To learn more about the high yield savings accounts mentioned in this video, feel free to check these out: ▶ Discover: www.discover.com/online-banking/savings-account/ ▶ Marcus: www.marcus.com/us/en/savings/high-yield-savings/referral ▶ SoFi: www.sofi.com/banking/savings-account/ ▶ Wealthfront: www.wealthfront.com/cash ▶ CFG Bank: www.cfg.bank/personal-banking/personal-deposit-rates/ ▶ Republic Bank of Chicago: republicebank.com/personal/digital-money-market/ ▶ Treasury Bills: www.treasurydirect.gov/auctions/announcements-data-results/
SaveBetter is very intriguing! It's nice to see an online platform that aggregates some of the highest yields offered by both online banks and credit unions. Admittedly, I haven't done too much research on Save Better or its management company Raisin LLC. Judging by their recent press releases, it seems like they have $30 billion worth of assets under management with the US division managing at least $1 billion this year. That level of AUM appears to provide some legitimacy for the company, and they do partner with many FDIC and NCUA insured banks & credit unions. I haven't tried them before, but it could be worth exploring in the future! As for my thoughts, I feel comfortable sacrificing some additional returns for a better peace of mind. Personally, I enjoy national banks or brokers like Fidelity and Charles Schwab with AUM in the trillions. I might not get the highest rates possible with them compared to SaveBetter, but I do get good enough customer service and technology. Again, this fear could be completely irrational and Raisin could be an incredible holding company. I just prefer going with the big names which, to me, offer a "good enough" return that I'm happy to stay with them.
Great question, Raymond! Discover, Marcus, SoFi, and Wealthfront offer monthly interest payments, allowing you to compound your savings a little bit further. CFG Bank and Republic of Chicago operate a little differently in the sense that they are money market accounts, but compounding is also a factor here too!
@@EricTangOfficial Is there a minimum direct deposit you need to transfer in from my employer? I was thinking about with my payroll, I can set an allocation fund of maybe $100 into Sofi account to fulfilled the requirement? Does that work?
Good question! While there is no minimum direct deposit needed to set up a SoFi account, there are sign bonuses available depending on your deposit amount. If you deposit $1,000 or more, you can get a $50 bonus. A qualifying direct deposit of $5,000 or more gets you a $250 bonus. You can learn more about the terms here: www.sofi.com/banking/direct-deposit/#table1
No problem, Mozzie! The interest rates were recently announced. You're earning 4.594% APY on your 02/28/2023 issued Treasury Bill. You can find more details for your security (912796Z85) here: www.treasurydirect.gov/auctions/announcements-data-results/
A few of my subscribers have tried their money market account out. The process seems simple and straightforward. No gimmicks, but you do have to email them to set up POD designations so a little more work necessary for those. Customer service is good and generally makes up for the fact that their mobile apps and web interfaces aren't exactly the most polished compared to a Discover or Capital One. Overall, most people are there for the yield. Can't expect too many bells or whistles but does the job well enough.
![Best Savings Accounts of 2023 - [United States Banks]](http://i.ytimg.com/vi/uSGQEJcOMIk/mqdefault.jpg)
![Best Savings Accounts of 2023 - [United States Banks]](/img/tr.png)
To learn more about the high yield savings accounts mentioned in this video, feel free to check these out:
▶ Discover: www.discover.com/online-banking/savings-account/
▶ Marcus: www.marcus.com/us/en/savings/high-yield-savings/referral
▶ SoFi: www.sofi.com/banking/savings-account/
▶ Wealthfront: www.wealthfront.com/cash
▶ CFG Bank: www.cfg.bank/personal-banking/personal-deposit-rates/
▶ Republic Bank of Chicago: republicebank.com/personal/digital-money-market/
▶ Treasury Bills: www.treasurydirect.gov/auctions/announcements-data-results/
Subbed 🎉
Thanks, Bing Bong! (nice name by the way)
What do you think of SaveBetter ?
SaveBetter is very intriguing! It's nice to see an online platform that aggregates some of the highest yields offered by both online banks and credit unions.
Admittedly, I haven't done too much research on Save Better or its management company Raisin LLC. Judging by their recent press releases, it seems like they have $30 billion worth of assets under management with the US division managing at least $1 billion this year. That level of AUM appears to provide some legitimacy for the company, and they do partner with many FDIC and NCUA insured banks & credit unions. I haven't tried them before, but it could be worth exploring in the future!
As for my thoughts, I feel comfortable sacrificing some additional returns for a better peace of mind. Personally, I enjoy national banks or brokers like Fidelity and Charles Schwab with AUM in the trillions. I might not get the highest rates possible with them compared to SaveBetter, but I do get good enough customer service and technology. Again, this fear could be completely irrational and Raisin could be an incredible holding company. I just prefer going with the big names which, to me, offer a "good enough" return that I'm happy to stay with them.
@@EricTangOfficial Thank you very much for looking at it. I don't have the insights and know how that you have.
Any one of these bank give monthly compound interest?
Great question, Raymond! Discover, Marcus, SoFi, and Wealthfront offer monthly interest payments, allowing you to compound your savings a little bit further. CFG Bank and Republic of Chicago operate a little differently in the sense that they are money market accounts, but compounding is also a factor here too!
@@EricTangOfficial Is there a minimum direct deposit you need to transfer in from my employer? I was thinking about with my payroll, I can set an allocation fund of maybe $100 into Sofi account to fulfilled the requirement? Does that work?
Good question! While there is no minimum direct deposit needed to set up a SoFi account, there are sign bonuses available depending on your deposit amount. If you deposit $1,000 or more, you can get a $50 bonus. A qualifying direct deposit of $5,000 or more gets you a $250 bonus. You can learn more about the terms here: www.sofi.com/banking/direct-deposit/#table1
First Foundation Bank offers 4.20% APY.
Ooo! That’s a really good rate!
I have credit karma and currently it's at 3.75% APY
That's a very nice rate!!
I bought 4 week $100 T bill to be issued Feb 28 but I didn't see interest rate.
No problem, Mozzie! The interest rates were recently announced. You're earning 4.594% APY on your 02/28/2023 issued Treasury Bill. You can find more details for your security (912796Z85) here: www.treasurydirect.gov/auctions/announcements-data-results/
So I don't see the rate until it is settled?
Yep! One of the downsides is that you won't know the exact rate until you're issued the T-Bill.
What about savings direct. I believe I read they are offering 4.35% on a high yield savings account. Do you have any wisdom to share on this?
Sorry, it’s called My Savings Direct
I've had them since 2015 and no issues at all. Saved to buy a house and it was a smooth process to get the money out as well.
Good question, Mary! I haven't used My Savings Direct before, but I'm glad Stephanie has had a good experience thus far!
Do you know anyone who deposited $ in Republic Bank of Chicago & was able to transfer $ out? I don't trust until I can transfer $ out.
A few of my subscribers have tried their money market account out. The process seems simple and straightforward. No gimmicks, but you do have to email them to set up POD designations so a little more work necessary for those. Customer service is good and generally makes up for the fact that their mobile apps and web interfaces aren't exactly the most polished compared to a Discover or Capital One. Overall, most people are there for the yield. Can't expect too many bells or whistles but does the job well enough.
Thank you. Eric!! You are very helpful.