Now I gotta be honest guys I made 20% on my money last year, and the truth is I didn’t make that money by saving a in a big bank, small bank, credit union or even an online bank. But I still always keep a good percentage of money in my savings accounts, and it’s important you do get the best rates on that money. (But what money that is, is something I’ll break down later in the video)

So in this video, I’m going to tell you the highest paying high yield savings account and then I’ll tell you the one that I use. (and nope that I don’t use the highest paying at all)

😎Call Me😎: https://bit.ly/30IBr0i

😎Second Channel😎: https://bit.ly/3c4sVPS

👨🏽‍💻Financial Freedom Course👨🏽‍💻$100 OFF CODE: LONGTERM
Link: https://longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom

💰MY M1 FINANCE PORTFOLIO💰 PLUS $10
Link: https://m1.finance/37SHd4241z-N

CHAPTERS
0:00 INTRO
1:41 REFOCUS ON THINGS YOU CAN CONTROL
3:36 HIGHEST YEILD SAVINGS ACCOUNTS
12:35 WHAT TO DO INSTEAD?
17:19 OUTRO

 1. Here are the Highest Yield Savings Account right away

And remember high yield savings account set their rates based on the Fed rates

So when the fed rate is low, it becomes cheaper for banks to borrow money so they pay you less

And when fed rates are high, it becomes more expensive for them to borrow money, so they give you more money to incentivize you to deposit and leave money inside

But neither me or you, can control those things ( so I tend not to worry about them, this means rates will always fluctuate)

The Highest Savings Account right now: ( and they are all trash, dead money rates, good banks but trash rates because of the times )

First: Tmobile Money 1% on everything and 4% on up to $3,000 ($120 bucks a year, have to be a customer, make 10 qualifying purchase per month)

Affinity Credit Union: Also offer 1% but you need direct deposit and to only electronic statements
Marcus by Goldman Sachs: .50%

Discover savings: .50%
Alliant credit union: .55%
Other Companies lIke:
M1 Finance: 1% but you need to be a member so that cost $125
Sofi Money: 1% but you have to have direct deposit set up with them

2. Here is the Problem ( again we Cant control Rates and you cant get rich saving money either )

Facts:
Last year 2021 infaltion was about 4.7%

You’ll get taxed as ordinary income with this money so 10-37% for most of us

You could make 12% instead of 1%

So savings money in a Savings Account:
You lose money to inflation every year

There is no tax advantage

And you could be making a lot more by putting that money into a Roth Ira

My Rule is This:

The I only keep Money for Emergencies in my High Yield Savings
Money for my Sinking Fund ( Car and home repairs )
Big Upcoming purchases: Vacation, Wedding or House

3. The Story of One and Two and $10,000 in savings

One was a Man, and he lived in a time where rates where 1%, so he locked in a CD for 10 years ( during this time rates went down a low as 0% to as high 6% but at least he was stable he said )

Two was a Woman, and jump from bank to bank to get the best rate, over the 10 years she managed to make 3% on average.

At the end of 10 Years:

One Had: $11,046.22 at the end of those 10 years ( he paid a Third of the profits to taxes and his 10k was only worth $7,812 ( he effectively lost money )

Two had $13,439.16 ( she paid a third to taxes and her 10k was only worth 7.8k) she made a little over $100 in 10 years

But I forget Number 3: he invested the Money into a Roth IRA, and the money made 12% after 10 years he had $31,058.48 and has to pay 0$ in taxes

The Lesson is here: Don’t be stupid and focus on things that don’t matter, focus on the big picture

* PRO TIP*
INFORMATION IS EVERYTHING
💲1 on 1 Talk + My Budget + Stock Investments💲
https://www.patreon.com/tommybryson

👕Merch👕
https://teespring.com/stores/tommybryson

✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬

💰M1 FINANCE $10💰
https://m1.finance/37SHd4241z-N

🎁ACORN FREE $5🎁
Link: https://acorns.com/invite/38EYSU

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9

👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻
https://discord.gg/EcZEHpA

My Camera Gear: https://www.amazon.com/shop/tommybryson

✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w

😎All My Social Media😎
Link: https://linktr.ee/tommybryson

*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.

source