best high yield saving account 2021

Aside from telling you the top 5 savings account, I’m also going to tell you the truth about savings account and why it doesn’t matter how much they pay.

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1. Now I want to go through these banks quickly ( first tell you the ones with the highest rates, but they have buts, and I’ll tell you the normal rates and also how to find them )

First: Varo Bank a.k.a Varo Money
– This is an online bank with allpoint ATMs ( so a lot of ATMs all around for free )
– But if you want to deposit cash usually the limit is 5k per month and comes with $4-$5 fee )
– Now you can get paid up 2.80% but only 10k, and you have to meet other qualifications: maintain a balance no more than 10k, receive over 1k in direct deposits, and also use the debit card at least 5 times a months

Quick Math for all my Nerds: 10k at a 2.80%, means you make around $280 a year or $23.33 per month

2. Side Note
– I want to remind you guys, this is not going to make you rich
– No savings account will ever make you rich
– The goal is only to use it for two reasons, emergencies, and big expenses

For example:
– Saving 3-6 months of expenses, for me that’s 12k, that I can save for the long term and earn some money on
– A down payment on a home, I can earn some money on that also
– But it’s all just icing on the cake (it’s not going to make anyone rich except the bank )

Second: M1 Finance Spend Account
– This is actually not a savings but more like a high yield checkings account
– But if I’m being honest this not free but it will make you a lot of money, but if you don’t want to pay then you don’t have to either
– They pay you 1% when you spend and 1% on your balance ( but it cost you $125 to have the account )
– That means you have to have $12,500 to justify this account and get it for free

Here is my Honest advice:
– Savings account will always keep you poor if you use them just for saving and getting back 1% to even 3%
– This doesn’t even beat inflation, so your money is still dying
– So the goal, get in the habit of investing money, and that’s why I recommend m1 finance, you’ll save money, yes, but you can also invest money at the same time, and grow it at 8-10%

3. Here are the other 3 High yield Saving I Recommend
– Sofi Money: offers .25% but they are competitive with current rates: and have an amazing platform
– Wealthfront: .35% on savings, and also help with saving for homes, and colleges and keeping track of your net worth ( and they have a debit card )
– Marcus by Goldman Sachs, also a solid bank offering .50% on online account and they have to remain competitive from the start

However, I want to make something very clear here:
– A lot of other savings account offers more money than the ones I recommend you
– But a lot of them are using bait and switch, We’ll pay you 6% one month and then half during the week they lower the rates
– They are just hunting for customers ( so don’t fall for it )
– Pick a bank you like, is flexible and doesn’t charge you a ton of fees

4. How I find these banks
– Nerdwallet, Bankrate and doctorofcredit

One thing to note is that all these sites are referral sites
– So they make money when you sing up
– So that can lead to bias
– And that’s why I’m not sharing links

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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