The Power of a High Yield Savings Account!

The Power of a High Yield Savings Account!

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[PumpkinEater]

Just to clarify, a high yield saving account is not a place to build wealth. It is just a place to park emergency cash and try to minimize the effects of inflation on it. Your balance will grow in amount, but not significantly in value relative to inflation.

[RocMerc]

You do pay taxes on the interest gained. It isn't a huge deal obviously for free money but just so everyone knows

[wresltgal]

I just learned what this was last month, I did my research and immediately opened an account, now I just got done talking to my brother about getting one and he’s looking into doing it too

[SimpleMandy]

Opening my high yield was the best thing I ever did.

[missmarylee]

You guys are awesome. I finally moved my money after listening to guys for over a year.

[flmcrw]

My Chase savings account only gave .001% a month. Literally $0.20 a month. My Capital One high yield gives 4.3%. BIG difference in the first month alone.

[Bevan]

I doubt there's many people with 30k saved that don't know how interest works

[correyy]

I kept my next egg sitting in a normal bank account for years. Meanwhile i was using my high yield checking account ti pay all my bills. Idk why i never realized that i was being stupid. Immediately moved my money to high yield and earn 5%

[shanehess]

Just opened mine today . Getting 5.1 %

[LooseArrowBoy]

I'm saving to buy a house and the interest rate on my HYSA is the reason I owed taxes this year, a good problem to have of course!

[jeffenriquez]

I recommend a money market account. These high yield savings accounts have terms and conditions that are subject to change whenever the bank feels like it.

[grissomfire]

I have a Tbill 13 week ladder I keep my emergency fund in. Still paying over 5% and state tax free.

[Moneykingkevo]

Im doing things my way by spreading my 10k across different HYS

[Josh-lkvi]

Just curious: where did you find the high yield interest savings in 2020? Not a single brick and mortar I came across did more than .25%.

[yutuberculosis]

I just have a line of credit instead of an emergency fund- I don't have any dependents do emergencies usually aren't that big or emergent. If something happens I use the loc and either pay it back from my paycheques or liquidate some investments

[xar]

These guys are talking about how to get better interest on a 30k savings when I am like "damn I wish I just had 30k to save"

[luistijerina]

So i get 4.89 or 4.86 one of those monthly for my savings account. Had 5k in it and got $20 the first month, was confused and asked to see the formula... Its weird. Now im curious if all banks use the same formula and if so how are people making so much money from savings accounts?

[coachfinancial]

Is that in a money market account savings account in a bank? Which they say isn't protected the same way?

[sasukesuite]

“Average savings account earning 0.36% interest”
Me: *Laughs in 5.25%*

[disdurbed]

My emergency fund and general savings are in two buckets of the same high yield acct. 30k and some change total and I net 110$ each month in returns. Def not a way to build wealth and you do have to pay some taxes on it BUT that interest goes toward my fun money and paid for my last (fairly large) tattoo