Revealing Banking Tips To Save HUNDREDS (Best Savings Account) | NerdWallet

Want to better understand banking? Finance Nerd Nikita Turk is joined by Banking Nerd Spencer Tierney to answer your online questions on everything banking from choosing between a high-yield saving account or a CD, protecting yourself from bank failures to know when and how to switch banks.
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Chapters:
0:00 - Intro
0:16 - Is It Good To Have An Account At A Brick and Mortar Bank?
1:05 - Is It Bad To Keep No Money In A Checking Account?
1:38 - How To Choose A Bank
4:08 - Why Banks Interest Rate On Savings Account Didn't Go Up After The Last Fed Interest Hike?
4:57 - What's The Catch With High-Yield Savings Accounts?
6:18 - What Is The Point Of A CD (Certificate of Deposit)?
7:28 - What Is Better: CD or HYSA?
#NerdWallet #Banking #BankingTips
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Revealing Banking Tips To Save HUNDREDS (Best Savings Account) | NerdWallet
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[@CueteLA]

WIth A CD, say I were locked in for 1-2 years and then that goes up. What would be the procedure to lock myself in for another period of time. Would I have to liquid those assets and go into another CD? Very new to all of this and may be over thinking it, but I want to understand as much as I can

[@uwarrior]

Couple of reasons to overlook a high yield savings for a CD is the higher rates and locked in rates. Liquidity is a slight trade off, but u can still get out of one fairly quickly

[@uwarrior]

Depending on how long you have one, the penalty you pay is only some of the interest you've accumulated.

[@FIRE_DrNinjaTurtle]

Awesome channel. You are one of the best on the channel. Keep up the great work.

[@nerdwallet]

Thanks for watching Darrell!