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4 Highest Paying Banks of 2020 (Best High-Yield Savings Accounts) - YouTube
Channel: Honest Finance
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if you've got any extra money lying
around in a savings account and it's not
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paying you at least one point six
percent interest right now then this
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video should help you out because there
is no reason why you shouldn't be taking
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full advantage of a high-yield savings
account
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because there's plenty of them online
and they're all paying at least one
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point six percent interest right now as
I'm making this video so in this video
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I'm covering all of the best high-yield
savings accounts that I found online but
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just keep in mind that in order to make
this list they have to have a checking
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account associated with the savings
account and then they're all FDIC
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insured and they're available to
everyone in the United States because
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I'll be honest if you just do a little
bit of research you can find banks out
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there that are gonna have slightly
better rates than the ones that I'm
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talking about but a lot of the time
they're not gonna have checking accounts
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and sometimes they don't work in every
single state so that's why these ones
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meet these criterias that way they're
all the best overall for you guys and
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we're not going to exclude anyone now if
you just found this channel I'm Jason
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with honest finance and I make a lot of
videos on different topics that'll give
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your life and your finances more value
so if you have any interest in this type
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of content feel free to subscribe but
for now let's just start talking about
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the best high-yield savings accounts
that I've found if you want to know what
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a high-yield savings account is it's
just a fancy way of saying it's a bank
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account that pays high interest and
there's really nothing more complicated
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about it because if you actually called
up your bank today and asked them how
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much interest you're making on your
savings account they'll probably tell
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you that it's close to zero and that is
a total ripoff because there's so many
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banks out there that will actually pay
you a lot more with a lot of the same
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features and benefits so there's no
reason not to I mean obviously if you
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only have a thousand bucks in your bank
account it's probably not worth your
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time to earn about 16 bucks a year in
interest but on the flipside if you have
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$10,000 in your bank account it probably
is worth your time to make about a
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hundred and sixty bucks a year in
interest just because you're looking at
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a high-yield savings account versus one
that's not paying you hardly any
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interest one thing to keep in mind
though is that these rates are all
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variable so they're gonna fluctuate
based on the economy and they can go up
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and they can go down so depending on
when you watch this video the rates
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could be slightly different but let's
just cross our fingers that they go up
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rather than down because that's always
better for all of us also just be aware
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that banks can change their terms at
anytime so anything that I'm talking
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about in this video
it can change just based on whatever
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they want to do but as of now the
information is accurate but I'm just
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warning you that it can change over time
and as far as the list of banks goes I'm
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going to start with the lowest interest
rate and then I'm going to go to the
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highest interest rate but just keep in
mind that these are great banks and
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they're all really good options so just
keep that in mind but I am going to
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leave links for them in the description
below so check them out if you have any
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interest
so the first bank that I want to talk
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about is a very popular one online and
they're called Ally Bank and currently
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they have a savings account rate of 1.6%
which is extremely competitive but a lot
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of the time I've seen them being a
little bit more competitive because they
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have followed them for quite a while
but that's what their rate is currently
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Ally Bank doesn't require any monthly
minimum balances they don't charge any
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monthly fees and then on top of that if
you use their checking account they
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actually pay an interest rate that's
about as high as you can get for a
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checking accounts so if you do end up
using their checking account they'll
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actually pay you a tenth of a point for
any balance under fifteen thousand
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dollars and then if you're over fifteen
thousand dollars they'll actually pay
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you half a point which is very very good
for a checking account so if you want to
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get a really good rate on your savings
account and your checking account then
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definitely check out Ally Bank because
they are a very good option for the
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online space of high-yield bank accounts
now the next Bank I want to talk about
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is actually discover and I had no idea
that credit card companies actually had
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bank accounts but they do and Discover
is actually really competitive and they
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have a really good checking account as
well right now their savings account is
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at 1.7 percent which is really
competitive and then on top of that they
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advertise very heavily that they do not
charge any fees so that means they don't
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have any monthly fees anything like that
and they don't require any minimum
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balances as well now discovers checking
account doesn't currently pay any
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interest but the cool thing is is that
they do have a debit card that pays you
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1% cash back for up to $3,000 and
purchases every single month so for a
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debit card connected to a checking
account that's about as good as it gets
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as far as rewards go their debit card
can also be used at over 60,000 ATM
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locations and then on top of that
Discover also makes it very clear that
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they're checking
doesn't have any fees as well I'll also
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mention that Discover has some of the
best CD rates as well so if you're
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willing to lock up at least 2,500 bucks
into one of their CD accounts then right
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now you can earn 2% interest on only a
12-month CD and that is really
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competitive when it comes to CD rates so
keep discover in mind if you want to do
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one of those the next bank that made my
list is Capital One because they have a
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savings account right now that pays out
1.7 percent and then on top of that they
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also don't have any monthly fees and
they don't require any minimum balances
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as well Capital One also has a checking
account that pays out two tenths of a
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point and that's on any balance so no
matter how much money you have with them
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you are gonna get a very competitive
rate when it comes to a checking account
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and that's just really good all around
Capital One also has physical locations
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as well so if you're the type of person
that likes to go into the bank to take
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care of things you can do that with
Capital One but just keep in mind that
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they're not located in every state so
some of you might be able to do that
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some of you won't but I'm just letting
you know now the last bank of my list of
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high-yield savings accounts goes to CIT
bank but don't get that confused with
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Citi bank because these are two
different entities that we're talking
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about here and I'm talking about CIT
bank they currently offer a savings
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account that has a yield of 1.8% but
then they also have a money market
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account that's actually getting 1.8 5%
right now so that's the best you can get
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through CIT Bank now I'll tell you right
now that in order to get the best rates
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from CIT Bank you do have to have a
minimum balance of at least $25,000
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which honestly I don't think that's very
good but the good news is is that if you
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just make a minimum deposit of at least
a hundred bucks per month then you can
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get their highest rates and I don't
think that's very hard to do and
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honestly if your goal in the end is to
be making money off of your high-yield
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savings account then depositing just a
hundred bucks a month shouldn't really
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be that hard to do anyway
CIT bank also pays out a quarter of a
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point on their checking accounts if you
have over $25,000 in them and then if
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you have less than $25,000 they'll
actually pay a tenth of a point and
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that's really good as well
overall CIT Bank is a really good option
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to go with because they've got the best
rate that you can get at one point
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five percent and then just keep in mind
that their checking account also pays
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out a really good rate as well now those
are the best high-yield bank accounts
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that I've found personally that have
checking accounts associated with them
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but if you guys want to do your own
research I'm sure there's other banks
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out there but those are the four that I
wanted to talk about but if you want to
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do some quick research on the banks that
I mentioned in this video then go ahead
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and check out the description because
I'll have links for all of them below
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now once again I'm Jason with honest
finance and I make a lot of videos on
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different topics that'll give your life
and your finances more value so if you
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have an interest in that type of content
feel free to subscribe but thank you for
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watching and have a great day
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