what's up everyone I'm rose and welcome back to my channel the number one place
for financial education empowerment and inspiration now if you have some money
saved up and it's just sitting in a checking account earning zero then you
need to watch this video I'm gonna share with you five high interest savings
accounts that all pay over twenty times the national average best of all there
are a hundred percent safe and have no risk so if you want to find out how you
can start earning up to three percent on your money today then keep watching it's
always a good idea to keep your savings separate from your everyday checking
account that way you don't get tempted to dip into your savings or you spend it
accidentally it's just too easy to do that if it's all jumbled in with your
everyday expenses so if you're working towards building an emergency fund or
saving for a big purchase in the near future then these high interest savings
accounts are the perfect place to park your extra cash until you need it
that way your hard-earned money is at least keeping up with inflation keeping
up with inflation it's not just the nice-to-have it's a must
according to the Federal Reserve or the United States central bank the prices of
consumer goods and services has gone up by three to four percent every year
since 2010 that means that if your cash is earning nothing you're actually
losing purchasing power every year because your money isn't growing
meanwhile the price of everything you use is rising food rent clothing gas
electricity that's why it's super important to put your money to work and
to earn as much interest on your savings as possible I've researched all over the
internet to come up with this list and I found five really good options that all
pay around to to up to three percent interest
I also found one bank with a hilarious name you won't even believe what it's
called I actually thought it was a scam at first but it's actually a legit bank
account and it pays the highest interest out of all the ones I found with that
let's jump right into the first savings account on the list the first account is
betterment and this is the one that I personally use betterment offers a 2.2
1% rate through the rest of 2019 and it is important to note that this is a
promotional rate won't be offering this forever and if
you don't go with the promotional rate the regular rate is gonna be one point
nine five percent which is still really good obviously now the thing about
betterment is it's an online-only savings account and betterment actually
isn't even a bank they're a robo advisor so an investment app that happens to
offer our savings account on the side and the thing about online only banks is
that you don't get ATM access there's no regular banking features like bill pay
or a debit card you can definitely move money in and out but everything has to
be done by connecting a different bank account to it digitally and doing
transfers so it's really not a problem because everyone does stuff online these
days anyway there's a ten dollar account opening minimum and again this
promotional rate of two point two one percent in order to get that rate you
have to sign up for the waiting lists for the betterment checking account
that's just a simple little option you just agree to sign up for their waiting
list and you get that 2.2 1% rate for the rest of the year and then later on
it's going to go down to one point nine five percent so I really recommend the
betterment savings account I've had a really good experience it I have an
automatic deposit for twenty five dollars a week going into it every month
because I'm building up a sizable emergency fund and it's all automated
just happens in the background of my life and it's earning two point two one
percent interest and whenever I need the money I can always do a withdrawal and
I'll have the funds in my checking account within one or two business days
the next high interest savings account is well front cash and they're currently
paying two point zero seven percent so well front cash again it's similar to
betterment in that it's not a bank it's actually a Robo advisor that uses
program banks underneath it to run its savings account program also the thing
about these accounts both betterment and wealthfront is that they're FDIC insured
and that's the number one thing you want to look for in a savings account that is
FDIC insured which means that if anything happens to the bank you know
all hell breaks loose and the bank's like go down then the government the
federal government will insure your deposit
- in this case $1,000,000 so that your money is safe no matter what even if you
know the world comes to an end the government's gonna ensure your money so
that's what you want in a savings account because you need to know that
that money is safe no matter what as with many other online only savings
accounts wealthfront cash doesn't charge any monthly fees and only has an account
minimum to open of $1 the third savings account I want to talk to you about is
vero vero is a really interesting savings and checking account and they
are currently paying up to 2.8 percent now this rate is as of May 8th and the
Federal Reserve actually lowered interest rates earlier this month in
September so I think Vera is gonna update their rate sometime soon but as
of now they're still paying 2.8 percent but unlike the other two accounts that I
just talked about they have a couple more requirements in order for you to
earn this high interest rate so the way it works is you need to open a vero
checking account in order for you to have the vero savings account and to
earn the 2.8 percent interest you need to have a direct deposit going into the
checking account of at least $1,000 a month so if you get a paycheck you're
gonna need to route at least $1,000 of that into the vero checking account and
then you'll qualify for the 2.8 percent interest you also need to have a minimum
of 5 debit card transactions in the vero checking account so if you just have
those two things $1,000 direct deposit and 5 debit card transactions per month
in the checking account then you'll earn 2.8 percent in the savings account
another good thing about vero is that they have no overdraft fees and that's
kind of one of their selling points is that they let you over draw up to $50
without charging any fees I'm really against overdraft fees because they just
really suck and banks make way too much money on overdraft fees actually in 2018
financial institutions made 34 point five billion dollars on overdraft fees
which is just ridiculous that's why I moved my money from Wells Fargo because
whenever I accidentally overdraft they would just charge like 20 30 bucks and
it just sucked um so anyway if you move to vero then
don't have to ever worry about overdraft fees again okay and the forest savings
account that I want to talk to you about that pays high interest is actually a
checking account but it pays a three percent rate it's called the redneck
rewards check it checking account this Bank is hilarious it's actually a real
Bank it's called redneck Bank and their tagline is where Bank ins funner so I
think it's just a bank with a sense of humor which I'm all about they are legit
because I looked into it there are FDIC insured and they're actually the online
banking arm of all America bank which is sounds like more of a legit Bank redneck
Bank they have the rewards checking account and as long as you open the
account with $500 minimum opening balance and you have ten debit card
transactions a month then you'll earn 3% interest on that money the only downside
is you'll get this obnoxious debit card which is a little bit you know maybe
embarrassing if you're on a first date or something and you have to pull out
this redneck debit card and obviously it's a checking account so you have to
do a minimum of 10 debit card transactions on it a month which is not
ideal for a savings account but I did want to point it out because they pay
the highest interest rate that I've found anywhere on the Internet
redneck Bank also offers a real savings account called the mega money market
account it pays 2.4 percent Interest which is
not quite as good as their checking account but they don't have any of those
requirements of 10 debit card transactions a month and all that so
that's also one account worth looking into last but not least Ally is an
online-only savings account and they're currently paying 1.9 percent interest as
of September 21st any deposits at Alli are gonna be FDI insured up to $250,000
there is no minimum to open the account you can literally open the account with
$0 in it just to start they have no monthly maintenance fees
there is a $25 overdraft fee which is not ideal ideally you never overdraft
but again I'm really against overdraft fees so Alli isn't my favorite account
but I did want to mention it because it's super popular so that's it for
these five high interest savings accounts hopefully you have a good idea
of some other options that more than 0% redneck and vero they
definitely pay the highest interest rate redneck pays up to 3% vero pays up to
2.8 percent but they do have a lot of requirements and minimum required debit
card transactions and all of that in order for you to qualify so if you're up
for that then definitely go with those but I don't really use my a debit card
that often and I don't have a direct deposit and I just don't want to bother
with you know meeting with certain requirements to earn a certain rate so
for headache free high interest savings accounts
I recommend betterment or wealthfront I don't know if you know this but it's
great to earn an interest on your savings but fYI you still need to pay
taxes on this interest so every year the account is gonna send you a 1099 int
form which will report the interest that you earn on your deposits and you're
gonna have to pay taxes on the interest you earn obviously earning interest in
paying a bit of taxes on it is better than earning zero but taxes are gonna be
your single biggest expense in your lifetime so if you want to learn about
some tax free ways to grow your money then check out these two videos right
here if you like this video please give it a thumbs up I'd also really
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friends always remember to go after your dreams unapologetically and to live life