountant, or financial advisor for advice on specific legal, tax, or financial issues.

[DannySully]

Do you have a high yield savings account? If so, which one(s) do you use? - Enjoy!

[LaddyLotus]

Do I have to deposit my entire paycheck from my job? Or can I designate a certain amount to be direct deposited?

[aliciachavez]

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

[sebastiandelatorre]

Hey i’m 15 do you think it would be worth it to open a savings account knowing im not gonna deposit a lot of money

[paliever]

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.

[emojimr]

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

[phantompigeon]

Can i transfer some of my Chase/WellsFargo/Bank of America money into these High Yeilding accounts, or does the money have to come from chacks?

[emojimr]

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

[ashleyyancey]

Want to make sure I’m understanding this….

You receive the daily compound interest every 30 days and will receive the APY at the end of the year, if you keep the money in the account?

[MrJayflow]

i have harborone anyone know the best plan?

[Davdwuzhere]

When they add the interest monthly, should I move it from the account to keep exactly $10, 000? Because after $10k, the interest lowers. Does it still collect 4.6% on the initial $10k if there is more than that in the account?

[wicked]

That’s a ripoff 10, 000$ and I only get 460$ a year 🤦🏽‍♂️. There has to be a better place to put your money and earn at least 2000$. You forgot to mention that we have to pay Uncle Sam on that interest earned via a 1099.

[maxmakrounis]

Snp500 over HYSA SNP500 will give you on average 8-10% a year and that’s on average sometimes it can be 13% and yes there are down times in the market but in those down times are opportunities to buy more don’t bitch out.

[Dansational]

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 ?

[DjSpicyO]

People. Dont follow advice from randoms on youtube… 🙄