-
How Does Savings Account Interest Work?
At its simplest, interest is the cost of borrowing money. Generally, you’ll pay interest to borrow money, and you can collect interest when you lend money. When you deposit money in a savings account, you are in essence lending a bank money and will earn interest on that money. Explore our video overview on how interest works on savings accounts. To learn more about how interest works and how it can help you achieve your financial goals, visit: https://www.discover.com/online-banking/banking-topics/how-interest-works-on-savings-accounts/.
Connect with us on social:
Subscribe to Discover on YouTube: https://www.youtube.com/discover
"Like" Discover on Facebook: https://www.facebook.com/discover
Follow Discover on Instagram: https://www.instagram.com/discover/
Follow Discover on X: https://...
published: 10 Oct 2017
-
5 BEST Savings Account 2023 - Q4
#bank #savings
These are my top 5 savings accounts of 2023 - Q4. All of them are high yield with 1 topping 5%!
My top savings account offers here: https://bit.ly/citijft
1 UF Direct
2 Laurel Road
3 Wealthfront
4 SoFi
5 Marcus
0:00 Intro
1:17 - Marcus Savings Account
2:13 - Sofi Savings Account
3:46 - Wealthfront Savings Account
6:10 - Lauren Road Savings Account
6:42 - UFB Direct Savings Account
Affordable Financial Planning: https://bit.ly/FacetJFT
Top Credit Card Offer: https://bit.ly/jftcards
Best Bank Bonuses: https://bit.ly/citijft
Top Travel Credit Card https://www.comparecredit.com/credit-cards/capital-one/venture-x?utm_source=influencer&utm_medium=video&utm_campaign=jft
Best Card for Rent https://bit.ly/biltjft
Favorite Amex Credit Card https://www.comparecredit.com/cr...
published: 18 Oct 2023
-
Why no one has savings accounts anymore! 😬📉
Putting your money into a savings account is a terrible way to make passive income. The bank might pay you around 0.01% on the money you save, which is very little when considering a good profit would require a large amount of money to be put in the savings account to begin with… 📉
Instead, buying shares of your bank gets you dividends, which have a higher percentage compared to a savings account. By buying shares you can make a lot more profit than you would by saving.
If you made it this far, you’re interested in finance so hit that follow button for more content 🙌
#Shorts #Finance #Savings #Money #Bank
published: 13 Feb 2022
-
7 BEST High Yield Savings Accounts of 2024
In this video we’re looking at the 7 best high yield savings accounts of 2024! These high yield savings accounts are paying some of the best rates of up to 5% APY as of filming this, but the bank accounts in this video also come with some other really great features that make them stand out. If you have some cash savings and you need a place to save money, then definitely consider opening one of these top high yield savings accounts because you can earn a lot of interest.
My personal choice for bank accounts is SoFi Checking and Savings which pays 4.60% APY in their high yield savings account and comes with a lot of other additional benefits, including a sign up bonus. Other accounts in this video are also great and each one is FDIC insured, has no fees or minimum balance requirements, an...
published: 04 Jan 2024
-
Top High Yield Savings Accounts 2023 (Q3)
#banks #savings
These are the top 6 High Yield Savings Accounts of 2023 - Q3
Top Bank Offers: https://bit.ly/citijft
Ally Bank
American Express
Citi Bank
Capital Once
CIT
Western Alliance
Top Travel Credit Card https://www.comparecredit.com/credit-cards/capital-one/venture-x?utm_source=influencer&utm_medium=video&utm_campaign=jft
Best Card for Rent https://bit.ly/biltjft
Favorite Amex Credit Card https://www.comparecredit.com/credit-cards/american-express/gold-card?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Beginner Card https://www.comparecredit.com/credit-cards/chase/freedom-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Gas or Grocery Card https://www.comparecredit.com/credit-cards/citibank/custom-cash?utm_source=influencer&utm_medium=video&u...
published: 12 Jul 2023
-
What Is a Savings Account and How Do They Work?
In this video by The Ascent, we're going to explain what a savings account is, how they work, and how to decide if one of these accounts is right for you.
To learn more and compare top high-yield savings accounts visit https://www.fool.com/the-ascent/banks/best-savings-accounts/
A savings account is an interest-bearing account commonly offered by banks and credit unions.
You put money in and your bank uses your funds to provide loans to other customers.
Then, your bank pays you some of the interest it's earning every month as a thank you.
Because banks count on a steady supply of deposits to do business, they can't have customers taking money out too often.
That’s why they normally don’t issue debit cards or checkbooks with savings accounts.
Alright, so how much money can you ...
published: 14 Jan 2021
-
What is a Savings Account? | Money Instructor
Learn what is a savings account, how you open one, and what are the costs. For depositing at banks, credit unions, and other financial institutions.
A savings account is a type of bank account that allows you to deposit money and earn interest on your savings. It is a basic account offered by many banks, credit unions, and financial institutions, and is geared towards saving money for specific goals or purposes. To open a savings account, you can visit a bank or credit union branch, or open an account online. Different institutions may have different requirements, such as a minimum deposit or balance, and there may be potential costs such as monthly or annual fees for not maintaining the minimum balance. However, savings accounts are considered a safe place to store your money and can ...
published: 09 Dec 2021
-
Checking and Savings 101 - (Bank Accounts 1/2)
In this video, you'll learn exactly what checking and savings accounts are, as well as why both are really important tools for your financial future!
published: 16 Jul 2016
-
5 Best High Yield Savings Accounts in 2024
Here are the 5 best online savings account (as well as more below). Click ‘Show More” to see my recommended money tools.
Additional Online Savings Accounts:
* Marcus: 4.5% rate (5.5% for 3 months with link). Unlimited withdrawals (as long as stay under 125k.)
* Discover- 4.35% rate. Limited at 6 withdrawals per month
* UFP Direct - 5.25% rate. I'm still testing this out, so I don't have any more info to share yet.
* Barclays - 4.35% rate. No limit on the number of withdrawals.
⬇️ RECOMMENDED TOOLS ⬇️
⭐ SoFi Banking: https://bit.ly/3thoNqY
⭐ SoFi Credit Card: https://bit.ly/3TPjzOc
⭐ Ally Savings: https://bit.ly/48nuPWt
⭐ Marcus Savings: https://bit.ly/marcusonlinesavings
⭐ Wealthfront Savings: https://bit.ly/41Mr8XG
⭐ Monarch Money: https://bit.ly/4aNmtsH
⭐ Tiller: https://tidd...
published: 12 Jan 2024
-
3 Types of Savings Account That You Need
Here are the 3 types of savings accounts that you need.
published: 04 Feb 2022
1:50
How Does Savings Account Interest Work?
At its simplest, interest is the cost of borrowing money. Generally, you’ll pay interest to borrow money, and you can collect interest when you lend money. When...
At its simplest, interest is the cost of borrowing money. Generally, you’ll pay interest to borrow money, and you can collect interest when you lend money. When you deposit money in a savings account, you are in essence lending a bank money and will earn interest on that money. Explore our video overview on how interest works on savings accounts. To learn more about how interest works and how it can help you achieve your financial goals, visit: https://www.discover.com/online-banking/banking-topics/how-interest-works-on-savings-accounts/.
Connect with us on social:
Subscribe to Discover on YouTube: https://www.youtube.com/discover
"Like" Discover on Facebook: https://www.facebook.com/discover
Follow Discover on Instagram: https://www.instagram.com/discover/
Follow Discover on X: https://twitter.com/discover
Follow Discover on TikTok: https://www.tiktok.com/@discoverofficial
https://wn.com/How_Does_Savings_Account_Interest_Work
At its simplest, interest is the cost of borrowing money. Generally, you’ll pay interest to borrow money, and you can collect interest when you lend money. When you deposit money in a savings account, you are in essence lending a bank money and will earn interest on that money. Explore our video overview on how interest works on savings accounts. To learn more about how interest works and how it can help you achieve your financial goals, visit: https://www.discover.com/online-banking/banking-topics/how-interest-works-on-savings-accounts/.
Connect with us on social:
Subscribe to Discover on YouTube: https://www.youtube.com/discover
"Like" Discover on Facebook: https://www.facebook.com/discover
Follow Discover on Instagram: https://www.instagram.com/discover/
Follow Discover on X: https://twitter.com/discover
Follow Discover on TikTok: https://www.tiktok.com/@discoverofficial
- published: 10 Oct 2017
- views: 739188
10:34
5 BEST Savings Account 2023 - Q4
#bank #savings
These are my top 5 savings accounts of 2023 - Q4. All of them are high yield with 1 topping 5%!
My top savings account offers here: https://b...
#bank #savings
These are my top 5 savings accounts of 2023 - Q4. All of them are high yield with 1 topping 5%!
My top savings account offers here: https://bit.ly/citijft
1 UF Direct
2 Laurel Road
3 Wealthfront
4 SoFi
5 Marcus
0:00 Intro
1:17 - Marcus Savings Account
2:13 - Sofi Savings Account
3:46 - Wealthfront Savings Account
6:10 - Lauren Road Savings Account
6:42 - UFB Direct Savings Account
Affordable Financial Planning: https://bit.ly/FacetJFT
Top Credit Card Offer: https://bit.ly/jftcards
Best Bank Bonuses: https://bit.ly/citijft
Top Travel Credit Card https://www.comparecredit.com/credit-cards/capital-one/venture-x?utm_source=influencer&utm_medium=video&utm_campaign=jft
Best Card for Rent https://bit.ly/biltjft
Favorite Amex Credit Card https://www.comparecredit.com/credit-cards/american-express/gold-card?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Beginner Card https://www.comparecredit.com/credit-cards/chase/freedom-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Gas or Grocery Card https://www.comparecredit.com/credit-cards/citibank/custom-cash?utm_source=influencer&utm_medium=video&utm_campaign=jft
Favorite Business Credit Card https://www.comparecredit.com/credit-cards/chase/ink-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Advertiser Disclaimer: Some of the card links and other products that appear on this website are from companies for which John Liang will earn an affiliate commission or referral bonus. This means that if you click on one of the product links, I may receive a commission. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
https://wn.com/5_Best_Savings_Account_2023_Q4
#bank #savings
These are my top 5 savings accounts of 2023 - Q4. All of them are high yield with 1 topping 5%!
My top savings account offers here: https://bit.ly/citijft
1 UF Direct
2 Laurel Road
3 Wealthfront
4 SoFi
5 Marcus
0:00 Intro
1:17 - Marcus Savings Account
2:13 - Sofi Savings Account
3:46 - Wealthfront Savings Account
6:10 - Lauren Road Savings Account
6:42 - UFB Direct Savings Account
Affordable Financial Planning: https://bit.ly/FacetJFT
Top Credit Card Offer: https://bit.ly/jftcards
Best Bank Bonuses: https://bit.ly/citijft
Top Travel Credit Card https://www.comparecredit.com/credit-cards/capital-one/venture-x?utm_source=influencer&utm_medium=video&utm_campaign=jft
Best Card for Rent https://bit.ly/biltjft
Favorite Amex Credit Card https://www.comparecredit.com/credit-cards/american-express/gold-card?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Beginner Card https://www.comparecredit.com/credit-cards/chase/freedom-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Gas or Grocery Card https://www.comparecredit.com/credit-cards/citibank/custom-cash?utm_source=influencer&utm_medium=video&utm_campaign=jft
Favorite Business Credit Card https://www.comparecredit.com/credit-cards/chase/ink-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Advertiser Disclaimer: Some of the card links and other products that appear on this website are from companies for which John Liang will earn an affiliate commission or referral bonus. This means that if you click on one of the product links, I may receive a commission. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
- published: 18 Oct 2023
- views: 57729
0:45
Why no one has savings accounts anymore! 😬📉
Putting your money into a savings account is a terrible way to make passive income. The bank might pay you around 0.01% on the money you save, which is very lit...
Putting your money into a savings account is a terrible way to make passive income. The bank might pay you around 0.01% on the money you save, which is very little when considering a good profit would require a large amount of money to be put in the savings account to begin with… 📉
Instead, buying shares of your bank gets you dividends, which have a higher percentage compared to a savings account. By buying shares you can make a lot more profit than you would by saving.
If you made it this far, you’re interested in finance so hit that follow button for more content 🙌
#Shorts #Finance #Savings #Money #Bank
https://wn.com/Why_No_One_Has_Savings_Accounts_Anymore_😬📉
Putting your money into a savings account is a terrible way to make passive income. The bank might pay you around 0.01% on the money you save, which is very little when considering a good profit would require a large amount of money to be put in the savings account to begin with… 📉
Instead, buying shares of your bank gets you dividends, which have a higher percentage compared to a savings account. By buying shares you can make a lot more profit than you would by saving.
If you made it this far, you’re interested in finance so hit that follow button for more content 🙌
#Shorts #Finance #Savings #Money #Bank
- published: 13 Feb 2022
- views: 2251584
13:23
7 BEST High Yield Savings Accounts of 2024
In this video we’re looking at the 7 best high yield savings accounts of 2024! These high yield savings accounts are paying some of the best rates of up to 5% A...
In this video we’re looking at the 7 best high yield savings accounts of 2024! These high yield savings accounts are paying some of the best rates of up to 5% APY as of filming this, but the bank accounts in this video also come with some other really great features that make them stand out. If you have some cash savings and you need a place to save money, then definitely consider opening one of these top high yield savings accounts because you can earn a lot of interest.
My personal choice for bank accounts is SoFi Checking and Savings which pays 4.60% APY in their high yield savings account and comes with a lot of other additional benefits, including a sign up bonus. Other accounts in this video are also great and each one is FDIC insured, has no fees or minimum balance requirements, and has a great long term reputation. There’s plenty of great high yield savings accounts mentioned here, but you can also find other banks that pay a competitive rate with FDIC coverage. These are just my opinion some of the best high yield savings accounts based on what I’ve tried over the years!
🏦 ACCOUNTS MENTIONED:
SoFi: https://danielbraun.me/SoFi
Ally: https://danielbraun.me/Ally
American Express: https://danielbraun.me/Amex
Capital One: https://danielbraun.me/CapitalOne
Marcus: https://danielbraun.me/Marcus
Discover: https://danielbraun.me/Discover
Wealthfront: https://danielbraun.me/Wealthfront
💵 More Savings Accounts: https://danielbraun.me/BankAccounts
USEFUL LINKS:
💳 My Top Credit Cards: https://danielbraun.me/TopCreditCards
🛒 Get a $30 Bonus With Rakuten: https://danielbraun.me/Rakuten
📈 Up To 15 Free Stocks With Moomoo: https://danielbraun.me/moomoo
📱 Follow Me On Instagram: https://www.instagram.com/_danbraun/
CHECK OUT SOME OF MY OTHER VIDEOS:
▶️ Budgeting For Beginners | How Save 80% of My Income: https://youtu.be/_JBxP_oz2kQ
▶️ I Ranked Every Credit Card (Here’s What’s ACTUALLY Good): https://youtu.be/QxB6FspDfGU
▶️ You’re (Probably) Killing Your Credit Score: https://youtu.be/3nxGdg8Wa4M
▶️ My NEW 2024 Credit Card Strategy (& 2023 Recap): https://youtu.be/5pDZgHbQWHM
CHAPTERS:
0:00 - Intro
1:15 - Account 1
4:11 - Account 2
6:49 - Account 3
7:43 - Account 4
8:38 - Account 5
10:00 - Account 6
11:20 - Account 7
DISCLAIMER: Some of the card links and other products that appear on this website are from companies which Daniel Braun will earn an affiliate commission or referral bonus. Daniel Braun is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.
The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
https://wn.com/7_Best_High_Yield_Savings_Accounts_Of_2024
In this video we’re looking at the 7 best high yield savings accounts of 2024! These high yield savings accounts are paying some of the best rates of up to 5% APY as of filming this, but the bank accounts in this video also come with some other really great features that make them stand out. If you have some cash savings and you need a place to save money, then definitely consider opening one of these top high yield savings accounts because you can earn a lot of interest.
My personal choice for bank accounts is SoFi Checking and Savings which pays 4.60% APY in their high yield savings account and comes with a lot of other additional benefits, including a sign up bonus. Other accounts in this video are also great and each one is FDIC insured, has no fees or minimum balance requirements, and has a great long term reputation. There’s plenty of great high yield savings accounts mentioned here, but you can also find other banks that pay a competitive rate with FDIC coverage. These are just my opinion some of the best high yield savings accounts based on what I’ve tried over the years!
🏦 ACCOUNTS MENTIONED:
SoFi: https://danielbraun.me/SoFi
Ally: https://danielbraun.me/Ally
American Express: https://danielbraun.me/Amex
Capital One: https://danielbraun.me/CapitalOne
Marcus: https://danielbraun.me/Marcus
Discover: https://danielbraun.me/Discover
Wealthfront: https://danielbraun.me/Wealthfront
💵 More Savings Accounts: https://danielbraun.me/BankAccounts
USEFUL LINKS:
💳 My Top Credit Cards: https://danielbraun.me/TopCreditCards
🛒 Get a $30 Bonus With Rakuten: https://danielbraun.me/Rakuten
📈 Up To 15 Free Stocks With Moomoo: https://danielbraun.me/moomoo
📱 Follow Me On Instagram: https://www.instagram.com/_danbraun/
CHECK OUT SOME OF MY OTHER VIDEOS:
▶️ Budgeting For Beginners | How Save 80% of My Income: https://youtu.be/_JBxP_oz2kQ
▶️ I Ranked Every Credit Card (Here’s What’s ACTUALLY Good): https://youtu.be/QxB6FspDfGU
▶️ You’re (Probably) Killing Your Credit Score: https://youtu.be/3nxGdg8Wa4M
▶️ My NEW 2024 Credit Card Strategy (& 2023 Recap): https://youtu.be/5pDZgHbQWHM
CHAPTERS:
0:00 - Intro
1:15 - Account 1
4:11 - Account 2
6:49 - Account 3
7:43 - Account 4
8:38 - Account 5
10:00 - Account 6
11:20 - Account 7
DISCLAIMER: Some of the card links and other products that appear on this website are from companies which Daniel Braun will earn an affiliate commission or referral bonus. Daniel Braun is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.
The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
- published: 04 Jan 2024
- views: 356294
11:09
Top High Yield Savings Accounts 2023 (Q3)
#banks #savings
These are the top 6 High Yield Savings Accounts of 2023 - Q3
Top Bank Offers: https://bit.ly/citijft
Ally Bank
American Express
Citi Bank
Ca...
#banks #savings
These are the top 6 High Yield Savings Accounts of 2023 - Q3
Top Bank Offers: https://bit.ly/citijft
Ally Bank
American Express
Citi Bank
Capital Once
CIT
Western Alliance
Top Travel Credit Card https://www.comparecredit.com/credit-cards/capital-one/venture-x?utm_source=influencer&utm_medium=video&utm_campaign=jft
Best Card for Rent https://bit.ly/biltjft
Favorite Amex Credit Card https://www.comparecredit.com/credit-cards/american-express/gold-card?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Beginner Card https://www.comparecredit.com/credit-cards/chase/freedom-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Gas or Grocery Card https://www.comparecredit.com/credit-cards/citibank/custom-cash?utm_source=influencer&utm_medium=video&utm_campaign=jft
Favorite Business Credit Card https://www.comparecredit.com/credit-cards/chase/ink-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Credit Card Offer: https://bit.ly/jftcards
Financial Planning: https://bit.ly/FacetJFT
Best Bank Bonuses: https://bit.ly/citijft
0:00 Intro
Advertiser Disclaimer: Some of the card links and other products that appear on this website are from companies for which John Liang will earn an affiliate commission or referral bonus. John Liang is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as bilt.com, rakuten.com and mybanktracker.com. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies, all available credit card offers, all banks or all available bank offers.
This post is sponsored by comparecredit.com. John was compensated by comparecredit.com for his comments and has an incentive to promote CompareCredit.com. The experience described may not be the experience of all clients and is no guarantee of future performance or success.
tags: top bank account, bank accounts, best bank accounts
https://wn.com/Top_High_Yield_Savings_Accounts_2023_(Q3)
#banks #savings
These are the top 6 High Yield Savings Accounts of 2023 - Q3
Top Bank Offers: https://bit.ly/citijft
Ally Bank
American Express
Citi Bank
Capital Once
CIT
Western Alliance
Top Travel Credit Card https://www.comparecredit.com/credit-cards/capital-one/venture-x?utm_source=influencer&utm_medium=video&utm_campaign=jft
Best Card for Rent https://bit.ly/biltjft
Favorite Amex Credit Card https://www.comparecredit.com/credit-cards/american-express/gold-card?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Beginner Card https://www.comparecredit.com/credit-cards/chase/freedom-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Gas or Grocery Card https://www.comparecredit.com/credit-cards/citibank/custom-cash?utm_source=influencer&utm_medium=video&utm_campaign=jft
Favorite Business Credit Card https://www.comparecredit.com/credit-cards/chase/ink-unlimited?utm_source=influencer&utm_medium=video&utm_campaign=jft
Top Credit Card Offer: https://bit.ly/jftcards
Financial Planning: https://bit.ly/FacetJFT
Best Bank Bonuses: https://bit.ly/citijft
0:00 Intro
Advertiser Disclaimer: Some of the card links and other products that appear on this website are from companies for which John Liang will earn an affiliate commission or referral bonus. John Liang is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as bilt.com, rakuten.com and mybanktracker.com. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies, all available credit card offers, all banks or all available bank offers.
This post is sponsored by comparecredit.com. John was compensated by comparecredit.com for his comments and has an incentive to promote CompareCredit.com. The experience described may not be the experience of all clients and is no guarantee of future performance or success.
tags: top bank account, bank accounts, best bank accounts
- published: 12 Jul 2023
- views: 183002
4:49
What Is a Savings Account and How Do They Work?
In this video by The Ascent, we're going to explain what a savings account is, how they work, and how to decide if one of these accounts is right for you.
To ...
In this video by The Ascent, we're going to explain what a savings account is, how they work, and how to decide if one of these accounts is right for you.
To learn more and compare top high-yield savings accounts visit https://www.fool.com/the-ascent/banks/best-savings-accounts/
A savings account is an interest-bearing account commonly offered by banks and credit unions.
You put money in and your bank uses your funds to provide loans to other customers.
Then, your bank pays you some of the interest it's earning every month as a thank you.
Because banks count on a steady supply of deposits to do business, they can't have customers taking money out too often.
That’s why they normally don’t issue debit cards or checkbooks with savings accounts.
Alright, so how much money can you actually make with a savings account? That depends on how much you keep in your account and what its annual percentage yield is.
Annual percentage yield, or APY, tells you the return you can expect on your money after it's been in your account for one year.
Say you put $10,000 in a savings account and it earns a 1% APY. That means that after one year, your balance would increase by 1%, or $100.
But what's really cool about savings accounts is your interest compounds year after year so you'll start earning interest on top of your interest.
Now you have a balance of $10,100 and you'll earn another 1% APY in the second year.
But this time, that 1% nets you $101 because you're earning interest on your initial $10,000 deposit and the $100 you earned last year.
In year three, you'd earn 1% on your new balance of $10,201, and it just keeps building from there.
Your savings account's APY depends on which bank you choose.
Online banks can usually offer much higher APYs than brick-and-mortar banks because they don't have the expense of running a huge branch network.
This is the way to go if you're trying to earn the most on your savings.
Now, it might seem like a good idea to put as much money as you can in your savings account, but there are a few rules you should keep in mind.
First, your savings account isn't a great place for money you plan to use to pay your bills, rent, groceries, or any other recurring expenses. Keep that money in a checking account where you can access it easily without worrying about penalties.
A savings account also isn't a good place to store money you don't plan to spend for decades. The interest you earn in a savings account is nice, but you can do a lot better over the long term by investing your money in, for example, stocks and shares.
And whatever you do, never keep more than $250,000 in a savings account. Most bank accounts are insured by the Federal Deposit Insurance Corporation, or FDIC.
If your bank goes under, the FDIC will reimburse you up to $250,000 for the money in your account, but no more.
If you have more than $250,000 in savings, spread it around between different banks or invest some of it to help it grow faster.
Use your savings account to house your emergency fund and any money you're saving for a financial goal you hope to fulfill in the next three to five years. I
f you're planning a vacation or saving up to put a down payment on a home or car, that's money you should keep in your savings account.
So now you know what a savings account is for, you're probably wondering how to choose the right one for you. There are a few key things you should look for.
First, always make sure the savings account you're considering is FDIC-insured.
You'll probably never have to worry about your bank closing for good, but you still don't want to put all your hard-earned cash at risk.
Next, look for an account that offers a competitive APY. What's considered competitive changes over time.
Get the lay of the land by researching savings account APYs from several top banks, or head over to The Ascent's website to compare some of our top picks.
https://wn.com/What_Is_A_Savings_Account_And_How_Do_They_Work
In this video by The Ascent, we're going to explain what a savings account is, how they work, and how to decide if one of these accounts is right for you.
To learn more and compare top high-yield savings accounts visit https://www.fool.com/the-ascent/banks/best-savings-accounts/
A savings account is an interest-bearing account commonly offered by banks and credit unions.
You put money in and your bank uses your funds to provide loans to other customers.
Then, your bank pays you some of the interest it's earning every month as a thank you.
Because banks count on a steady supply of deposits to do business, they can't have customers taking money out too often.
That’s why they normally don’t issue debit cards or checkbooks with savings accounts.
Alright, so how much money can you actually make with a savings account? That depends on how much you keep in your account and what its annual percentage yield is.
Annual percentage yield, or APY, tells you the return you can expect on your money after it's been in your account for one year.
Say you put $10,000 in a savings account and it earns a 1% APY. That means that after one year, your balance would increase by 1%, or $100.
But what's really cool about savings accounts is your interest compounds year after year so you'll start earning interest on top of your interest.
Now you have a balance of $10,100 and you'll earn another 1% APY in the second year.
But this time, that 1% nets you $101 because you're earning interest on your initial $10,000 deposit and the $100 you earned last year.
In year three, you'd earn 1% on your new balance of $10,201, and it just keeps building from there.
Your savings account's APY depends on which bank you choose.
Online banks can usually offer much higher APYs than brick-and-mortar banks because they don't have the expense of running a huge branch network.
This is the way to go if you're trying to earn the most on your savings.
Now, it might seem like a good idea to put as much money as you can in your savings account, but there are a few rules you should keep in mind.
First, your savings account isn't a great place for money you plan to use to pay your bills, rent, groceries, or any other recurring expenses. Keep that money in a checking account where you can access it easily without worrying about penalties.
A savings account also isn't a good place to store money you don't plan to spend for decades. The interest you earn in a savings account is nice, but you can do a lot better over the long term by investing your money in, for example, stocks and shares.
And whatever you do, never keep more than $250,000 in a savings account. Most bank accounts are insured by the Federal Deposit Insurance Corporation, or FDIC.
If your bank goes under, the FDIC will reimburse you up to $250,000 for the money in your account, but no more.
If you have more than $250,000 in savings, spread it around between different banks or invest some of it to help it grow faster.
Use your savings account to house your emergency fund and any money you're saving for a financial goal you hope to fulfill in the next three to five years. I
f you're planning a vacation or saving up to put a down payment on a home or car, that's money you should keep in your savings account.
So now you know what a savings account is for, you're probably wondering how to choose the right one for you. There are a few key things you should look for.
First, always make sure the savings account you're considering is FDIC-insured.
You'll probably never have to worry about your bank closing for good, but you still don't want to put all your hard-earned cash at risk.
Next, look for an account that offers a competitive APY. What's considered competitive changes over time.
Get the lay of the land by researching savings account APYs from several top banks, or head over to The Ascent's website to compare some of our top picks.
- published: 14 Jan 2021
- views: 76846
3:21
What is a Savings Account? | Money Instructor
Learn what is a savings account, how you open one, and what are the costs. For depositing at banks, credit unions, and other financial institutions.
A savin...
Learn what is a savings account, how you open one, and what are the costs. For depositing at banks, credit unions, and other financial institutions.
A savings account is a type of bank account that allows you to deposit money and earn interest on your savings. It is a basic account offered by many banks, credit unions, and financial institutions, and is geared towards saving money for specific goals or purposes. To open a savings account, you can visit a bank or credit union branch, or open an account online. Different institutions may have different requirements, such as a minimum deposit or balance, and there may be potential costs such as monthly or annual fees for not maintaining the minimum balance. However, savings accounts are considered a safe place to store your money and can help you meet your savings goals by making regular deposits.
For banking and savings lessons and lesson plans:
https://www.moneyinstructor.com/banking.asp
For saving and investing lessons and lesson plans:
https://www.moneyinstructor.com/spendsave.asp
Visit us at MoneyInstructor.com ➡️https://www.moneyinstructor.com/
SUBSCRIBE TO OUR YOUTUBE CHANNEL:
🔔https://www.youtube.com/c/moneyinstructor?sub_confirmation=1
RELATED VIDEOS:
➡️What is a Bank Statement? https://youtu.be/AIh2MYj_qsM
➡️What is a Savings Account? https://youtu.be/pK4wOsCbrK4
➡️What is a Credit Card? https://youtu.be/6YyDlijCC_0
WEBSITE: https://www.moneyinstructor.com
TWITTER: https://twitter.com/moneyinstructor
FACEBOOK: https://www.facebook.com/MoneyInstructor
Money Instructor is the leading source for financial education and skills development. For over two decades, we have been assisting educators, students, parents, and others in teaching and learning about money skills, personal finance, money management, investing, business, and career development. We provide resources and tools to help teachers, parents, and institutions teach these crucial skills to young people. By doing so, we also aim to reinforce basic math, reading, vocabulary, and other fundamental skills that are essential for success in life.
--------------------------------------------------------------------------------------------------
#savingmoney
#banking
#savingaccounts
#personalfinance
#financialliteracy
#financialeducation
#MoneyInstructor
https://wn.com/What_Is_A_Savings_Account_|_Money_Instructor
Learn what is a savings account, how you open one, and what are the costs. For depositing at banks, credit unions, and other financial institutions.
A savings account is a type of bank account that allows you to deposit money and earn interest on your savings. It is a basic account offered by many banks, credit unions, and financial institutions, and is geared towards saving money for specific goals or purposes. To open a savings account, you can visit a bank or credit union branch, or open an account online. Different institutions may have different requirements, such as a minimum deposit or balance, and there may be potential costs such as monthly or annual fees for not maintaining the minimum balance. However, savings accounts are considered a safe place to store your money and can help you meet your savings goals by making regular deposits.
For banking and savings lessons and lesson plans:
https://www.moneyinstructor.com/banking.asp
For saving and investing lessons and lesson plans:
https://www.moneyinstructor.com/spendsave.asp
Visit us at MoneyInstructor.com ➡️https://www.moneyinstructor.com/
SUBSCRIBE TO OUR YOUTUBE CHANNEL:
🔔https://www.youtube.com/c/moneyinstructor?sub_confirmation=1
RELATED VIDEOS:
➡️What is a Bank Statement? https://youtu.be/AIh2MYj_qsM
➡️What is a Savings Account? https://youtu.be/pK4wOsCbrK4
➡️What is a Credit Card? https://youtu.be/6YyDlijCC_0
WEBSITE: https://www.moneyinstructor.com
TWITTER: https://twitter.com/moneyinstructor
FACEBOOK: https://www.facebook.com/MoneyInstructor
Money Instructor is the leading source for financial education and skills development. For over two decades, we have been assisting educators, students, parents, and others in teaching and learning about money skills, personal finance, money management, investing, business, and career development. We provide resources and tools to help teachers, parents, and institutions teach these crucial skills to young people. By doing so, we also aim to reinforce basic math, reading, vocabulary, and other fundamental skills that are essential for success in life.
--------------------------------------------------------------------------------------------------
#savingmoney
#banking
#savingaccounts
#personalfinance
#financialliteracy
#financialeducation
#MoneyInstructor
- published: 09 Dec 2021
- views: 20849
1:58
Checking and Savings 101 - (Bank Accounts 1/2)
In this video, you'll learn exactly what checking and savings accounts are, as well as why both are really important tools for your financial future!
In this video, you'll learn exactly what checking and savings accounts are, as well as why both are really important tools for your financial future!
https://wn.com/Checking_And_Savings_101_(Bank_Accounts_1_2)
In this video, you'll learn exactly what checking and savings accounts are, as well as why both are really important tools for your financial future!
- published: 16 Jul 2016
- views: 332647
8:01
5 Best High Yield Savings Accounts in 2024
Here are the 5 best online savings account (as well as more below). Click ‘Show More” to see my recommended money tools.
Additional Online Savings Accounts:
*...
Here are the 5 best online savings account (as well as more below). Click ‘Show More” to see my recommended money tools.
Additional Online Savings Accounts:
* Marcus: 4.5% rate (5.5% for 3 months with link). Unlimited withdrawals (as long as stay under 125k.)
* Discover- 4.35% rate. Limited at 6 withdrawals per month
* UFP Direct - 5.25% rate. I'm still testing this out, so I don't have any more info to share yet.
* Barclays - 4.35% rate. No limit on the number of withdrawals.
⬇️ RECOMMENDED TOOLS ⬇️
⭐ SoFi Banking: https://bit.ly/3thoNqY
⭐ SoFi Credit Card: https://bit.ly/3TPjzOc
⭐ Ally Savings: https://bit.ly/48nuPWt
⭐ Marcus Savings: https://bit.ly/marcusonlinesavings
⭐ Wealthfront Savings: https://bit.ly/41Mr8XG
⭐ Monarch Money: https://bit.ly/4aNmtsH
⭐ Tiller: https://tidd.ly/3t4p0Oa
⭐ Simplifi by Quicken:
⭐ EveryDollar: https://www.ramseysolutions.com/ramseyplus/everydollar
FREEBIES
⭐ 101 Ways to Save $: https://bit.ly/tosavethousands
⭐ Money Saving Challenges: https://bit.ly/moneysavingschallenges
CASH BACK APPS
💵 Rakuten: http://bit.ly/rakutenaccount
💵 Ibotta: http://bit.ly/ibottaaccount
💵 Fetch: https://bit.ly/fetchcashback
CONNECT WITH ME
Instagram: https://www.instagram.com/brittanyflammer/?hl=en
Website: https://www.brittanyflammer.com/
Email:
[email protected]
Etsy Shop: https://brittanyflammer.etsy.com
Free Consultation: https://calendly.com/brittanyflammer/consultation
Free Group Coaching: https://calendly.com/brittanyflammer/group-coaching
DISCLOSURE: Some {but not all} links are affiliate links. When you buy through one of my links, I will receive a commission. This is at no cost to you and helps support my channel!
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
https://wn.com/5_Best_High_Yield_Savings_Accounts_In_2024
Here are the 5 best online savings account (as well as more below). Click ‘Show More” to see my recommended money tools.
Additional Online Savings Accounts:
* Marcus: 4.5% rate (5.5% for 3 months with link). Unlimited withdrawals (as long as stay under 125k.)
* Discover- 4.35% rate. Limited at 6 withdrawals per month
* UFP Direct - 5.25% rate. I'm still testing this out, so I don't have any more info to share yet.
* Barclays - 4.35% rate. No limit on the number of withdrawals.
⬇️ RECOMMENDED TOOLS ⬇️
⭐ SoFi Banking: https://bit.ly/3thoNqY
⭐ SoFi Credit Card: https://bit.ly/3TPjzOc
⭐ Ally Savings: https://bit.ly/48nuPWt
⭐ Marcus Savings: https://bit.ly/marcusonlinesavings
⭐ Wealthfront Savings: https://bit.ly/41Mr8XG
⭐ Monarch Money: https://bit.ly/4aNmtsH
⭐ Tiller: https://tidd.ly/3t4p0Oa
⭐ Simplifi by Quicken:
⭐ EveryDollar: https://www.ramseysolutions.com/ramseyplus/everydollar
FREEBIES
⭐ 101 Ways to Save $: https://bit.ly/tosavethousands
⭐ Money Saving Challenges: https://bit.ly/moneysavingschallenges
CASH BACK APPS
💵 Rakuten: http://bit.ly/rakutenaccount
💵 Ibotta: http://bit.ly/ibottaaccount
💵 Fetch: https://bit.ly/fetchcashback
CONNECT WITH ME
Instagram: https://www.instagram.com/brittanyflammer/?hl=en
Website: https://www.brittanyflammer.com/
Email:
[email protected]
Etsy Shop: https://brittanyflammer.etsy.com
Free Consultation: https://calendly.com/brittanyflammer/consultation
Free Group Coaching: https://calendly.com/brittanyflammer/group-coaching
DISCLOSURE: Some {but not all} links are affiliate links. When you buy through one of my links, I will receive a commission. This is at no cost to you and helps support my channel!
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
- published: 12 Jan 2024
- views: 236
0:56
3 Types of Savings Account That You Need
Here are the 3 types of savings accounts that you need.
Here are the 3 types of savings accounts that you need.
https://wn.com/3_Types_Of_Savings_Account_That_You_Need
Here are the 3 types of savings accounts that you need.
- published: 04 Feb 2022
- views: 32221