Why You Shouldn’t Save Your Money in This Account

 
Most people have a general understanding of what it means to save and invest. But there are a few small details that can make things feel more complicated at times. So today I’m sharing where not to keep your savings.
 
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[denisefultz]

I also vote for no music. Way too hard to listen to this!

[ST-uefb]

Please consider not using background music. It's too loud and is competing with what you are saying. Thank you.

[joshuaanthony]

I agree with the comments below, you need to stop the constant music track. It’s super annoying. Also you never said what bank to avoid, so that was a little misleading,

[RiverWoods]

Dear Editor: Please turn the music in the background down, it is not accessible to those of us who have hearing impairments. Honestly, if you want to put music in the background try a really soft classical music and turn it down really low so it doesn't compete with her voice and message. I got the information (mostly) but it was super hard for me, and I am sure I missed parts.

[CYCO]

Wife and I are on steps 4, 5, 6... but have been stalled out, especially in the last year. Inflation, and a car accident which ate part of our EF, has effectively removed the margin month to month by which we used to build it, and then some! Even with cutbacks & side hustles added in, it's still all we can do to not tap into our EF just to tread water financially. Pretty frustrating.

[joanncrawford]

Thank you for the reminder and a little push!!

[brendamclean]

I appreciate and respect you so much! Thanks for the down to earth, solid information ❤

[RebeccaEmily-sh]

*Wow😁, it's crazy how some people can become multimillionaires by investing just $10K in trading within a few months, while others have to work for 40 years to reach $1M in retirement savings. The power of smart investing, right?*

[jennylhenry]

High Yield Savings Account

#1 No minimum initial deposit, no minimum balwnce to maintain, and no penalties for withdrawing your money.

#2 transfer times and withdrawl limits.

#3 Through a bank thats FDIC-insured or a credit union that is NCUA-insured (protected uo to $250, 000).

#4 In order to decide between a Money Market Account verses a High Yeild Savings account is ask how often do you need to access your money?

[TShirtAndReeboks]

A lot of the national brick and mortar banks are even less than .25%!!

[Gruuvin]

American Express High Yield for 4.25% with no strings. Just sign up and go.

[donnamcclenton]

I’m low income and I did a high yield account….. for this reason you keep some money local….so even those on low income or say social security can save something.. I’m doing it on survivor benefits now.. budget is key….and I don’t get welfare and I pay into Medicare as well.. am I a senior? Not yet.. I have a few more years til retirement age… I bought Dave’s book and twerked it to fit my lower income .. it works and after a year I learned to save digitally .. no it’s not a lot but I’m consistent and savings is just that .. this is why keeping a buffer in your bill acct is so important..because life be lifeing for those on the extreme lower end.. I didn’t think I could save I started with a glass mason jar of coins. Then I got bold and went to one dollar bills.. and in one year saving $ bills I had saved over $500 this was last year…. Here we are in 2024?- 6 months in I have saved $500 more.. how budgeting and meal planning ., . It works, stick to your budget and watch what happens..

[uf]

Love you and your dad and been following both your advices for a long time and my wife and I are better off financially for it! Now for advice from my end lol, you really need to look directly into the camera even if it takes longer to make your video. Keep up the great work and thank you for all you do to help us out!

[Userllmaa]

How about 5.55% high yield saving with My Banking Direct? 5.25% high yield savings with UFB direct. Both FDIC insured. No minimum, no fee.

[kristencobb]

My high yield savings is linked to checking. I can transfer instantly and use a debit card if needed.

[IsabellaRoss-hlqd]

I’m trying to hear what Rachel is saying but I can’t focus because of the music, ADHD brain 😅

[jessyrodriguez]

I love Marcus by Goldman Sachs or Ally which I think she mentioned. The part I love the moss about Marcus is the 1% extra you get for 3 months when you refer friends and family and you only need $5 to open it, no fees, takes 1-3 days to get your money transferred to your checking

[WhitneyRoss-djrf]

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

[brianhall]

Money Market, and I've been doing short-term CD ladders: 1-3 months as these rates are higher than 1 year CD'S. I only do this with a small portion of my extra funds as I'm investing in 401K, Roth, and self directed count monthly as well. Nice getting enough monthly off of interest to pay for water and trash bills.

[petertarantelli]

Thanks, great video. The music wasn’t that bad, I was easily able to listen to and hear what you were saying.