I know you have heard the recent news About interest rates going up interest Rates going up doesn't just affect the Real estate market it affects all Aspects of our economy no matter what Your opinion is on interest rates going Up there is some good news about it Going up is that our savings accounts Also get affected by this interest rate Hike so what I mean by that is your Savings account on average for a regular Brick and mortar bank is earning about Point zero one percent point zero one Percent a lot of people like myself put A little bit of money in a savings Account so you have money for a rainy Day if you're gonna put it somewhere you Might as well put it in an account That's going to earn you interest right However there are high yield savings Accounts that earn you 20 times the National average on your accounts on Your money so if you're gonna stash your Money somewhere then you might as well Stash it in a high yield savings account Of course I'm not saying that you should Put all your money in a high yield Savings account because on this channel We talk all about diversifying our Income and putting that into different Things but if you have some money that's Going to be sitting somewhere you might As well put it in to a high yield Savings account so that's what we're
Going to talk about today four places You can stash your money making 20 times The national average and almost making Seven percent on your money stay tuned Let's get into the video [Music] Hello my name is Kat Theo and on my Channel we talk about bettering your Future financially and today we're Talking about high yield savings Accounts where you can park your money That you already are not going to be Touching you're not using it I do want To say that if you have a bunch of money On hand good for you we applaud you you Should definitely be diversifying that Extra savings so don't put the majority In a high yield savings account I would Say diversify have it into real estate If you don't want physical real estate Invest in a Reit if you don't know what A read is check out this video here Invest in different things like stocks That's included with dividend stocks Index funds Etc you can dabble in art Unique art appreciating art you can also Invest in gold silver and other precious Metals cryptocurrency other side incomes Which on this channel we called side Hustles other businesses and so much More you can diversify your income in Many different ways and another way you Can diversify your income is just Plopping your money and a high yield
Savings account let's get into it the First high-yield Savings Account we're Going to talk about is one of my Favorites I personally have an account With them this is not a sponsored video This is an account that I personally Hold and I love they have been great to Work with and they're very reputable Company it's Ally Bank Ally Bank offers Many different services and financial Products but one thing I love is their High yield savings account so you can See here that they compare your average Bank that is yielding point zero one Percent on your money like it's Virtually nothing whereas Ally Bank is Offering 2.75 as the federal interest Rates go up these rates usually go up With it not as much as the federal rate But it definitely goes up as the rates Go up this number could go higher if Interest rates continue to rise the Chair of the Federal Reserve announced In August that he's trying to keep Inflation down to two percent every year So if you go to the grocery store and Fill up your cart with a hundred dollars Worth of groceries then the following Year those same groceries would cost you A hundred and two dollars currently Though inflation is about at eight Percent hovering around eight percent Which is much higher and not as healthy So we want to get down to two percent if
Our inflation is going up by two percent Ally right now is currently above the Inflation rate if it gets down to two Percent so that's really good news this Number might change if rates start going Back down but currently if we ever get Down to two percent inflation this will Be above inflation if it stays up this Number so that is awesome my second Favorite high yield savings account is With wealthfront once again I personally Do have an account with them I use them This video is not sponsored by them I Just love their product wealthfront has A variety of product and services and Financial products and they're 15 times Higher than your average brick and Mortar bake they're saying the national Average is about point two one percent Apy but theirs is 3.30 zero that is high For what we have been seeing when rates Were hovering at one percent for a high Yield this was three times what I have Been getting over the last few months so This is really really awesome let's just Put this into perspective how much that Is let's say you have ten thousand Dollars you want to put in your savings Account like you already have it in your Savings account and the average like I Said was point zero one percent that's What my local bank offers me at my local Bank here where I live one dollar that's What you're getting a year so once you
Divide it by 12 months you're getting About eight cents a month and that's About accurate if I had ten thousand Dollars in my savings account my local Bank that's probably what they would Return me every month is eight cents Eight cents let's put in that same Amount but at 3.30 apy That's 330 dollars a year we're gonna Divide that by 12 months that's about 27 A month and that might not sound like Much to you but this is money you're Just sitting somewhere so you might as Well make more than eight cents a month Eight cents 27 a month that's a huge Difference I would prefer to plop it Into some around making 27 a month Versus eight cents all right so you can Sign up with wealthfront they have Really great options nerd wallet Recommends them they have high ratings On many of their apps and online Everywhere you can look it up they have Zero account fees the same with allies Unlimited fee free transfers transfer to Invest in minutes and they're also FDIC Member all right the next one I want to Talk about is bread Financial if you Don't have an account with him but when I saw their highest savings account I Was pretty shocked about how high it is Currently it's sitting at 3.50 three and a half percent even Higher than wealthfront and wealthfront
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I thought was pretty high you can't find One that high all you need is a minimum Of a hundred dollars but if you want to Do this you want to put a little bit More money than that they are an FDIC Member or FDIC insured I should say they Have no hidden fees free monthly Maintenance free hch transfers free Online statements free incoming wire Transfers which is great unlimited Deposits Via Mobile check capture in ACH Transfer which is super handy if they Don't have you know actual ATMs around That's really amazing and then here Comes some of the fees 25 per outgoing Wire transfer but as long as it's like ACH you're fine it's free fifteen Dollars per official check request in Five dollars per paper statement request Overall like very reasonable if you Stayed until now now I'm gonna get into One that is almost yielding seven Percent currently which is huge I Actually put in some money into this Account a while back and I was earning Over nine percent that just changed at The end end of October so now we're in November of 2022 but it's at 6.89 and That's going to hold strong for the next Six months after six months so April of 2023 we will see what's gonna happen With that interest rate but currently it Is almost seven percent so that's a big Deal
That's a big deal a lot of my stocks are Like negative 50 this year so to Actually make almost seven percent on Something no matter what it's guaranteed Is huge this is not actual savings Account this is a savings eye bond this Is a series I Bond the purpose of this Bond is to protect you from inflation The rate does change twice a year so it Holds strong for six months and then it Changes after six months but all you Have to do is hold it for a year and Then you can take it out so this is not Going to be as liquid as a normal Savings account you do have to leave it In for a year but after that you can Take it and do with it as you wish and They only allow you to put a maximum of Ten thousand dollars so you know it's Good if they Max you out if they're Telling you they're not you're not Allowed to put all your coins in there You know it's good this bond is directly Through the US government is treasury Direct.gov I will put the link in the Description so you can find the direct Link it's a maximum of ten thousand Dollars and currently the rate is at six Point eight nine percent which is Amazing it is guaranteed you're gonna Get this money back if not it literally Means the government has collapsed you Don't have to worry this is a safe safe Place to be bonds are one of the safest
Investments to be and usually when Stocks are not doing well people go into Bonds so right now it's a really great Time to be in bonds so those are the Four best places to park your cash if You're looking for somewhere to put it To make a little bit of interest on your Money that's just sitting there let me Know which accounts you have if you know Of any accounts that are actually higher Than the ones I've talked about today Let me know if you're interested in the Series I bought I think it's a great Opportunity ten thousand dollars per Person Max super cool let me know what You're gonna try in the comments like This video subscribe if you haven't Already hit the notification Bell and I Will see you in the bloopers bye [Music] On my channel we talk all things about Uh [Music] I've said this so many times you think I Would know by now Gold Silver and also other precious Metals precious precious metals Other side income oh what is this Ally Bank offers many different services And Uh the chair of the Federal Reserve Which I forget his name what is his name His name is Jerome he doesn't look like A Jerome Jerome okay Jerome we see you
That was rude right now interest rates Did I say inflation or interest rates Okay let's start okay he's trying to Keep in he's trying to keep oh my God Again I can't believe that guy's name is Jerome my second favorite account high Yield account high yields account that's One percent let's try that again come on Cat is that right that can't be right oh My gosh alrighty free HCL Free a HC transverse Lord have mercy Whoa Okay anyways treasury treasury so those Are my four best places to spark your Okay
