So I did quite a bit of research on the top banks that pay the highest interest rates right now in
2022 and honestly most of the high-yield accounts out there had the same rate and most of those
right now were about 0.5 percent but i did find a couple banks specifically that were upwards of one
percent so i'm going to talk about those first and then i'll talk about the other banks that
did make my list so hopefully this video will go by pretty quick for you guys now i do understand
that current rates are not even close to what they were just a few years ago but at least they are
starting to creep back up so if you do have some money that you're just saving for a rainy day or
maybe you're saving up for a house or a car and you're probably going to use that money within
the next five years then i would definitely stick that money in a high yield account
so that you can at least earn some interest rather than nothing because i can almost guarantee you
if you check the interest rate at your local bank account you're probably earning close to
zero interest on the money that you have in those accounts and i also want to mention that cd rates
are also going up as well so if you ever want to lock in your money for a certain amount of time
then you can guarantee yourself a certain interest rate it's not going to be super high but it might
be a little bit higher than what you can get in a high yield account especially if you're not going
to be doing anything with the money just keep it locked in for like 18 months 36 months and you
can earn a higher yield on those cd accounts so definitely do some research on those if you guys
are interested in locking in your money so the first bank account that i want to talk about goes
to t-mobile money and i had no idea that t-mobile the cellular service company actually had a really
high interest savings account and checking account so the cool thing here is that you don't have to
be a customer of t-mobile in order to earn one percent on your money in their savings account but
if you do want to earn up to four percent you do have to be a customer of t-mobile and it's only up
to the first three thousand dollars and then they have a couple other rules that you have to follow
but that is extremely competitive because if you just had a three thousand dollar savings account
that three thousand dollars could be potentially earning you four percent which is about the
highest that you can get anywhere t-mobile also advertises that they don't have any fees or
minimum deposits and the cool thing about most high-yield savings accounts out there is
that pretty much everybody that you're looking at they're not going to have fees or minimum deposits
and if you do see a minimum deposit it's probably about a hundred dollars and for some cd accounts
out there it's about 500 bucks so honestly it's not that hard to get into any of these companies
but t-mobile specifically this is what they're advertising right now so if you want to start
earning at least one percent on your money then definitely check out t-mobile money because they
have one of the highest interest rates right now in 2022. now the next bank account that i want
to talk about goes to sofi because these guys actually had the highest interest rate that i
found out of all of the different banks out there so we're talking all the high-yield competition
sofi was the best now if you haven't heard of sofi before don't worry about that they basically sell
all sorts of different financial products so we're talking personal loans student loans mortgages
mortgage refinancing even investing and they also have a savings and checking account with
the highest yield that i found out there right now sofi's interest rate is 1.25 percent so that
pretty much beats all of the competition out there including t-mobile that i was just talking about
but keep in mind in order to get 1.25 percent you do have to set up direct deposit that's
pretty much their only rule now if you don't set up direct deposit with them they'll still pay
0.7 which is extremely competitive considering most high-yield accounts out there are about
0.5 percent right now so 0.7 is still beating all of the competition out there but if you do
set up direct deposit you can expect 1.25 with no limit on the money that you have in those accounts
and they also have a sign up bonus right now where you can get up to three hundred dollars
based on hitting different tiers with your direct deposit so obviously just pay attention to that
fine print but if you are signing up with them you can get up to a three hundred dollar bonus
sofi also advertises that they don't have any fees or minimum account balances so obviously these
guys are extremely competitive as well and like i said there's no limit to getting the 1.25 percent
so if you do have a large chunk of change that's just sitting around then definitely check out sofi
for their checking and savings account because they have the most competitive interest rate that
i've found out there now the other banks that i'd recommend all have the exact same interest rate
right now of 0.5 percent obviously that has been creeping up a little bit over the last
year and a half but these banks are nationally known so if you're not interested in checking
out t-mobile money or sofi definitely check out american express discover marcus and ally bank
they are all exceptionally competitive i happen to use american express because it
links right up to my credit card and it makes things very seamless so definitely check out
those companies if you're interested in looking at more high-yield bank accounts but just keep
in mind right now they aren't as competitive as the other two that i was talking about
and as far as risk goes if you're worried about losing any of your money all of these accounts are
fdic insured but keep in mind that these interest rates are variable so technically they could go
down but if we're following interest rates the way that they normally happen is that they are
in an upward trend right now so hopefully you'll just make more on your money rather than less