Summary of BEST High Yield Savings Accounts in 2024!

Summary

In the video titled "BEST High Yield Savings Accounts in 2024!", Justine, the host of the Debt Free Millennials channel, discusses the benefits and features of various High Yield Savings Accounts (HYSA) available in 2024. She emphasizes the superior interest rates offered by HYSAs compared to traditional savings accounts, which often provide minimal interest.

Main Financial Strategies and Insights

High Yield Savings Accounts (HYSA): These accounts offer significantly higher interest rates than traditional banks, making them a better option for saving money.
Emergency Funds and Savings Goals: HYSAs can be used for emergency funds or specific savings goals (e.g., car purchase, down payment, wedding).
Monthly Dividends: Interest is paid out monthly, providing a consistent cash bonus for savers.

Recommended High Yield Savings Accounts

Raisin (formerly American First Credit Union):
- Interest Rate: 5.3% APY
- Type: Money Market Account
- Fees: None, $1 minimum to open
- Accessibility: 24/7 online access
UFB Direct:
- Interest Rate: 5.25% APY
- Fees: None with a $5,000 balance; $10/month otherwise
Synchrony Bank:
- Interest Rate: 4.75% APY
- Fees: None, no minimum deposits
Capital One 360 Performance Savings:
- Interest Rate: 4.35% APY
- Fees: None, no minimum balances
Marcus by Goldman Sachs:
- Interest Rate: 4.2% APY
- Fees: None, no minimum deposit
- Features: Same-day transfers available
Discover:
- Interest Rate: 4.35% APY
- Fees: None, no minimum opening deposit
CIT Bank:
- Interest Rate: 4.65% APY
- Fees: None, online banking
Ally Bank (Justine's personal favorite):
- Interest Rate: 4.35% APY
- Features: Savings buckets for organizing funds, automated contributions, and excellent customer service.

Methodology for Choosing a High Yield Savings Account

Research: Check reviews and customer service experiences.
Secret Shopping: Call customer support to assess responsiveness.
Consider Fees and Minimum Balances: Look for accounts with no fees and low or no minimum balance requirements.

Presenters/Sources

Justine, Debt Free Millennials channel.

Notable Quotes

— 01:05 — « Like I can make more money by finding change off of the street than I can by parking cash with Bank of America or a Wells Fargo. »

— 04:50 — « Capital One to me is the Toyota Corolla of high yield savings accounts. It's going to get you the baseline model of the features. »

— 09:32 — « Ally to me is like the Jeep Wrangler of high yield savings accounts. It's just fun. It's fun to drive, there's lots of cool features. »

— 10:18 — « Ally, please please sponsor me, you know I love you. Let's do something, let's collaborate. »