Best High Yield Savings Accounts of 2024 (Earn Passive Income!)
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- Äas pĆidĂĄn 25. 07. 2024
- Earn more interest using the CIT Bank Saving Connect Account đ www.roadmapmoney.com/go/CITSa...
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Grab a copy of the High-Yield Savings Account Calculator: docs.google.com/spreadsheets/...
*Account 1 - CIT Bank Saving Connect Account - 4.65%*
www.roadmapmoney.com/go/CITSa...
This account is currently paying out 4.65% and is the one I use. I opened this account when it was the highest paying account earlier this year. In 2023 alone Iâve earned $392.36, and am on pace to earn over $1,200 in 2024, even if I donât make any more deposits.
CIT Bank is an online bank owned by First Citizens, the same bank that bailed out Silicon Valley Bank when it collapsed in 2023. Itâs FDIC insurance, super safe, and has a stupid simple mobile app. While the rates arenât the highest on the list, you only need to deposit $100 to open an account and donât have to jump though any other hoops to earn the high interest rate.
*Account 2 - SoFi Checking & Savings - 4.60% APY*
www.sofi.com/invite/money?gcp...
SoFi is a fantastic all-in-one finance company that offers everything from student loans to mortgages to retirement accounts. And they recently launched SoFi Check & Savings. They offer a competitive 4.60% APY on deposits into their savings account, and thereâs even a sign-up bonus right now.
One thing I like about SoFi is that all members get access to free financial advice from licensed advisors, and they even have career coaching. Plus you can get discounts on loans and other SoFi products just for joining. So this is a great option SoFi fans that want a solid rate.
*Account 3 - UFB Direct Secure Savings - 5.25% APY*
www.ufbdirect.com/Savings/hig...
UFB Direct is offering the highest rate on this list, at 5.25%. And while this is enticing, Iâve been following UFB Direct for a while and noticed they seem all over the place with their requirements. In the past, to earn the highest rate, youâd need a huge deposit (like $10k or more), and I also recently read reviews that UFB Direct creates new types of accounts that pay higher without informing existing customer.
So while Iâm including them on this list due to the high rate and no minimum deposit requirement, youâd need to keep an eye on your account to ensure youâre always getting the best rate.
*Account 4 - Marcus Savings - 4.40% APY*
www.marcus.com/us/en
Marcus is a solid savings account from Goldman Sachs that always offers a competitive interest rate. Right now Marcus accounts are paying 4.40%, which provides a decent return on investment.
There is a weird caveat that Marcus has - a MAXIMUM balance limit to earn the top interest rate. You can only deposit up to $3 million and earn 4.40%. Sorry Warren BuffettâŠ.youâll have to find another account.
*Account 5 - Wealthfront Savings - 5.00% APY*
www.wealthfront.com/cash
Wealthfront is a cool robo-advisor that helps people automatically invest money for the fraction of the cost of a financial advisor - but they also have a high-yield Cash account thatâs currently paying 5.00% APY. This is a solid account and there are no minimums required, and you donât need to be a Wealthfront robo-advisor customer.
Wealthfront will probably advertise at you to join their platform because thatâs how they make money, and honestly itâs a decent program for beginner investors that arenât comfortable managing their own investments. But if you donât want to join and donât mind the ads, you can earn a cool 5% APY by just using their cash account.
*Account 6 - Barclays Savings - 4.35% APY*
www.banking.barclaysus.com/on...
Barclays is a reputable bank thatâs offering a solid 4.35% APY on their high yield savings account. Barclays has been around since the 1800s and offers a no-frills savings account with no minimums or account fees, and not hoops to jump through. If you want a simple savings account through a solid bank - this is it.
*Account 7 - LendingClub Savings - 4.65% APY*
www.lendingclub.com/personal-...
LendingClub is an online lender that now offers a solid high-yield savings account paying out 4.65% on account deposits. This account is paying the same rate for all balances, and it only takes $100 to open an account. There are no fees and you can even use an ATM card to access cash form this account.
00:00 Intro
01:44 Account 1
02:43 Account 2
04:03 Account 3
05:16 Account 4
05:56 Account 5
07:22 Account 6
08:01 Account 7
08:33 Saving Account Calculator - ZĂĄbava
Want to use the same savings account I am using to earn $1,200 in 2024? -- www.roadmapmoney.com/go/CITSavingsConnect
Grab the spreadsheet. -- docs.google.com/spreadsheets/d/1p8TnFjSL_hiFSU_gaRzwdnxqlzsj-eSXOgR4iwsFMe4/copy
Great video đ
One word. Subscribed!
I'm gonna go with Sofi and CIT.
Good video
None of these people tell you that you have to pay taxes on your interest at the end of the year
Thatâs actually a really good point
Exactly
How much tax?
Just like you have to pay ratio fees, maintenance fees, and random tax fees when you invest your hard earned money in the risky stock market. What was your point!
I mean everything is being taxed. Even that $23 I earned from my savings account was being taxed đ
I'm staying away from UFB Direct. Any HYSA company that doesn't automatically give you the latest higher interest rate is not a company i want to do business with.
Investing can be a very impactful way to grow your money, especially when you consider the three main factors that play a role in how much wealth you build: rate of return, how much you invest each month and, of course, time.Big ups to everyone working effortlessly trying to earn a living while building wealth. Iâm 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..
I would be happy if you could advise me, as I am ready to go the passive income path.
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Alright, you can easily find her information by doing a quick đ search. Feel free to reach out to her directly with any questions you may have.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her
FDIC protects my money in case the bank goes under. Does it protect my money if my account is hacked and my money is stolen from these online only HYSA?
Can i ask your thoughts on Betterments HSA? I noticed its not on your list and would enjoy your pros/cons perspective of them. Thanks! This was very helpful
It's a great option if you already use Betterment. Otherwise you'll need to sign up for a Betterment managed account, which charges a fee for managing your investments. I like the platform, but prefer to manage my own investments.
Which do you recommend for someone new to high yield and is a little bit afraid to venture into something new with their money?
Any of these are reputable banks and your money is insured by the FDIC, so there's no risk of loss. I personally use CIT Bank, but all of these are pretty great.
Can I link my business account on UFB?
2.15 sub/
time to leave the brick bank at 0.01%
Where is Western Alliance on this list?
I went with CIT! do you recommend opening multiple high yield saving accounts? thanks!
I do. I keep $1k-5k in a highly liquid high yield account. This one is less about the rate and more about having a debit card and 24/7 customer service with same or 1 day transfers. Basically my emergency fund.
From there I have multiple accounts set up for my financial goals.
House fund, furniture fund, new used car fund, etc.
Yes, I like having accounts for each savings goal. I believe you can open multiple with CIT and give them each a nickname (car fund, Christmas, vacation, etc.)
You can open multiple with CIT? does CIT give you a debit card as well?@@roadmapmoney
can i use any of these to pay bills online? especially with direct deposit..
They accounts aren't meant for bill pay, but for storing savings. But the SoFi account I believe offers bill pay.
What about Bread savings? They look good on paper but am nervous since itâs my first time using an online bank versus a in-person bank.
Bread looks decent -- backed by Comenity Capital Bank and FDIC insured...so your money would be safe there.
Do these accounts offer zelle or venmo transfer to and from your main account?
Some do, but the transfer limits will vary by account. For example; CIT Bank offers Zelle, with a $600 daily transfer limit. SoFi does not offer Zelle, but you can link a SoFi debit card to Zelle. UFB doesn't advertise Zelle at all, so not sure on that one. I use ACH transfer from CIT all the time, takes a day or two usually. But I keep a smaller emergency fund in my main bank, and the rest at CIT.
What makes you not recommend Aly HYS?
Ally is cool, so is CapitalOne 360 Performance savings. Solid choices. Didn't want video too long, Lol. But CIT and others do pay a higher rate than Ally or Cap One
Marcus also discriminates against disabled employees
I've been watching so many videos I don't know if I should go with Sofi, CTI, Ally, or Wealth front. My biggest thing is I want to be able to have access to my money when I need it with little hassle. Help.
If you need quick access, you need an account with Zelle. This allows near-instant transfer to other banks.
In another video I reviewed Qountic Bank, and their Money Market accounts pays 5% interest and has Zelle and an ATM card.
More info đ
www.roadmapmoney.com/quonticMM
What's better: having money in one account (more money more interest) or having multiple accounts (less money at start but overall more interest)? I feel like the latter would be better but is it lifestyle dependent? Thanks for any insight!
Just pick one account with the best rate and leave it there. Splitting money doesn't earn more. Only reason to split money is if you have over the $250,000 FDIC insurance amount
Vio bank offers 5.3%
Looks like a great option with their Money Market account. Just make sure to keep an eye on transaction limits - some banks limits withdrawals. Otherwise, great rate!