Regular Savings vs High-Yield Savings vs Money Market vs CD⎟4 Types of Savings Accounts (explained)
Vložit
- čas přidán 9. 07. 2024
- Four types of savings accounts explained. Regular Savings vs High-Yield Savings vs Money Market vs Certificate of Deposit (CD)⎟4 Types of Savings Accounts (explained). Which savings account is right for you? Here's a look at different types of savings accounts.
What is a basic or regular savings account? What is a high-yield savings account? What is a money market account? What is a certificate of deposit -- and how do these savings accounts work? How to save money and live frugally with the right savings account.
*Open a CIT Bank Savings Connect Account and Grow Your Money Faster
Boost your savings with 4.05% APY: fxo.co/FZJy
*Acorns makes it simple to INVEST and SAVE every day by investing your spare change in a diversified portfolio of ETFs. Setup an account for you AND/OR your kids!
Use my invite link to get started: fxo.co/CIXg
↓↓Discover Other Financial Resources↓↓
*Looking for an automated investment service? Open a Wealthfront investment account and get $5,000 managed for free for life. Use my referral link: bit.ly/3pS7QvN
LET’S CONNECT:
» Blog: the-broken-wallet.com
» Instagram: / the_brokenwallet
Don’t forget to SUBSCRIBE, LIKE AND COMMENT: / thebrokenwallet
***How to Start a Blog in 2021 and Earn Passive Income: bit.ly/36eLflY
***Personal Finance in Your 20s and 30s for Dummies: amzn.to/3sqhoQO
***Managing Your Money All-In-One for Dummies: amzn.to/38JoY1e
***Investing for Dummies: amzn.to/35HthIv
FILMING GEAR:
*Sony A6400 with 18-135mm Lens: amzn.to/38eBa6A
*RODE VideoMic Pro+ w/Rycote Studio Boom Kit: amzn.to/2XvqyxC
*Studio Lights: Neewer 2 Piece Bi-color 660 LED Video Light and Stand Kit: amzn.to/3alFbYi
*FlexiSpot VICI Electric Quick-Install Height Adjustable Desk EC9 Series: Get $15 OFF - bit.ly/3jv18Z5
****DISCLAIMER: Some links in this description might be affiliate links. What does this mean? If you purchase a product or service using a link I provide I may receive a small commission-at no additional cost to you.
I Gave You A Flower by Le Gang / thisislegang
Creative Commons - Attribution 3.0 Unported - CC BY 3.0
Free Download / Stream: bit.ly/i-gave-you-a-flower
Music promoted by Audio Library • I Gave You A Flower - ...
Great video! I love that you actually teach real finance skills and information on your channel. It's such a valuable resource!
I have a regular savings account (and I like watching it grow,), but I've also been thinking of opening a high yield savings account, so I have both.
It's a great idea to open a high yield savings account. I keep my emergency fund in one, as well as any extra cash I have kicking around that I know I'll need soon but not right away.
It's great that you included bad habits and pitfalls.
Great video, I've had such a hard time knowing the difference between these accounts!
This was very informative and simple to understand
So helpful! I am always wondering about this but feel like asking a bank isn’t the best route since I think they have sales quotas on accounts.
Great tips as always. Love from London! 🇬🇧
Great video. I’ve never seen someone explain the different type of saving accounts they way you did! It’s like I actually understand now !
Glad it was helpful!
Great video as always. Lots of high yield accounts in 2023 are now 4% or higher. Subject to change if the Fed starts lowering rates next year but it’s nice for now. More 1099INTs to send out! I keep two baby savings accounts in regular savings accounts for a smaller emergency or certain bills. High yield is the main savings.
Great Video. I like variety. I have a few HY savings accts (short term & long term emerg funds) and 1 HY MM for our house down payment. Afer i close on our new house, ill probably move some funds into a longer term CD.
Would it be possible for you to do a video for those over 50 starting from scratching. Lost everything making bad side business decisions.😢😢
Hi, here's a link to a video I did on the topic last year. This question comes up often, so I will probably touch on the topic again with additional tips. Hope it helps!
czcams.com/video/9yFxg86H9wU/video.html
Wow! Usually when I read on this topic it seems like a foreign language. Your style of speaking is very precise. Clear and easy to understand. Being retired yet working part time I really appreciate you breaking down in lame terms the various ways to handle money with options. Excellent financial advisor.
Thank you! 😃
Great video! So refreshing to hear a natural relaxed voice at a good pace. I appreciate that you go straight to the point too
Thank you for watching! Ironically, I'm a naturally fast talker - it takes a lot of effort to slow down lol.
Love your channel. I have learned so much from your videos.
Awesome! Thank you!
Great video
This video is absolutely fantastic. You explained this so well and even for what the specific accounts can be actually used for. THANK YOU. Very clear and you answered a question probably hundreds of us typed in the search engine 😂
You're very welcome!
Subscribed because how you just broke this down finally made sense to me !!
Thank you for subbing!
Was hoping you would talk about cd rates at different times and/or banks. Thanks.
Thanks for explaining these 🙌🏽
Happy to help!
this video is so helpful, thank you for taking the time to make them!
Glad it was helpful!
Great Video!!! And your so motherly, it felt like my mom was giving me advice lol
Glad I could help! Thank you for watching!
Thank you so much I was always wondering what a Money Market accounts was and how it works
Happy to help!
Great video, subscribed! Made everything very easy to understand
Welcome aboard!
Just opened a high interest savings account thru capitol one @3.6%. Thanks for thr info 👍
You’re welcome
Thank you!! This was incredibly informative.
You're welcome!
Very informative! Thank you.
You're welcome!
Very helpful! Thank you!!
You're welcome!
Great video. Thanks. ♥️
You are so welcome!
Great video! Explained very well.
Thank you!
i have regular savings cd and money market
Great video!
Thank you!
I just have no words to thank you. I share your videos. Il pray for you that God bless you, as you blessing us with your time.
Love ❤
Shehnaz Ahmad
Johannesburg
South Africa
🇿🇦
You're welcome!
Stagger amounts and terms for CDs so its ALMOST closely accessible in varying amounts. Im doing 30 days thru 5 year terms.
New Subbie 🎉 Very informative video.
Thanks Vee
Welcome and thanks for subbing!
Govt. Savings Certificate can provide you with some interest.
👍🏻👍🏻👍🏻
No doubts , a good way of growing and saving your money is through investing . You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely". I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made
Thank you so much for this amazing videos, i have a question, i am considering to pay off my condo, but i would like to know if it's a smart move since i am using my life time savings, i am so concerned about not being able to pay bills or any emergency since i will be in "0" if i use it, what do you recommend!? to keep paying monthly and keep my savings !? Or to pay off and start from cero a new savings account!.? I retire in 10 years. Thank you in advance.
Hi, personally I wouldn't drain my savings to pay it off (keeping a minimum 3 to 6 months is crucial). Granted, without a mortgage you might be able to rebuild a solid savings account pretty quickly. But if something happens in between, and you need a lot of cash, you might have to cash out your equity to cover it. I would talk with a financial advisor first. They can take a closer look at your finances and help guide the decision.
@@thebrokenwallet thank you so much for taking the time and replying. Love your videos! Please keep blogging 😊🙏
Does transferring funds from an online high yield savings account lower the interest rate?
Yes, transferring funds from a high-yield account to a regular savings will lower your rate. At the moment, many HYSA have rates above 2.00%. Regular savings rates are around 0.01 to 0.02%.
This is a great video! I like internalizing the tips you give to someone like me, do you have all 4 types vee? In my situation, iam able to save where people can see it and secretly also, because i was told that we have a limit, and even though iam praying, and researching ways that limit can help me save more, i still do consider myself poor ...but its nice comparing who are great with money, and who arent, you know?
Glad you liked the video! I don't have all four. I have a regular savings and a couple of HYSA for different purposes.
@@thebrokenwallet wow, thats surprising! You are soo intelligent also, you probably are so great with money management❤
As a Muslim, I have to avoid bank interests. That's a no no. But, I think there is a way to avoid it in Islamic banking. I just don't know the details. Rest of the video, good job sis!
- can you use credit unions?
@@docsays whenever there is an interest without actual goods involve, it’s prohibited.
Forgive me if I'm ignorant, but dividends aren't "free" because banks and credit unions use your money to lend to other people. Similar concept with stocks and bonds. But I'm not sure the specifics in Islam, so you're probably right.
There are bankers who specialize in Islamic finance apparently - there are ways to invest in accordance to halal practices. I know there’s Jewish orthodox bankers who specialize in that.
Well… it sounds like most of her audience have “impulse problems”
She lost me at axed
Great video
Thanks for the visit