The 5 MOST PROFITABLE Savings Accounts of 2019

I made this video about 6 months ago, where I went over the most profitable savings account you could get…since then, rates have changed, and here is an updated version with the newest amounts - enjoy! Add me on Instagram: GPStephan
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First, we have my long time personal favorite…Ally Bank.
I’ve used Ally Bank for YEARS now and they’ve been my go to in terms of banking. I run all of my rental income through this one because they allow me to have unlimited checking accounts for free, there’s no fees for anything, they’re FDIC insured up to $250,000…and best part of all, they offer 2.2% interest with their savings account, of course, with no minimums.
Second, we have another REALLY popular online bank that might just be a littttlllee more profitable than Ally…and that’s Marcus by Goldman Sachs.
This savings account now offers 2.25% interest, no monthly maintenance fees, no minimums, they’re FDIC insured up to $250,000, all around decent. However…even though they pay slightly more - it doesn’t appear as though you can use mobile deposit for checks directly into your savings account - which to me, is a downside.
Third, if we’re going to take it up a notch…CIT bank, now offering 2.4% Interest.
Not to be confused with Citi Bank.
Now in order to get that rate, you need to do one of two things: either keep an average balance of $25,000 in the account - or deposit at least $100 per month. But assuming you can do one of those, they have no fees, they’re FDIC insured, they’re available to anyone in the United States.
Fourth, this one isn’t listed ANYWHERE but so many people commented this on my last video so I had to mention it…Redneck Bank.
They’re offering 2.5% on their savings accounts, and 3% on their checking account, which is absolutely incredible. Here’s how it works:
On their checking account, you’ll get 3% interest up to the first $10,000. And then you’ll get 2.5% interest in their savings account, up to $50,000.
They’ve got no monthly fees, no minimums, FDIC insured, stellar customer service, and a mobile app that you can deposit checks too.
Fifth - this might be the best - and that would be the Wealthfront cash account.
They’re offering 2.51% interest on their cash account, with FDIC insurance up to $1 Million Dollars. With this, there’s also no fees, no minimums…just a straight up account that offers 2.51% interest. After reading a LOT of their reviews, it seems like it’s a REALLY good option - so I’m giving it a shot, and moving some of my money over.
And finally…one last honorary mention, since everyone was commenting this on the last video…Tmobile is now offering a 4% interest checking account.
Anyone can open it up, no fees, no minimum balance…just 4% interest. However, it’s limited to the first $3000 only. And you must deposit $200 per month to get the 4% rate. To me, it just isn’t worth it…especially considering you can get 2.51% up to ANY amount, without a regular deposit per month, with wealthfront. BUT….I do want to mention it because if you have $3000 to hold in cash, and you want to get the highest rate possible…this is it, even if it’s a bit of a hassle.
Just remember: The point of this is NOT to be a substitute for investing your money. The entire point of this is to KEEP your moneys value - or grow it a little bit - until you re-invest it elsewhere.
Thanks for watching!
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com

Комментарии

  • Graham Stephan

    Graham Stephan

    25 дней назад

    GO SUBSCRIBE TO MY SECOND CHANNEL - New video being posted 9am! rudownload.net/p/UCa-ckhlKL98F8YXKQ-BALiw

  • Carolita Dominguez

    Carolita Dominguez

    19 дней назад

    www.wealthfront.com/c/affiliates/invited/AFFA-F5RF-SDJI-VX7P

  • Ary Masters

    Ary Masters

    23 дня назад

    I added a comment, but I am replying here as well: T-MOBILE REQUIRES YOU TO HAVE THEIR WIRELESS PLAN among other things TO GET THE 4%. I checked out T-Mobile checking and it seems you must have their wireless plan, among other things to qualify for the 4% - otherwise you earn 1%. Here is the interest portion of the contract: "Interest An interest rate of 3.93%, with an Annual Percentage Yield (APY) of 4.00%, will be paid on balances up to and including $3,000.00 in their Account for calendar months when ALL of the following conditions are met: 1. You are enrolled in an active T-Mobile postpaid wireless plan (e.g. T-Mobile ONE, T-Mobile ONE+ and Simple Choice plan(s) and other postpaid plans, excluding the No Credit Check plan (a “Qualifying Plan”)); 2. You have registered through the Website or the App for perks with your TMOID; and 3. You have deposited at least $200 in qualifying deposits to your Account within the current calendar month. Promotional deposits are not eligible toward the $200 in deposits. A “qualifying deposit” is any deposit into your account through any means acceptable per these Account Terms and Conditions, with the exception of promotional deposits. A “promotional deposit” is any deposit you receive from us or T-Mobile as an incentive or reward for certain activity on your account. This activity would be defined in the terms of any such promotion..."

  • Gummy Bear

    Gummy Bear

    24 дня назад

    Good video, thank you for all the info.

  • P Clayton

    P Clayton

    7 часов назад

    Graham, FDIC is not for an account in “each bank”. I used to think u can deposit up to $250k in different accounts, and you would be covered for all your different accounts, but that isn’t correct. Also, u made a very big mistake in how to finance a Tesla. What you suggested is fraudulent and I would take those videos down fast. You’re videos are for the most part entertaining, but you don’t offer any original content.

  • Worldwide FunnyGuy

    Worldwide FunnyGuy

    13 часов назад

    Damn it Y'all be sitting in America with about 2-2,5% interest while I'm here in the Netherlands with my 0,03% interest yes your read that right 0,03% it's basically pointless I'd rather invest in bitconnect

  • wanderlustandsparkle

    wanderlustandsparkle

    13 часов назад

    I love how people are quick to correct others but fail to do so in their own lives.

  • Marco Miranda

    Marco Miranda

    19 часов назад

    If you join Sofi with this link and deposit just $100 you'll get a $50 welcome bonus no strings attached. Great account to churn. It's also pretty decent with 2.25%! www.sofi.com/share/money/2604720/

  • Sir We Are About to Die

    Sir We Are About to Die

    11 часов назад

    Marco: I joined Aspiration and they claim to pay up to 2%. If you let it sit, it will probably not generate that much. If you constantly deposit money is when it seems to go up in the amount of interest it pays.

  • saleen235

    saleen235

    День назад

    For a sec I thought I was in my 20s again😂

  • Graham Stephan

    Graham Stephan

    День назад

    :P

  • Abigail Peek

    Abigail Peek

    День назад

    Goldman Sachs ran our interest rate down from 2.25% to 2.15%. NOT HAPPY.

  • Jeff Frasier

    Jeff Frasier

    День назад

    What do u think about USAA bank?

  • Wendell Greenidge

    Wendell Greenidge

    День назад

    How hard is it to get started in real estate?

  • Anna Leso

    Anna Leso

    2 дня назад

    YES THANK YOU

  • Ripside2

    Ripside2

    3 дня назад

    3% at LMCU

  • Jeremiah J

    Jeremiah J

    3 дня назад

    Whenever a youtuber asks me to smash the like button, i flip it off.

  • Alex G

    Alex G

    3 дня назад

    How about HSBC?

  • Rachel Fay

    Rachel Fay

    3 дня назад

    Ah to be in the USA. Marcus only pays 1.5% in the UK - and that's the best rate on the market here for easy access :(

  • Girls Rule

    Girls Rule

    4 дня назад

    Are you able to transfer money between different banks?

  • Girls Rule

    Girls Rule

    4 дня назад

    When it says it’s FDIC insures up to $250,000 for a savings account, should you only put that much because it’s the limit for insurance

  • Girls Rule

    Girls Rule

    День назад

    Ok

  • eljokerjce

    eljokerjce

    День назад

    Girls Rule I believe different category accounts are each commonly insured for that amount. Not sure if that means a savings and a checking. I would just talk to the bank and see what they say

  • Girls Rule

    Girls Rule

    День назад

    Right but like can you just have 1 bank but 2 separate accounts and still be insured?

  • eljokerjce

    eljokerjce

    День назад

    Girls Rule not completely sure but I would think...yes. If you have two banks who are FDIC insured up to $250,000 that means each of these banks will cover you up to that amount. So if you have $500,000 and are skeptical you might want to do half in one bank and half the other. In my opinion I would keep it in one savings depending on the interest rate I get back.

  • Girls Rule

    Girls Rule

    День назад

    So would you still be covered at the same bank if you opened another savings account?

  • maureen vallieres

    maureen vallieres

    4 дня назад

    What about investing in gold/ silver or coins . Are any other idea!! I am older then you are ! Lol Graham 😉

  • eljokerjce

    eljokerjce

    2 дня назад

    maureen vallieres I thought this was the best way to invest but honestly you gain nothing on the money you spend and once you try and sell you might loose money if in any case you paid a little extra for a mint coin.

  • Orlando Rimax

    Orlando Rimax

    4 дня назад

    Ally bank is 2.10 as of today but vio bank has a 2.52 as of today jul 12 of 19 and varo is 2.80

  • Kelsey Heard

    Kelsey Heard

    4 дня назад

    Graham, I am 17 years old and just getting into taking my finances seriously. I have had a savings account since elementary school because my bank offered a deal where they would pay you $2 per A on your report card (they no longer do this :(). After watching your videos, I thought to look to see the interest rate of my account which is half of a percent :(. I am curious as to what the catch is with these high yield accounts when they claim to have no monthly fees and no minimums. Where exactly are they getting the money to offer such high interest rates? Is it from fees on checking accounts? I am looking to switch to a new savings account with higher interest, especially because in the long run I am likely losing money due to inflation with my current rate, but am skeptical as it seems to good to be true.

  • Sir We Are About to Die

    Sir We Are About to Die

    11 часов назад

    Kelsey: I am with one online savings account called Aspiration. Thing is, this one does not exactly pay 2%, it seems to pay UP tO 2%. If you let your money sit, like I did; you will get lower interest than if you constantly deposit. So yes, in a way, there is a catch. But did their guarantee, of paying me more than my current bank, regardless of the interest , stand? YUP! I have made more in a month than I would have, waiting 38 months on my other savings account. This is also investing about 1/10th of what I have saved in my other savings account.

  • Jose Andrade

    Jose Andrade

    4 дня назад

    I finally figured out who Graham reminds me of. Jessie McCartney.

  • Sir We Are About to Die

    Sir We Are About to Die

    11 часов назад

    Tom cruise

  • Veandre Lynch

    Veandre Lynch

    4 дня назад

    What banks have daily compound interest

  • Nate Castronovo

    Nate Castronovo

    5 дней назад

    Vio bank is FDIC insured and offers 2.52% apy www.viobank.com/ Maybe this should be on the list?

  • Shuai Zhou

    Shuai Zhou

    5 дней назад

    Vio?

  • Salam Hamdi

    Salam Hamdi

    5 дней назад

    cit bank went down from 2.45 to 2.30 :(

  • Amanda M.

    Amanda M.

    6 дней назад

    Graham !! Please review Vio Bank. I want to switch to them but I'm unsure (I'm currently using discover and have no problem with them, just want higher interest)

  • Orlando Rimax

    Orlando Rimax

    4 дня назад

    Im looking at vio as well seems pretty good but on my way to reading reviews came up varo with 2.80 apy

  • Ramona

    Ramona

    6 дней назад

    What about putting money in overseas accounts that offer 17% or more?

  • Precious Lapuz

    Precious Lapuz

    6 дней назад

    The first time I saw an ad for Wealthfront was on Faceboook, and I just ignored it because it looked to good to be true. I personally have Marcus but I'm definitely gonna check out Wealthfront. So thank you for doing the research on this!

  • Zac Dennis

    Zac Dennis

    6 дней назад

    2.52% interest with MidFirst / Vio bank. www.viobank.com/online-savings-account

  • ICON_636

    ICON_636

    6 дней назад

    Panerai?

  • Jay Miller

    Jay Miller

    6 дней назад

    You mentioned Citi bank but didn't include them in the list? Their Accelerate savings offers 2.36% interest. I switched over to them a couple months ago and have been very happy with it.

  • yasmine4156

    yasmine4156

    7 дней назад

    But in the unfortunate circumstance that someone hacks into your online bank account and there is no customer service line will wealth front reimburse all your money?

  • Robert Riser

    Robert Riser

    7 дней назад

    Vio Bank offers 2.52% APY on all balances. FDIC Insured. www.viobank.com/

  • Rel Duong

    Rel Duong

    7 дней назад

    What're your thoughts of Vio Bank?

  • Bob Cavazos

    Bob Cavazos

    7 дней назад

    Thanks for the summary at the end about keeping the emergency fund into one of these accounts.

  • Erwin Tio

    Erwin Tio

    7 дней назад

    Wealthfront is not FDIC insured. You are taking your chance if you bank with them as they are just a middle man who save your money into another FDIC insured banks which you dont even know what are those banks. Wealthfront does not have FDIC # to verify in FDIC website. FDIC have no obligation to pay you in the event wealthfront go down. Since your affiliation with the backend banks go through wealthfront, you are at their mercy and one thing I know, when a company went bankrupt, paying your money most definitely is the last thing they have to worry about.

  • John Acevedo

    John Acevedo

    9 дней назад

    I bank wealthfront. It’s great to hear that wealthfront is looking to add debit cards in the following year and they raised the interest rate to 2.57% recently.

  • Peri Grinn

    Peri Grinn

    9 дней назад

    "Like" is my love offering. LIMH. Other considerations: how often is the interest paid (monthly, quarterly, semiannually), how often is it compounded (daily, monthly, etc), and whether or not they offer custodial accounts.

  • Sridhar Vukkadapu

    Sridhar Vukkadapu

    9 дней назад

    Earn $50 by simply opening a SoFi Money account (2.25% APY, zero fees) and depositing $100. This literally will take you less than 3 mins. Make sure to click this link to get started: www.sofi.com/share/money/359164/

  • Vinay Patel

    Vinay Patel

    9 дней назад

    Tab bank account. FDIC insured. 4% on upto first 50k. Two hoops:1. 15 debit card transaction (automate by setting autoreload on the amazon) and 1 ACH transaction (easiest by far all you have to do is pay a credit card payment) or direct deposit. No fees. 4% only on the first 50K so works well for emergency funds but does come with two hoops to jump through but takes less than a 5 mins to set it on autopilot. link:www.tabbank.com/kasasa-cash-checking/

  • Christopher Carvalho

    Christopher Carvalho

    9 дней назад

    Ally is 2.10 now Goldman is 2.15 and wealth front is 2.57 with a .25% fee :/

  • siavash amini

    siavash amini

    10 дней назад

    Graham, I personally open 3 saving accounts base of my research and your recent recommendation last weak, Marcus and CIT Bank was a good experience so far and I transferred money to it, but Wealthfront forces me to open an investment account which I did not realize until my brokerage firm denied to transfer money to them. after many emails back and forth to Wealthfront, I closed my account with them and I go with HSBC

  • Hernando Pedraza

    Hernando Pedraza

    11 дней назад

    Graham Stephan ...about the tmobile checking... to get the 4% you have to be a tmo customer. there's also VARO www.varomoney.com

  • Prodigious Thoughts

    Prodigious Thoughts

    11 дней назад

    Smart with verification pun to get verified

  • Graham Stephan

    Graham Stephan

    11 дней назад

    😜

  • Shady Times

    Shady Times

    11 дней назад

    Wow America Interest rates suck.

  • Christopher Boland

    Christopher Boland

    12 дней назад

    Graham: I bet you can get a free iced coffee voucher for opening up a bank account or maybe a new toaster for your avocado toast .

  • Joey Craze

    Joey Craze

    12 дней назад

    TMM Bank has a 5% APY and all you have to do is sell your soul

  • Graham Stephan

    Graham Stephan

    12 дней назад

    🤭

  • Joey Craze

    Joey Craze

    12 дней назад

    Schmidt Connect 😂😂😂

  • Kristiyan

    Kristiyan

    12 дней назад

    Sooo what you guys are telling me is that wealthfront is the place to go to.

  • Graham Stephan

    Graham Stephan

    12 дней назад

    Yes

  • Kayla W

    Kayla W

    13 дней назад

    You are really smart. Genius. I’m subscribing😉

  • Graham Stephan

    Graham Stephan

    13 дней назад

    Thanks!!

  • Shyam Thiagarajan

    Shyam Thiagarajan

    13 дней назад

    www.salemfivedirect.com/#eonesavings 2.51% XD

  • Kerry Jordan

    Kerry Jordan

    13 дней назад

    Hey Graham. I know you've already said it wasn't worth the hassle but there is an additional catch to the last bank; you have to have their service too. double :/

  • Elmer Tobias

    Elmer Tobias

    13 дней назад

    Hello Graham i was wondering should i buy a new home for my first home? Or invest in a older home if i have 40,000$ and where would i live? In it?

  • Eliazar Valentine

    Eliazar Valentine

    13 дней назад

    When you said 2009 I lost it 🤷🏻‍♂️ omg did I just when back in time 😂

  • Graham Stephan

    Graham Stephan

    13 дней назад

    :P

  • JR World

    JR World

    14 дней назад

    trader.media/how-to-manage-savings-like-a-pro/ this is what I use to save. Graham, you should make a review of these three in my opinion. Btw, big fan here. I've learned a lot from you, thank you!

  • Dabaydestrian

    Dabaydestrian

    14 дней назад

    after finding your youtube channel, i've stopped buying $60 shirts, i opened a savings account, my credit card debt went to 0 for the first time in 13 years, and my credit score is the highest its ever been. thanks graham

  • slicvic1

    slicvic1

    15 дней назад

    CIT Bank is now 2.30

  • Graham Stephan

    Graham Stephan

    15 дней назад

    :O

  • living calm

    living calm

    15 дней назад

    What is your say on Credit Unions? Can you please make a video about Credit Unions and if you have one?

  • Liberty To Travel

    Liberty To Travel

    16 дней назад

    Are there any good savings accounts for Europeans? :-( I really can't find anything good that's even paying 1%. I'd like to keep a buffer in a savings account but with no interest this feels like such a waste compared to just putting all into ETFs, bonds and other investments.

  • Nicki Margaret

    Nicki Margaret

    16 дней назад

    Regarding the FDIC insurance of Wealthfront, I will post their disclaimer from their website below, but in Massachusetts banks can also be insured by the DIF and SIF - which has unlimited insurance above the $250,000 FDIC limitation. This is in Massachusetts specifically, but their disclaimer looks like they are a brokerage firm not a bank. Cash Account is offered by Wealthfront Brokerage. Neither Wealthfront Brokerage nor its affiliates is a bank. Wealthfront Brokerage conveys Cash Account funds to depository institutions that accept and maintain such deposits. The cash balance in the Cash Account is swept to one or more banks (the “Program Banks”) where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the Program Banks. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. Wealthfront Brokerage uses more than one Program Bank to ensure FDIC coverage of up to $1 million for your cash deposits. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits at Program Banks are not covered by SIPC. This is not an offer, or solicitation of any offer to buy or sell any security, investment or other product.

  • Graham Stephan

    Graham Stephan

    16 дней назад

    Makes sense!

  • siavash amini

    siavash amini

    16 дней назад

    thank you my best friends for your great advice about saving money generally. I personally open 3 saving accounts base of my research and your recent recommendation let see how this workout,

  • James Campbell

    James Campbell

    16 дней назад

    American Express has a saving account at 2.10% interest: www.businessinsider.com/american-express-high-yield-savings-account-no-fees-2019-6

  • Graham Stephan

    Graham Stephan

    16 дней назад

    🙌🏼

  • Dan Morgan

    Dan Morgan

    18 дней назад

    I have live oak bank and my interest rate still 2.3% . Love your videos and yes the difference is very small in the scheme of things. Any online high yield savings account will blow away brick-and-mortar Banks when it comes to interest rates anyway.

  • mercy sarah

    mercy sarah

    18 дней назад

    rudownload.net/item/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-wzBn4H4GNwY.html....If need best hacker samercy747@gmail.com

  • Rick Skawinski

    Rick Skawinski

    18 дней назад

    Even though this was _just_ updated, Marcus (goldman sachs) is now @ 2.15% interest per their email to me yesterday morning www.doctorofcredit.com/marcus-by-goldman-lowers-savings-rate-from-2-25-to-2-15/

  • Graham Stephan

    Graham Stephan

    18 дней назад

    I saw :/

  • Perry Cyr

    Perry Cyr

    18 дней назад

    Can't believe Graham posted this a week ago and Wealthfront is at 2.57% rn... They've been climbing relatively quickly since beginning of 2017. Not bad! www.financialsamurai.com/wealthfront-cash-account-review/

  • zyxwfish

    zyxwfish

    18 дней назад

    Marcus just cut theirs from 2.25 to 2.15 today.

  • Abraham Gomez

    Abraham Gomez

    18 дней назад

    UPDATES WITH MARCUS BANK - no more 2.25%, now 2.15% (Even for exisiting accounts) :( UPDATES WITH WEALTHFRONT - new 2.57% :) June 28, 2019

  • Lork Lorkman

    Lork Lorkman

    6 дней назад

    Ya marcus fucked me over lowering it to 2.15. Lame

  • Theotis James

    Theotis James

    18 дней назад

    wealthfront just upped it to 2.57

  • Graham Stephan

    Graham Stephan

    18 дней назад

    I saw!

  • Jimmy Edwards

    Jimmy Edwards

    18 дней назад

    I was really hoping that Discover would make this list, but I supposed 2.10% isn't that great comparatively.

  • jordanharkins97

    jordanharkins97

    19 дней назад

    Update: Wealthfront updated interest to 2.57%

  • Graham Stephan

    Graham Stephan

    18 дней назад

    I saw!

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