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Fast forward a year and imagine that the Fed's cut rates three quarters in a row and HYSA rates start dropping back down closer to 1%: Are there other financial products you'd start looking at for housing that emergency fund at that point? In the current landscape, it seems like all of these products have a place -- it's just a matter of picking the right tool for the job. For example, my wife and I think we have uses for both an HYSA for emergency funds and a money fund for some big, planned expenses in the next 3 years -- but we doubt we'd make use of a money market account. What I find most challenging as a noob to financial tools is gaining clarity around the application: why is x best for y? Thanks for the walkthrough! I've enjoyed your approach as I've been learning about HYSAs recently; happy the almighty algorithm shared your work with me!
Haha thanks for sharing your take! I’ll make a video soon about low risk, high liquidity (easily access to cash) for short term. What other questions do you have that I can help answer? I’d love to know more about your situation, maybe I can provide a perspective.
I go MMAF because of tax advantages and market based returns. With a HYSA, to my knowledge, there’s nothing stopping banks from drastically changing the rates on you. Eg running a promo rate to get people in the door and then erode rates in the hoping that people don’t move their money because it’s already there. I would get others thoughts on this.
True. I've seen this with many banks out there. And what you're doing makes sense! What kind of tax advantages do you get? And what returns are you getting nowadays? Thanks for the insight!
I use VMSXX which is fully tax exempt and currently at 3.38% and VMFXX is partially tax exempt at 5.25%. Figuring out which is best for someone is going to depend on their income and state taxes.
I’m open UFB account and made some deposit from my external account to my UFB account but now I just see note show on my dashboard said my UFB account is stricter status limited transaction Any one know how resolve this problem
@ModdBoy they don't have the app for hysa. You have to use the website. But to me it's worth it for the high apy as I don't need to check it all the time
Hello everyone! Which of these is for you? I'd love to hear your take. Also, don't forget to download your FREE guide to passive income with high yield savings accounts, which goes over how you can choose the best HYSA, what happens during bank failures, etc. alexisidro.com/HYSAGuide
So they say that they’re FDIC insured, but they’re not actually FDIC insured if the middle company between the bank and the FinTech company goes bankrupt, i.e. the situation that occurred with Yotta and Synergy. So here’s my main question for Wealthfront: does Wealthfront use a middleman or do they work directly with the banks? If there is a middleman then what that company’s name? Do we know if they are in good financial health?
I've been using Wealthfront for 18 months now. I've had no issues, transferring funds to my local bank from Wealthfront is easy and fast and I've gained approximately 20k in interest due to my investment!
HORRIBLE BANK! DO NOT deposit money with Marcus! I have $170k with Marcus HYS account. The first time in a year and a half that I tried to take any money out they have locked my account. They put an "alert" on my account saying they need to verify my identity. Mind you, they have no branches to prove identity in person. Terrible customer service over the phone. I have given them SS#, DOB, passphrase, addresses, driver's license number, etc... still no access. Do NOT deposit here unless you want your money locked up with no access to it. I now have to get an attorney to fight this corporate bank.
Hi! Thank you for the detailed video. Does the automatic checking account mean that I need to change my checking account details in the company and close the already existing checking account I have ?
@@alexisidro Oh No. I AM NOT ALREADY A CUTOMER OF SoFi BUT I ALREADY HAVE MY CHEKING ACCOUNT IN ANOTHER BANK. So, question was do I need to close that other account since we can't have 2 checking accounts?
After watching this video, I'm considering taking all my money out of my HYSA and putting it back into my regular Brick and Mortar bank. I don't know...
Can I use TransferWise or other similar app to make deposits and withdrawals? Maybe that would address the issue of depositing from multiple bank accounts. other Question: does the 5.36% changes after a period of time or is the same? I would use this account for my emergency funds so I don't plan to do too many transactions.....I just realized you made another more recent video on this. "The TRUTH! Western Alliance Bank High Yield Savings 😱 Pros Cons".....I will watch it.
@alexisidro yes, definitely. Great update video. It was pretty objective and informative. I'll call them in the future to see if they accept money from transfer wise, but for my purpose, I don't really care. As an emergency fund, I would deposit the money there and then don't touch it unless I have a real emergency.
Thank you so much for the video ive been hesitant to start a savings account because it all seems overwhelming starting out. This vid made it so much more digestible and the link you provided for the sign up bonus is a huge plus!
I use discover. Put all my extra money into my high yield savings and then when I want to take a vacation or something, just transfer it into my discover checking and there you go. Earns 4.25 APY.
@@alexisidro I like it very well. Anytime I get a raise or I work any overtime, I throw that into my discover account and I also keep a discover checking account active in case I need to access it for some reason. I've had it for years and never had any problems. Interest has stayed pretty steady with no monthly fees or hidden costs.
I got you! Yes, everyone has different goals and reasons. I use it for the same reason, for my short and long term emergency funds and saving for other life goals.
@@alexisidro ok thanks so much for responding i’m new to investing. I just downloaded the app and made an account, cant believe i slept on this for years. Thank you so much!
No problem! What did you find the most helpful in your opinion, and what are your challenges with investing? I'd love to learn your insight, thank you!
@@alexisidro well i watched a bunch of videos i searched “best HYSA 2024” and watched multiple videos. I didnt know apple had a HYSA and its backed my goldman sachs as well. So i decided to go with apple as its easier to use in my opinion, i have a question for you i deposited 10 grand like an hour ago, am i able to deposit another 20 grand or do i have to wait? I dont want to get flagged i’m not sure if you know the answer to this or not, thanks!
Just to make sure, the withdrawal limit is 6 per month? Or 6 per year? And do I get charged for withdrawing money or not having a certain amount of money sitting in the account???
Some people like to do that, specially if you have a lot of money and don't want to put all your eggs in one basket, per se! At the end of the day, it doesn't matter how much you have, if you want to have a few savings accounts in different banks and try them out, it's all good! It comes down to your preference. Any other question i can help you with?
Best on luck on college! You got this. Recommend with respect to what, HYSA? AMEX is a good, safe option, IMO. Others include Capital One, SoFi, Marcus, Discover, CIT. Whichever fits your needs better. If you just want a HYSA, you can't go wrong with either.
I JUST opened one with them, however i have issues, only one account can be opened for deposits, so that is very restrictive. Also transfers take forever when you do make them, ALSO If you need money anytime soon, give it at least 1-2 weeks for transfer. ALSO no check or wire transfers allowed! what??.... I have had this account for a week, once money is cleared, im transferring back to synchrony and closing this... interest rate isnt worth the hassle in my opinion..............
@@billycaldara5033 no checks no transfers . My money as of today still hasn’t cleared , I’m beyond frustrated . Isn’t worth the hassle. I transfer money a lot and this is by far the worst bank I ever dealt with. Very disappointed .
what do you think about forbright? I have 15k sitting around in my boa account doing NOTHING for me. i want to start putting that money to work! I am going to choose between forbright, sofi, capital one, amex, or ally. help! thanks :)
Hi Alex, I am opened my Capital One Savings HYS and so glad I did!! Do you know if they have an affiliate program? Doesn't seem like it. Thanks for your help
Que rollo Alex! I finally got a decent job and I was going to open a savings account with Chase. As a staff accountant I questioned this decision because the low interest. I already have an I bond, but my salary isn't enough to have my funds frozen in an account. SOFI was appealing but I do not want to transfer all my funds into another Checking account. I started researching YSA Accounts and im over whelmed. I just want a place to have a savings account haha. Thanks for the breakdown and help! Do you have a video where you compare YOUR favorite savings account? Thanks
I have a guide where I go over my favorite ones for sure and why I like them! I put together this document to walk you through it alexisidro.com/HYSAGuide it has everything you need to know and all my favorite ones. Takes 10 minutes to read
Just found this channel and watched several of your HYSA videos. I'm going to go with Marcus. I was considering several options but ultimately I wanted something trustworthy and relatively simple. Good stuff!
@@alexisidro for the longest time I was leaving a larger than necessary sum of money in my savings account just to lose value thanks to inflation. My girlfriend opened up an HYSA a year and a half ago and has been telling me to do it ever since. I finally did. Thanks for the thorough, down to earth videos!
I'm proud of you for explaining to people that FDIC doesn't cover everything with these Fintech companies, or Neobanks. I know what happened with Yotta is rare, but everyone should know about it, and the possibilities. Your the only one I've seen mention it, so good for you!
