Stashed away cash for a rainy day, but with inflation pouring down, it feels more like a leaky bucket. Saving for retirement seems impossible if my money keeps losing value faster than I can earn it.
Not all hope is lost. Talk to a financial advisor about inflation-protected investments like TIPS (Treasury Inflation-Protected Securities) that can help your savings keep pace with inflation.
Financial consultants can be inflation warriors! They can recommend investment options that outpace inflation, like real estate or certain stocks. A client of mine used this strategy and saw their savings account grow by 15% in just two years,effectively combating inflation's drag.
“ Sonya Lee Mitchell” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I love Ally. One thing to mention.. you would NOT make less money if your money is split between multiple accounts assuming all the accounts have the same interest rate.
@@DebtFreeMillennials You earned over 7K in interest in a year?? You would have to have over 150K in the Bank to make that happen. Most young people don't have that much money. If you do, then congrats.
Just closed mine. They financially support Israel. Goldman Sachs’s has been publicly doing so since 2016ish . Enough of our taxes fund genocide. No thanks for me!
One of my favorite things about Marcus is the boosted 1% you get from being referred or referring a new customer. 3 months at 5.5% instead of 4.5% I haven’t been able to beat it anywhere else
I have tried lot of high yield savings and I always go back to Ally Bank. Tried SOFI, but have decided to come back to Ally as my online bank. I do not have to worry about setting up a direct deposit in order to get the high rate in the savings, which you do with SOFI.
I don't disagree, but you get that interest on your checking as well, which you don't with ally. You literally just have to direct deposit $1 to get the higher amount, and most businesses that you play with your direct deposit enough that you could easily do that.
I did decide to make my online bank with SOFI for now and just direct deposit 1% of my retirement into the checking in order to get the higher rate. Have set up my SOFI vaults and using them along with SOFI Invest. Going to try them at least through end of year and see how things go. Ally is a great online bank and have been around for many years. I am not going to close the checking and savings with them. Possibly will be moving some funds in Ally very soon. I never like to put all my eggs in one basket.
had ally for a year now, loving it! clean interface but has all the functions i need. makes savings fun. I have nothing to sell, no affiliate link. just honest opinion.
Just closed mine. They financially support Israel. Goldman Sachs’s has been publicly doing so since 2016ish . Enough of our taxes fund genocide. No thanks for me!
Awesome video. I think this is an area most people overlook since rates have been so low for so long and the big banks haven't adjusted their savings rates.
@@jasonk446 Good point. I have been dawdling on High Yield banking as brick and mortar gives me some kind of security, yet I don't even remember the last time I entered a bank.
I have had this HYSA with Amex for 3-4 years now. I recently opened a rewards checking account which has no monthly fees, minimums or required direct deposits. Not my primary checking acc but it does add some convenience.
Been using Amex HYSA at 4.35% so far so good, no minimum deposit, no fees, been enjoying my “passive income” dividends each month, and yes you can access your money and transfer it to other banks anytime!
I have a Capital One account and I like it except for 1 huge flaw they have. There is no 2-factor authentication to log in. I want a bank that uses an authenticator app. Much more secure than other 2-factor methods. For this reason alone, I am looking for a different high yield savings account.
There is a scam going around where the scammers hijack your phone and then use the 2 factor authentication to access your accounts. Please look it up. Today the 2 factor authentication is very problematic. I opened accounts at a bank that offer lock down. no one cam transfer money in or out unless you authorize it. Check it out
I just opened an account with Capital on January 1st 2024 because of there 4.35% interest rate on their savings account and the no minimum balance. I opened three accounts with them: an emergency fund, holiday savings and their checking account. My goal to have $10,000 saved for my emergency fund, open another savings account and call it my Future Savings Account for either a car, laptop computer or etc., and later on, open another savings account for Vacation.
Not to offend but I like to see people get the best rate and quality. Anyone not currently over 5% you need to change your bank. Bask bank is 5.10% no strings or fees/minimums. Vio is at.5.30% no strings attached. Much better than 4.35%. I use Bask currently.
I LOVE my ally HYSA! and you can set amount and date of completion goals for the buckets which is so helpful with staying on track. It'll show you what percentage you're at towards your goal. So helpful!
I use Ally, and I'm obsessed with the buckets! I also have a hysa with Alliant, but it's only getting 3.1% so I'm going to move my money out. Loving your videos :)
Hello. I'm a new subscriber. I find your videos so far to be simple and easy to understand. I would like to try your budget toolkit but when i try to access it an error appears, any idea why? Thanks for the videos.
Just moved 50k to Amex high yield savings the other day from my BofA savings. Was a platinum tier for two years with BofA and earned a laughable $21.64 in interest.
Like you: BofA “platinum.” Moved a lot of money over to raisin last summer when it was 5.25 (?)% and it just keeps going up. Each time the rates change, I get an email notification. Added a big check at Xmas time and deposited first into BofA. The teller wanted to know what I was going to do with the money. Huh? None of his business! But I told him I was going to move it to raisin as soon as it cleared. His eyebrows went up when I told him the interest rate. It did take a few days to clear both BofA and then raisin, so the same day stuff is just a dream for me. Meanwhile, my interest earnings are super exciting! Take THAT, BofA!
Same,I was Platinum Tier but only earned $11 which is a joke so I moved all that money to High Interest Rate Bank,I feel like an idiot after all these years,In trying to tell a friend to do the same thing but he said he’s been with BOA for Decades,I guess its the Status thing and not knowing how much BOA is ripping him off,I say maybe keep BOA for quick ATM Cash for convenience but nothing more and have it linked to External Bank if you already have Direct Deposit through them and don’t want to set up Direct Deposit through another Bank because of the hassle
Really where are investors putting their cash? Isn’t it crazy how mortgage rates continue to rise with higher imports and declining exports, but the FED is yet to lessen cost. Something will eventually break if they keep raising interest rates and quantitative tightening.
from my study, prices of great assets like real estate, dividend paying stocks, and gold never come down, so I buy what I can afford today. ideally, seeking financial advice in a crucial economy is necessary for everyone
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Marisa Michelle Litwinsky is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
'Marisa Michelle Litwinsky, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Barclay’s gives a decent APY. The only issue I’m aware of is that they put a hold on any incoming deposits for 5 business days (not sure if any other banks do that). Withdrawals, seems to be no issue though.
Wealthfront is 5% and if you refer someone they add.5% for 3 months and allow you to do the sub accounts under the main account as well and fast transfers back to your bank, as well as you can get a debit card that is fee free at most ATMs at local drug stores (Rite aid or Walgreens).. 😁
I've been using Betterment and LOVE the cash returns. My end of year goal is to figure out how I can strategize where allocations are to create high passive returns monthly so I can know I have a buffer if the economy is shitty (as we all have experienced lately). I'd actually LOVE to have you do a video comparing the pros and cons of keeping a traditional 401k or moving your money into on of these HYSA vehicles. Currently 401k aren't awesome and I've been strongly wondering whether to switch it up strictly from a rate return standpoint. Especially since the HYSAs are also compounding returns. Thank you!
Love the video. Was doing research on the Money Market account for UFB Direct and I saw a different APY. Can you send me the link to the 5.25% you saw?
Just closed mine. They financially support Israel. Goldman Sachs’s has been publicly doing so since 2016ish . Enough of our taxes fund genocide. No thanks for me!
I use Ally savings, money market, checking, and investment accounts. Love that company. However, I park my emergency fund in Marcus. I do this because I’d be too tempted to mess with it if I saw it on a regular basis.
Wow: An interest earning of $7682 in 7 weeks of 2024. Assuming you get an average of 4.60%, your savings $7682*(52/7)*(1/0.046), thus, you have over $1.24 million in savings. Go Girl!!
This all sounds really great but when you have no idea HOW to go about doing it or anyone to help you, it doesn’t matter how much Money one would make does it😏
What do you think about betterment? They had a 5.55% no fee hysa last sept. If I want to put up to 50k, do you think it is safe to put all in one hysa or split between more for safety?
What happens if in any case I wanted to withdraw all my money from my savings account, would I be charged or would I have any penalties? Do I have to wait a year to be able to withdraw my money or I can just take my money whenever I want?
they don't, because they aren't a bank or credit union. Raisin has program banks and credit unions, so the rate is offered by the program financial institution through Raisin. The rates are also variable.
unless you have oodles of cash exceeding your insured limits at any given bank, there is no reason to use a fintech aggregator like wealthfront, Raisin, betterment, etc.
That mean You have a capital near $177,000 at your saving accaunt? Not bad. Only don't stop next 25 years. And You will have (payment for 25-th year*12) capital.
have high yield with amx (currently 4.3% daily compound). it’s cool, but was wondering about bask bank. do you (or anybody else) know anything about them?!?!
@@sparklegirl7544 i opened it in feb24 and already earned interest for feb. Ive heard people complain about poor customer service, but when i called, i talked to a live person, and he answered my questions.
