Ultimate Beginners Guide To High Yield Savings Accounts (2024)

Опубликовано: 28 Октябрь 2024
на канале: Danny Sully

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This video covers an Ultimate Beginners Guide To High Yield Savings Accounts In 2024. By watching this video, you'll learn everything you need to go out and master your own savings - Enjoy!

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⏰ Timestamps ⏰
00:00 Intro
00:45 What Are High Yield Savings Accounts?
01:34 How Do They Work?
03:53 Best Accounts
08:04 Things To Be Aware Of
Final Thoughts

What is a high yield savings account (HYSA)?
A high yield savings account is a type of savings account that offers significantly higher interest rates compared to traditional savings accounts, helping your savings grow faster.

How is interest from high yield savings accounts taxed?
Interest earned from high yield savings accounts is considered ordinary taxable income by the IRS, and banks issue a 1099-INT form for interest over $10, which must be reported on your federal tax return.

What factors influence the interest rates offered by high yield savings accounts?
Interest rates for high yield savings accounts are influenced by federal reserve policies and competition among banks, meaning rates can fluctuate based on economic conditions.

What are the best high yield savings accounts?
Currently I have categorized the best accounts into 3 categories as of 2024...
1. The highest potential rate: My Banking Direct at 5.35%
2. Known bank you already use: Capital One, Discover, American Express (4.25%), PNC (4.65%)
3. Overall account for 2024 that I use: SoFi (4.60% APY and up to $325 cash bonus, the only one in the industry to get instant cash and competitive rates).
Other overall accounts to consider without a cash sign up bonus would be Ally or Wealthfront. Too learn more about these accounts, stay tuned to my channel as next week I will be uploading the best savings accounts for 2024!

What are the benefits of using a high yield savings account for short-term savings?
High yield savings accounts are FDIC insured, offer higher interest rates than traditional banks, and provide easy access to funds, making them ideal for emergency funds, vacations, or down payments.

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Disclaimer: This content is for entertainment only and does not constitute legal, tax, or financial advice. It is for general informational purposes. The presenter is not a licensed professional. Viewers should consult their attorney, accountant, or financial advisor for advice on specific legal, tax, or financial issues.