if you've got any extra money lying around in a savings account and it's not
paying you at least one point six percent interest right now then this
video should help you out because there is no reason why you shouldn't be taking
full advantage of a high-yield savings account
because there's plenty of them online and they're all paying at least one
point six percent interest right now as I'm making this video so in this video
I'm covering all of the best high-yield savings accounts that I found online but
just keep in mind that in order to make this list they have to have a checking
account associated with the savings account and then they're all FDIC
insured and they're available to everyone in the United States because
I'll be honest if you just do a little bit of research you can find banks out
there that are gonna have slightly better rates than the ones that I'm
talking about but a lot of the time they're not gonna have checking accounts
and sometimes they don't work in every single state so that's why these ones
meet these criterias that way they're all the best overall for you guys and
we're not going to exclude anyone now if you just found this channel I'm Jason
with honest finance and I make a lot of videos on different topics that'll give
your life and your finances more value so if you have any interest in this type
of content feel free to subscribe but for now let's just start talking about
the best high-yield savings accounts that I've found if you want to know what
a high-yield savings account is it's just a fancy way of saying it's a bank
account that pays high interest and there's really nothing more complicated
about it because if you actually called up your bank today and asked them how
much interest you're making on your savings account they'll probably tell
you that it's close to zero and that is a total ripoff because there's so many
banks out there that will actually pay you a lot more with a lot of the same
features and benefits so there's no reason not to I mean obviously if you
only have a thousand bucks in your bank account it's probably not worth your
time to earn about 16 bucks a year in interest but on the flipside if you have
$10,000 in your bank account it probably is worth your time to make about a
hundred and sixty bucks a year in interest just because you're looking at
a high-yield savings account versus one that's not paying you hardly any
interest one thing to keep in mind though is that these rates are all
variable so they're gonna fluctuate based on the economy and they can go up
and they can go down so depending on when you watch this video the rates
could be slightly different but let's just cross our fingers that they go up
rather than down because that's always better for all of us also just be aware
that banks can change their terms at anytime so anything that I'm talking
about in this video it can change just based on whatever
they want to do but as of now the information is accurate but I'm just
warning you that it can change over time and as far as the list of banks goes I'm
going to start with the lowest interest rate and then I'm going to go to the
highest interest rate but just keep in mind that these are great banks and
they're all really good options so just keep that in mind but I am going to
leave links for them in the description below so check them out if you have any
interest so the first bank that I want to talk
about is a very popular one online and they're called Ally Bank and currently
they have a savings account rate of 1.6% which is extremely competitive but a lot
of the time I've seen them being a little bit more competitive because they
have followed them for quite a while but that's what their rate is currently
Ally Bank doesn't require any monthly minimum balances they don't charge any
monthly fees and then on top of that if you use their checking account they
actually pay an interest rate that's about as high as you can get for a
checking accounts so if you do end up using their checking account they'll
actually pay you a tenth of a point for any balance under fifteen thousand
dollars and then if you're over fifteen thousand dollars they'll actually pay
you half a point which is very very good for a checking account so if you want to
get a really good rate on your savings account and your checking account then
definitely check out Ally Bank because they are a very good option for the
online space of high-yield bank accounts now the next Bank I want to talk about
is actually discover and I had no idea that credit card companies actually had
bank accounts but they do and Discover is actually really competitive and they
have a really good checking account as well right now their savings account is
at 1.7 percent which is really competitive and then on top of that they
advertise very heavily that they do not charge any fees so that means they don't
have any monthly fees anything like that and they don't require any minimum
balances as well now discovers checking account doesn't currently pay any
interest but the cool thing is is that they do have a debit card that pays you
1% cash back for up to $3,000 and purchases every single month so for a
debit card connected to a checking account that's about as good as it gets
as far as rewards go their debit card can also be used at over 60,000 ATM
locations and then on top of that Discover also makes it very clear that
they're checking doesn't have any fees as well I'll also
mention that Discover has some of the best CD rates as well so if you're
willing to lock up at least 2,500 bucks into one of their CD accounts then right
now you can earn 2% interest on only a 12-month CD and that is really
competitive when it comes to CD rates so keep discover in mind if you want to do
one of those the next bank that made my list is Capital One because they have a
savings account right now that pays out 1.7 percent and then on top of that they
also don't have any monthly fees and they don't require any minimum balances
as well Capital One also has a checking account that pays out two tenths of a
point and that's on any balance so no matter how much money you have with them
you are gonna get a very competitive rate when it comes to a checking account
and that's just really good all around Capital One also has physical locations
as well so if you're the type of person that likes to go into the bank to take
care of things you can do that with Capital One but just keep in mind that
they're not located in every state so some of you might be able to do that
some of you won't but I'm just letting you know now the last bank of my list of
high-yield savings accounts goes to CIT bank but don't get that confused with
Citi bank because these are two different entities that we're talking
about here and I'm talking about CIT bank they currently offer a savings
account that has a yield of 1.8% but then they also have a money market
account that's actually getting 1.8 5% right now so that's the best you can get
through CIT Bank now I'll tell you right now that in order to get the best rates
from CIT Bank you do have to have a minimum balance of at least $25,000
which honestly I don't think that's very good but the good news is is that if you
just make a minimum deposit of at least a hundred bucks per month then you can
get their highest rates and I don't think that's very hard to do and
honestly if your goal in the end is to be making money off of your high-yield
savings account then depositing just a hundred bucks a month shouldn't really
be that hard to do anyway CIT bank also pays out a quarter of a
point on their checking accounts if you have over $25,000 in them and then if
you have less than $25,000 they'll actually pay a tenth of a point and
that's really good as well overall CIT Bank is a really good option
to go with because they've got the best rate that you can get at one point
five percent and then just keep in mind that their checking account also pays
out a really good rate as well now those are the best high-yield bank accounts
that I've found personally that have checking accounts associated with them
but if you guys want to do your own research I'm sure there's other banks
out there but those are the four that I wanted to talk about but if you want to
do some quick research on the banks that I mentioned in this video then go ahead
and check out the description because I'll have links for all of them below
now once again I'm Jason with honest finance and I make a lot of videos on
different topics that'll give your life and your finances more value so if you
have an interest in that type of content feel free to subscribe but thank you for
watching and have a great day