2023 Top Savings Accounts: High Interest and Great Benefits

okay so by now we all know we should have a savings account but how are you maximizing that account the problem is are we willing to look into the mirror and say hey we need to do this and get rid of that for a season this person who who is financially well off was willing to sacrifice things for 12 months to change the next 12 years of their life today we're going to be talking about a few of the best high yield savings accounts on the market now before we hop into Today's Show be sure to like comment and subscribe now let's jump into the video [Music] so right now everyone is you know kind of like concerned about the high inflation and then everyone's talking about the most recent bank that just absolutely just unfortunately had an epic fall right um and I've been getting a lot of questions a lot of uh DMS text messages saying hey yo should I move my money where should I park my money and here I want to start this off by saying this man um listen you should always Park your money whether that's your checking account your savings account into an account that has FDIC insured and what is that amount and so the average amount that is covered by the FDIC is 250 000 and so what I really want to say is like hey if you have five hundred thousand dollars in an account that's only insured of 250 000 you are making a bad decision you should have multiple bank accounts and make sure all of your money is insured right but for the average person watching this video you don't have three hundred thousand dollars sitting in the savings account you may have 300 dollars invested but some of you all have been asking me hey Anthony where should I park my savings account right now um and that's a good question I want to start off by saying this the average savings account in the U.S has an interest rate of 0.35 apy um apy simply means your annual percentage per year right uh but this type of savings account um has a big impact on interest rate so right now we're seeing that the average bank account the average savings account in America is 0.35 why is it 0.35 well these are your uh Bank of Americas these are your big branches that are are local in your branch they're giving you 0.35 but you guys there are bank accounts out there that are high yielded savings account that are pretty much majority online that are offering anywhere from from three percent all the way up to five percent when it comes to an apy and so I really wanted to just give you all five banks five banks that is absolutely amazing that you should consider and I'm gonna I'm gonna give you the bank that I have my money currently parked at I'm going to start off by saying that you know previously uh you all knew that I was um supporting a prize pool and still a great bank but uh we are no longer partnering with prize pool because their savings account is um their apis actually uh not the best a great Bank they're giving away great prizes but I needed something that if I put my money in there I can see instantly um a certain amount of money so for example I moved twenty five thousand dollars into one of my Banks and uh man within one month right at about eighty dollars was deposited into my account for money just sitting there now that's not like a whole lot of money it's not but it's a whole lot of money for my money just sitting there because I put twenty five thousand dollars in that account I have another like sixty seventy thousand dollars seventy five thousand dollars sentence other savings account and within the same time frame that account made eight dollars my twenty five thousand dollars made what eighty dollars do the math what makes sense so yeah I moved all I mean I moved that whole I removed the rest of that money over here so I want to give you uh some accounts I really want you to to look into I mean I wanna I wanna start off with the very first one um it's a good one Capital One Capital One their API um as of the month of March is at 3.4 uh percent three point four percent now their minimum balance for this apy is zero dollars so every account that I'm gonna give you today there is There's No Limit you know as far as there's no bare minimum of what you have to deposit so if you have 500 I'm going to put that 500 into uh these accounts whichever one you choose I'm gonna give you five of them uh the lowest one today is gonna be a three point four percent we're gonna get all the way up to four point four five percent and these are accounts that are all FDIC insured I've vetted all of them these are all great accounts and it's really upon your preference right uh so Capital One is a great one they are FDIC insured they are offering a 3.4 interest rate uh there is a bare minimum of what you need to deposit to get inside of it um I'm even clicking on their website now to see what what are some of their benefits um okay here's a good one no fees no monthly or maintenance fees uh what you earn is what you keep that's a good thing so there's another good thing of what you really need to make sure that you're getting some of you all may say some banks may say hey we're gonna give you no no minimum uh to keep it balanced but we're gonna charge you 15 a month for this account well you want to go with the ones that have no fees so uh this Capital One right here three point four percent uh apy again for the savings rate as of the month of March uh no fees uh you get to keep what you keep you get to keep what you put in no minimum payment if they also do come with an actual app and this is very very good and you can also have multiple accounts so the very first one here is Capital One at a 3.4 interest rate zero balance move it over there drop in the comments and let me know if you already have a Capital One um High yielded savings account Ashley as well let me know in the comments if you have a high yield at savings account and also let me know if if your bank is not on here right because I want to help us help a lot of people and if you know of some other great banks that are offering even higher interest rates their FDIC insured yo let us know now before we get to the number two um what I want to give you this this suggestion when it comes to savings right now in a high time of inflation right now when it comes to uh people possibly losing some jobs and you're kind of concerned here is a great time to pause paying off debt I tell people this all the time it's like hey I actually just told my team this I was like Hey right now because times are a little you know a little little uh we don't know what we don't want to do is allow fear to operate our future but we do want to make sure that we're facing reality and that there are certain things happening in the economy and in the world today and we need to make sure that we're properly prepared so what I'm telling you is if you was going gun hard on paying off your debt I'm happy for you that's great but I would say maybe slow down a little bit and maybe just build up your savings account so you can't have a little cushion once you get that savings account built up um to at least for let's say for at least two three thousand dollars so that way you can at least cover your your mortgage your rent payment and your mandatory bills for one month if you were to get let go of your job or if something was to happen um and you had to go off your job at least you know you have 30 days to come up with a game plan and you're not stressed for you need money within the next week and so I'm saying slow down a little bit put a little bit extra inside your savings account once you get to at least a good three four thousand dollars a month then get back to going aggressive to attacking your debt if you are on the Journey of paying off your debt according to recent stats only about half of African Americans have some form of estate planning put into place this includes important documents like your Wills your trust and your power of attorneys additionally only about 60 percent of all people have life insurance coverage but why is it so important for not just black people but all of us to have these things put into place you see life insurance can provide financial protection for your loved ones in the event of your Unexpected death it can help cover funeral and burial expenses uh payoff debts and even your mortgages but here's what I really want you to consider it can provide income for your loved ones to build wealth you see estate planning on the other hand can help ensure that your assets are distributed according to your wishes after your death and that your loved ones are taken care of if you truly love and I mean this if you truly truly love your loved ones don't leave their Financial Security a chance I want you to get life insurance today you can get a free quote with my friends over at ethos by visiting anthonyoneal.com forward slash life insurance or by clicking the link in today's show notes protect your family's future and give yourself peace of mind don't be in heaven and you're full of joy and your family is here on Earth struggling and stressed get life insurance today with my friends over at ethos hey now let's get back to Today's Show I know it's a good one and so you're gonna Park your three to four thousand dollars inside of one of these accounts so number one was Capital One here's number two uh Marcus by Goldman Sachs now this is a uh also FDIC insured their interest rate I found this one pretty interesting is higher than actual Capital One they're actually offering a 3.75 apy um and theirs is an online savings account okay this is four times the national average four times actually it's probably probably five times with the national average again is that 0.35 right and so no fees no minimum deposits same day transfers of up to a hundred thousand dollars or less to or from your primary checking account okay and so I like that because here's another thing we got to be looking at if we're going to get the high yielded savings accounts we have to look at okay if I need my emergency fund can I get it transferred quickly to my checking account do your emergency funds do they come with an actual maybe debit card so you can get to the ATM and pull out some cash now most savings account are not going to come with an actual Visa or debit card but Visa Master uh logo so that way you can use it as a check card right but if you can get it attached to your primary checking account and you can wire the money instantly to your account that is great because remember a savings account is not an investment account and an emergency fund is really not a savings account if that makes sense it's a savings account but it's an emergency fund savings account so I have two savings account I have an emergency fund that I will never touch I would never touch that unless it is an extreme emergency then I am already now saving money to eventually build my dream home here within the next couple years my goal is right around 40. and so I've been stacking money into that savings account to her hey you know what let's say for an example I decide not to build a home I can go inside that savings account and spend that money on anything else that I desire but what I cannot do and what I will not do is go into my emergency savings account and use that money to buy other things and so why not get the most money for this account I mean for this emergency if I'm sitting there I was letting it sit in my I bank with truest formerly known as BB T and SunTrust I was banking with them I think they're a great bank for my business account for my personal checking account great bank right let me know what bank account do you honestly uh bank with some of y'all May bank with Local Credit Unions that's great I I have no problem with that but truth is right around the building from my office and from my home so yeah let me Bank matures and I love them but their savings account wasn't good and I was like you know what let me move this over there so I can get more money but also I had to check and make sure that if I move this money over can I get it back into my savings account back into my checking account quickly in case of an emergency right and so I really do believe and I really want you all to really understand that hey as you're going down this High yielded savings account route what are some key things you can be looking out for number one is do they have fees you want to get what a hire the savings account that doesn't have any fees number two how quickly can you get your money transferred over to your checking account in case of an emergency okay so that's number two Marcus by Goldman Sachs we're going to drop their Link in all of um all of these bank accounts inside of today's show notes so that way you can get quick access to them all right so that 3.75 3.75 no fees no minimum deposit same day transfers of up to a hundred thousand dollars or less uh right uh back into your account that strong you guys that's that is that is that is strong that is very very very strong uh this next one is um some of you all may know some of you all may know him because I think some of you all might have um used them to finance things let me say this every bank that I'm going to suggest is going to give you the opportunity to finance things y'all know where I stand on financing no we we don't we we don't we don't do that over here um and so I went I wanted want you to be to be wise on how you're doing that but this next bank is synchrony synchrony finances everything like on Amazon and like um pay over 60 days um they do a lot of financing online for you know pay over 30 days pay over 60 days Synchrony Bank um and they're offering their apy is four percent four percent on your money just sitting there that's some good money four percent no minimum balance no Bank fees with your money just sitting there Synchrony Bank for percent why is it so important to save money study came out recently on Yahoo Yahoo finances that nearly 50 of the people who make a hundred thousand dollars or more are living paycheck to paycheck that people who make a hundred thousand dollars a year can't even afford and a thousand dollar emergency these are people who are making on average about eight thousand three hundred and thirty three dollars a month and they can't afford a thousand dollar emergency now let me be very sensitive and very very understanding that I understand that sometimes life does hit I understand that's something sometimes things come into place that that had nothing to do with our control nothing to do with our control and sometimes that does happen and I want to be honest and say you know what I understand that but here is my problem that I do have that if you're making a hundred thousand dollars in your Inc in your home right now and you don't have at least five hundred dollars in your savings account respectfully saying this you can't blame that on the system you can't blame that on life happening because I'm pretty sure I can look at someone's budget and say you know what you can cut that out problem is are we willing to look into the mirror and say hey we need to do this and get rid of that for a season what is the difference between someone who is who is financially well off and someone who has the capability of being financially let off but they're not this person who who is financially well off was willing to sacrifice things for 12 months to change the next 12 years of their life this person who has the means to do it they're not willing to do certain things to change it they don't want to sacrifice 12 months they don't want to live in a different place that may be uncomfortable for 12 months to get the things they want to do I drove a a 2011 Acura TL with 200 something plus thousand miles on it because I knew the kind of life I wanted in the next three years I was living in a one bedroom apartment in Nashville Tennessee actually in Brentwood Tennessee when I had the money I'm making well over six figures but I say no this is I know what I want in the future I know what I want to build let me live like this when I was living in Jacksonville Florida I was living in the hood I wasn't living somewhere real nice Bay Meadows I was living on the South Side the person I was living on the North side when you pulled on my street it smelled like crap as soon as you pull it off get off the highway do you see Dope Boys you see you know why it was because I knew the life that I wanted to live and I knew that I wanted to have a certain amount of money in my savings account I knew that I wanted to have freedom and I knew that if I am temporarily willing to sacrifice certain things in the future I can have every daggone thing that I want and here's the thing single people watch me single men watch me and I'm gonna give it last two bank accounts but hear me right now single man who gives a crap about the kind of car you're driving the kind of house you're living in right now because like like like here's what I want to say um don't wait till you get your family to where now you got to make those sacrifices make the sacrifices when it's just you so that way you're in a position to when you do get your wife when you do get your spouse you don't have to worry about making sacrifice to him baby we got to do this baby we gotta do that nah Nah when your baby come when your wife come when your loved one come when your children come you ain't got to take them through a lot of sacrifices I'm able to do the things I'm able to do now because I was willing to sacrifice I was willing to do certain things I moved into the the hood CJ would tell you I was living in the hood I bought a house in the hood the first day I moved into the house older lady came over there and asked me to take it to the corner and go go get her some weed older lady she got me 50 years old knocking on my door my door and face and mouth on the door and I'll come to them like ma'am hello I'm talking about I got my protection trained dog I got my gun on me well every time we go outside and we walk around you know what because I wanted to build wealth and I knew that if I go buy this home in this particular neighborhood right that is an identified area that I can immediately if I sell this in within a year two years that's gonna be money I kept that town home for nine months made over a hundred thousand dollars when I sold it what am I saying what sacrifices are you willing to make to change your financial situation if you're making a hundred thousand dollars in your family and you're still struggling with paycheck to paycheck it's not because of the system it's not because solely because life hits you I I guarantee you if I look at your budget I could find some places in there that you would hate to say no because some of y'all make your wants your needs when really no you don't need it you've just gotten so accustomed to having these things where you want it and you wonder why you're living where you're living and you wonder why you don't have a thousand dollars in your savings account and you're wondering why you don't have this certain kind of thing it's because it's not because of everyone else it's that it's you couples time for y'all to sit down look at yourself in the mirror and say babe what do we need to take off of our budget to where we can get to where we want to go bottom line and to be honest with you it's gonna suck it's gonna piss you off to where you can't go on that trip it's gonna suck that you may have to tell your kids you can't do that particular program I got a family member um um um and this mother um is is you know she she can't do the things that she want to do and she's she she's living you know and she's struggling because one of her kids wants to do a particular activity in that particular activity costs a whole lot of money and and I'm like yo listen the best thing you can do for your kids is tell them no because if you were at a place where you're living pay to the paycheck and you're having to borrow money and max out credit cards just so that your kid can be happy but then you're stressed then when they graduate and go off to college now your stress your paying back bills they're in college and they are living good and you're trying to catch up on life and then you never catch up because you're so far into debt you're not making the money you don't have a savings account you're not investing into your future you don't have a 401k you're not you don't have anything planned for your future now when you turn 60 now you need your kids help foreign the last thing you want to do is be six years old and now you are now you are a burden to your kids what you want to say well I took care of you telling me to take care of me no that is the dumbest thing a parent can say it was your responsibility to take care of your child but it was also your responsibility to take care of yourself first how how do you take care of someone else if you don't have the foundation take care of yourself parents get upset when I say that why is that the flight attendant says hey before you put the mask on to your kids put a mask on to yourself because what good is it for them to be alive and you're dead if you slip your Zone first and immediately get onto them that's a better situation take care of yourself breathe get a savings account I know Commons is going to be upset with me today that's all right Michelle you Michelle she'll comment back with y'all y'all gonna be upset but I get upset when I read that stat 100 000 people making over a hundred thousand hundred twenty five thousand millionaires don't even have a thousand dollars in their savings account get it life happens how long is life going to happen if you've been living like that for a year two years something wrong summer here's the next Bank Basque Bank Basque Bank their apy is 4.35 percent and I like bass bang we were talking in the past about maybe doing a partnership and one of the things I love about bass Bank is that their average rate is about right at 4.35 for the year of uh for for as of March right but they're averaging right around like 4.6 and here's what I love um about bass bank is that they're also going to give you airline miles for the money that you do save that is absolutely amazing so not only are you getting the interest rate but then you're getting airline miles to go with the money that you're saving so per one dollar that you put in there you're gonna get a point to go towards the airline I can't I can't remember the actual bank that they are actually not the bank the actual Airline um so I don't want to lie on this video but we are going to be dropping all the information and all the links below they have a no minimum deposit as well and they are FDIC insured right and so I want to encourage you um to to check out bass bank because there are absolutely they're a great Bank um and eventually down the road you know once I find a bank that I really trust and that I can I can support um then you know we'll move to just rocking with them but bass Bank honestly is one of my favorite Banks as a whole around like they they that's probably bad grammar just um they're just a full rounded is that right full rounded well-rounded you know what I'm saying you know they're just a well-rounded Bank you know their checking accounts are great uh they're they're uh annual percentages for what they're giving you on their savings account is absolutely great um great customer service just a very very uh well-rounded full-rounded um you name it whatever you want to say Bank to check out uh to I just like them but where am I parking my money such a great question so I am parking my money at bank purely.com uh Bank purely.com um and when you go to bank purely I'm actually not utilizing their savings account they have a high yield of savings account um I am using uh the purely money market account and I'm getting 4.45 apy okay and so I'm using their money market account so it's it's it's like a checking account it comes with a little bit less like you can't have as many transactions on those accounts um as far as in taking money out um and I absolutely love it so that's where I just park my money at I was able to sync uh Bank purely with my bank truest bank and so instantly within a matter of 24 hours I can have my money transferred back into my checking account in case of emergency and then I'm also putting just a little bit more money into there I told you all that for my emergency fund I'm gonna have at least six plus figures in there uh just because of my life and uh my lifestyle and with me having a business and so I want to be able to live um at least a certain amount of time frame and just be you know proof that you can save you guys I was in debt because I don't I don't come from I don't come from wealth I don't um my parents didn't hand me down a hundred thousand dollars at graduation you know they didn't give me a million dollars to invest into a company they didn't they didn't my parents didn't even buy me my first car you know what I'm saying my parents gave me hard work they taught me how how to work hard um they taught me how to be a man of of character and man of integrity um and that's what I have and so I racked up 35 000 in debt you know I was homeless for a season of my life I made back I made a lot of bad decisions in my life even a lot of bad decisions with my money um I made my wants my needs I I chose spending seven thousand dollars at a strip club on one woman I've I've bought the cars that I didn't need to buy um I've I've said hey I'm gonna go on this trip I remember one time I spent about 15 grand on a trip to impress a woman um and I've I've made bad decisions what am I saying we can all bounce back from those bad decisions the very first decision that you should be making is how are you saving and how are you getting the best bang for your money sitting in the account and Bank purely FDIC insured comes with a mobile app no fees and this particular account on a money market account you do have to have a certain amount of money right you do got to have a certain amount of money to um get the full 4.45 apy and so this is the bank that I say if you have over twenty thousand dollars in your savings account twenty five thousand dollars on your savings account move this money over here so you can get a point fifteen percent more on your money but if you only have a thousand then the number one Bank in my personal opinion for that would be uh Basque bank so check them out but if you have more than twenty thousand dollars for my people who follow me um and I've learned man we have a lot of people who follow me who make over half a million to a million dollars and you all are doing very well off and I love that this is a great bank for you to check out uh because I told you I'll put twenty five thousand dollars in the account in a matter of uh 20 days they gave me eighty dollars so now I move 75 000 over there I've actually already did it so that's gonna be six figures to sit in this account so this means if we do the math right so we're looking at about close to what about a hundred and about 200 200 a month uh 220 25 maybe a month that I'm gonna get for my money just sitting in that account that's almost three thousand dollars a year for my money just sitting in the account how much you think about that I had 75 000 sitting inside of my savings account at truest that made me eight dollars and five cents I had twenty five thousand dollars sitting in my bank purely money market account that made me write at about eighty dollars twenty five thousand dollars maybe eighty seventy five thousand dollars made me eight dollars just sitting there your money is already sitting there this is not a way to make more money hear me clearly this is not a way to make more money but with inflation going up why not get some inflation on your money just sitting there for emergencies this could help you hit your your emergency goal quicker so why not get the free money if it's just sitting there this is not investment you're not trying to get rich this is if my money's gonna sit there for a year anyways for six months anyways why not get the most bang for your buck so again we're gonna link these all below you got Capital One at three point four percent you have Marcus by Goldman Sachs at three point seven five percent you have synchrony at uh four percent you have Basque bank at 4.35 a percent then you have Bank purely at 4.45 with their money market account I hope that you all would take advantage of this I'm not getting paid none of these banks are paying me at all to promote them to to do this but I was sitting there thinking people have been asking like hey what are the best banks to uh to park my emergency fund in or depart my savings account in I think right now those are the top five if you have another five that or another one that you've been using and the apy is good great let me know I've been looking for something to have five percent that's FDIC insured keep in mind too that interest rates do fluctuate you guys they do fluctuate so you need to always be looking but here's the thing too let's say for example uh Bank purely goes from 4.45 down to 4.15 but Basque bank is giving 4.35 I'm not going to move all my money over to Basque Bank to go to get 4.35 I'm going to keep it there because interest rates fluctuate so it could be 4.15 by July but then it may go up to 4.75 in September so it's like you you got to gauge where uh you want to be and once you choose one stick with them for a year and just see what you get then from there watch this uh go back and reassess okay what bank is offering the best and what has their annual been on average and then if it's beating where you are right now then transition over to it and I think that's perfectly fine but I want you if you have your money sitting in your account right now and you're only getting 0.35 move your money over right now to one of these Banks um anywhere between three and a quarter and higher is where you need to be parking your money anything less than three and a quarter right now don't do it do not do it two percent don't do it you need to be a three and a quarter and higher uh right now let's get the best bang for our buck so that way we can get a bit more money in our savings account so we can reach our money goals quickly and the last thing I want to say this for those of you all who are who who are exceeding and you're making that money make sure you only put money into the account that is FDIC insured if it's not insured do not put the money in that account unless you have no problem losing that money and I don't know about y'all I ain't trying to lose none of my money right now so these are the top five accounts love you all and and I'm sorry if I offended anyone I'm sorry but not sorry you know I love you all and I just got to be real with you I have to let you know like hey if you are making this kind of money and you're saying you can't even keep five hundred a thousand dollars in your savings account the problem is partially actually the majority of the problem is you you got to keep rocking with me because I wouldn't help you get out that problem I'll see you in the next show peace out [Music]

Channel: The Table With AO

Views: 172,597

Keywords: best bank accounts, best bank account, best bank accounts 2023, high yield savings account, high yield savings accounts, best high yield savings accounts, best high yield savings accounts 2023, best savings accounts, best savings accounts 2023, best savings account, best banks, high interest savings account, high interest savings accounts, sofi, sofi bank account, wealthfront cash, wealthfront cash account, ally savings, capital one, discover, anthony oneal

Id: noioAsF6BRw

Length: 33min 55sec (2035 seconds)

Published: Wed Mar 15 2023