Summary of NEW! Best High Yield Savings & Checking Accounts December 2024

The video discusses the best high-yield savings and checking accounts available as of December 2024, highlighting several banks offering competitive interest rates despite recent Federal Reserve rate cuts. The focus is on accounts that provide up to 5% annual percentage yield (APY) and the eligibility criteria for opening these accounts.

Main Financial Strategies and Market Analyses:

High-Yield Accounts: The video emphasizes the importance of high-yield savings and checking accounts for individuals looking to save rather than spend, especially during the holiday season.
Market Options: The video identifies three banks currently offering 5% APY:
- Open Bank: A new online division of Santander Bank, which is FDIC insured.
- Pi Bank: An online bank under Intercredit Bank NA, also FDIC insured.
- Origin Bank: Offers a performance checking account with 5% APY on balances up to $40,000, contingent on meeting specific qualifications.

Step-by-Step Methodology:

Verifying FDIC Insurance:
- Go to the FDIC website.
- Navigate to "Resources" and select "Data Tools".
- Access the "Bankfind Suite".
- Search for the bank by name to confirm FDIC insurance status.
Opening an Account:
- For Open Bank: Ensure you meet eligibility criteria, including not having existing accounts with Santander and residing outside certain states.
- For Pi Bank: Check the parent company’s FDIC status.
- For Origin Bank: Meet transaction requirements to maintain the 5% APY.

Honorable Mentions:

New Tech Bank: 4.9% APY (waitlist for new accounts).
Axos Bank: 4.86% APY (with a lower rate on checking).
Brio Direct: 4.85% APY.
Vio Bank: 4.77% APY.
Ever Bank: 4.75% APY.

Presenters/Sources:

The video is presented by a member of the "Diamond Nestate" community, with references to various financial institutions and their offerings.

Notable Quotes

— 00:00 — « No notable quotes »