Here are the best high interest savings accounts in 2020 and where you can get the top interest rate – Enjoy! Add me on Instagram: GPStephan
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My number 6 choice: Discover Bank – 1.5% Interest
They don’t have any hidden fees, they don’t have any maintenance fees, they don’t have any minimum balances…and they make that VERY clear as soon as you go to their site. They also have free ATM access, free debit cards, free checks…the list goes on.
My number 5 choice: Ally Bank – 1.5% Interest
They’re a bank that, in the middle of the FED reducing interest rates, and everyone else racing to the bottom – Ally actually barely budged, and they remained REALLY competitive because they knew that this was their chance to probably get more business. And hey, it worked.
Right off the bat, they’re offering you a 1.5% interest rate on your money with – just like Discover Bank – absolutely no minimums, no hidden fees, no “catch” – just a solid 1.5% interest rate. Ally has really been the only bank that I’ve consistently come back to after trying almost every bank out there. I also highly recommend their no penalty 11 month CD.
My number 4 choice: Marcus by Goldman Sachs – 1.55% Interest
This company is fairly similar to the previous two I just mentioned, in the sense that they have no minimums, no hidden fees…the usual. HOWEVER…The only downside with this account is that, at the end of the day…this is just a high interest savings account, without access to any additional banking services, like a checking account.
My number 3 choice: American Express Savings – 1.6% Interest
With their account, there are no fees, no minimum balances, and the customer service with American Express has always been topnotch. HOWEVER…just like my last example, keep in mind that this is NOT a full service bank account, so you won’t be getting access to a checking account, checks, or anything else like this. BUT…if you’re JUST looking for a place to stash your cash with a solid, reputable company…that gives you a reasonable interest rate…this one is great.
My number 2 choice: CIT Bank – 1.7% Interest
The minimum deposit for their savings account, to get that rate, is a $25,000 deposit. However, you can use their Money Market account which pays 1.75%. This is essentially the exact same thing as their savings account, except .. no minimums and it pays more…for now.
My number 1 choice: HSBC Bank – 1.7% Interest
Unlike a LOT of the other banks I’ve mentioned – HSBC has some physical branch locations, so if you ever actually need to walk into a bank to talk to someone. Now, I will say – the ONLY downside I’ve experienced with them is that their app and actual website are REALLY difficult and confusing to use.
Those are the BEST savings accounts as of right now, that have still managed to keep a reasonable payout – even though the FED has reduced its interest rates down to almost nothing. Do remember, though – that these rates are subject to change at any time, and most likely – I just jinxed it because I made a video talking about it. But, assuming I didn’t ruin it just now – feel free to use these banks and enjoy that sweet, sweet interest.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
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Btw Marcus has an Android app:
https://play.google.com/store/apps/details?id=com.marcus.android
Had it for a few weeks now
Graham Stephan
Below is from the HSBC Website. Looks like they just need to update it.
National savings rate was obtained from the Weekly National Rates and Rate Caps published by the FDIC.gov website as of 03/16/2020. For more information please visit: https://www.fdic.gov/regulations/resources/rates/historical/2020-03-16.html
Anyone reading this please like it. I want graham to see this. 🙏 ❤️
Can anyone answer this question? Will the interest rate eventually go back up? If I open an account now and let’s say its at 1.5% and next year it’s at 2.0% does my rate change as well or stay at 1.5%
Graham Stephan And HSBC has lowered their APY on high yield saving account from 1.7% to 1.6% 😢😢😢
Cit bank is 1.55 now
Can you do an App review/comparison of these online banks? Sometimes the best banks are ruined by the worst apps
Wow 1.5 percent interest… Wow that is enough to lose at a minimum .5 percent value on your money each year! So happy to not even bother saving, just invest folks… 😄
three days later 04/30 amex savings is already dropped to 1.5%
3:03-3:14 Burrrrrrrrrn.
Capital One 360 Performance Savings is 1.50
This is why Andrew Jackson was one of the Greatest U.S. Presidents . He hated the Banks and did his best to keep them closed. He knew who they were and that they did no good. He was the last President to have the U.S. completely Debt free…that was the 1830’s.. let that sink in.
Isnt the whole point of lower interest to encourage spending?
You should compare credit unions in another video
Jeez your channel is on FIRE!!
Do not stay in cash, it’s worthless, stay fully invested, you’ll make money, just don’t panic when the market goes down for a while.
Not sure why Capital One wasn’t mentioned this time??? Although they have 1.50% plus doing a promo where they’ll give you an additional $100-$500 depending on your initial balance. Check it out
Whoever picks the ads is waaaaay off on Graham’s audience!
Please review Beam
VIO is still 1.70%. You recommend them in the past. Is there currently a problem with them?
Yup.. HSBC just sent out an email. They’re lowering rates. Thanks, Graham. Dislike, unsubscribe. Haha
Ha, there goes HSBC. Still, 1.60% though is great for the time for 4/30/20
Oooooooh! 1.7% You might as well stuff a mattress.
HSBC just dropped their rates… thanks Graham for jinxing a good 5thing
Dude, you’re late to the game. Interest rates have been in the toilet for a long time now.
You jinxed it. HSBC lowered their APY 😫😫😫😫😫
@graham I never comment on things like this but why do you not ever talk about simple bank? this is currently our primary bank, APY at 1.55%. They also used to have 2.1% before this whole 0% fed bs. Could you please do some kind of review on simple?
You jinxed it! HSBC just dropped me to 1.60…..Thanks Graham.
1.70 vio bank!!
This video made my day with dumb and dumber lol spend it all
Thanks Graham HSBC is now 1.60%
What about credit unions
HSBC dropped to 1.60% starting May 4th
Graham: HSBC must have forgotten to lower their rates
HSBC: oh wow, thanks we’ll got on it
Me: gets email on 4/30. “YoU’rE ApY iS bEiNg l0WeReD fRoM 1.7% tO 1.6%”
The curse is real! 😆
0% interest sounds bad but it forces people to do something with their money. I lived through the eighties when CD rates hit 12%. No one would take a chance on any deal. That being said inflation tends to track interest rates so in a low interest environment you can expect low inflation. What I am getting at is if savings rates are 5% and inflation is 5% you are not really gaining anything. The appreciated value of your money remains 0% The best way to increase wealth is to actively create value through business ventures. It is the essence of capitalism.
Have your heard about Varo Money or Synchrony bank?
Has Graham ever mentioned Synchrony Bank? I’ve been using them for a while and their rate is usually around (if not a bit higher than) Discover, but they don’t seem to get included in videos like this.
Thanks for the video! What’s your opinion on Capital One for banking?
Hey graham, speaking of borrowing after fed lowered rates, it only applies to credit card loan and mortgage. It doesn’t affect at all to auto loan? Why is it such that they are encouraging you to borrow money, and they dont lower interest rates on auto loan?!
I received an email this morning saying that HSBC has changed its interest rate to 1.6. Still really good, although I started at 2.05 in January so I feel this will only continue to go down from here. Still, I can’t complain, it’s a lot better than other rates I’ve seen. That said, he’s right, the website is atrocious. I don’t even bother using their mobile app. It takes forever to find the link to transfer from bank-to-bank and is super confusing and clunky. Not great. But a small annoyance.
At this time Discover is at 1.40 Graham.
Or, buy some shares in AT&T (6.8 dividends), Duke Energy (4½ dividends), or Con Ed (4% dividend).
FNBO Direct was the highest I could find at 1.70% until coronavirus broke out and now it’s 1%. Capital One is paying 1.50%
American Express Savings is now 1.50 % APY
Isn’t $100 deposits per month really easy? Like as long as you’re making $25 a week you should be good
LYER
<2% interest rates are a scam
Interesting!
My saving acc lowered from 1.1 to 0.9. But it was under a 2.1% promotion until now. Ended 30th april. Time for a new promotion.
Edit : went to look my acc and now there is a 2.5% promotion with a nice “continue to activate button”
Edit2 : it went down to 0.25% base interest. 40 cents of base interest plus 3$ of promo interest lol. My checking account was 0.15%.
Saving accounts became checking accs lol
@graham any video on stock buyback and/or other corporate tools businesses use? If not i would like that you add that to your ideas list 🙂
Lol, you had me at Goldman Sachs, the scummiest investment bank out there. Everyone, be very careful with these banks. People said Lehman could never go bankrupt back in 2007. You have to ask yourself how all these banks are able to offer such a high rate (relatively speaking). You have to do some pretty deep digging in the terms to see where you money is really going. Most of the time the answer will not please you. Most of these banks are putting your money in currency swaps, which is fairly risky to say the least. Just be careful, as there is no such thing as a free lunch.
Also, you had a video 10 months ago about why you’re leaving Ally. So it appears you don’t like them as much as you say.
Isn’t 1.7% only for HSBC Direct that’s exclusively online?
yes
Savings accounts have been worthless for years.
Convert to DAI and put it in the Celsius app. If your savings aren’t making 7% compounded weekly, you’re a sucker.
don’t talk about this too much youtube might demonatize you
More good news for bitcoin
The second whammy will be when hyper-inflation kicks in. Savings (and bonds) will be valueless.
Hello Stephan. Are the checking and saving accounts at Ally FDIC insured?
HSBC is international with UK, EU and Asian branches as well so their options are the most stable and that’s one of the reasons why the interest is so good.
I applied at HSBC. I was turned down because they said I appeared I didn’t live in the US. I’m trying to figure out how to fix this via a Chat.
What do you mean just ruined? It was destroyed years ago!
They should call them “shavings” accounts. Because if the saving account doesn’t cover the cost of inflation and more, then effectively, you are shaving your assets every moment you have your money there…
But which of these banks have derivatives and how much? If the bank fails, 1.5% interest with a 50% bail-in is not a good deal.
Thank you. This information is extremely helpful.
Wells Fargo is the devil.
Marcus by Goldman Sachs 1.55% as of 5/4/2020 no minimum
What about VIO bank sir? I am just a little confused that it didn’t make your list at all in this video when it was your no.1 pick in one of your previous videos. It is still offering 1.6%.
So did you close your Wealthfront account?
You ever heard of indexed universal accounts ?
If you have a $100000 in a savings account with .07%, at the end of the year you get only $70 but if you have that same cash in a money market account that pays 1.7% you made $1700. That’s a $1630 difference! Free money is the best kind!
My bank (fcu) still gives me 3% (on upto 30k), but they just switched the requirements from 8 debit card transactions per month to spending $500/month on their debit card. I don’t really think it’s worth it any more. Think I’m gonna switch to ally or amex savings.
The fed: ruined savings accounts of many people.
Me:
Just wants to get 10k subs without any videos 🙂
In 2019, I had a 2.3% high yield savings account with CIT bank and they closed my account after a few months with no explanation. It took more than a week to get my money back. I checked the reviews for the bank after all that and they rly weren’t good. These small online banks feel sketchy so check the reviews first.
American Express Savings is down to 1.5% now as well. It was 1.7% at the start of the year and has decreased twice so far throughout the current pandemic.
Is this just for the US or we can open accounts from Europe?
Hi, I’m new to investing since the Corona virus and I was placed on furlough. I luckily was able to get my full year of vacation time money in hand, but I want to ensure that it’s not spent. I opened a HYS with Synchroney, but unfortunately before I put my money in the account the percentage went down significantly, so I became hesitant about this type of account. I don’t want my money to just sit in a back account, but investing is a bit scary!
1. I can’t seem to get a straight answer, but are HYS accounts taxed and if so, how much is taken out? I’m in California, so we get eaten alive…40% taken out of my bonus…great.
2. If I close the account, does it affect my credit score?
Graham, Dave Hanson did a video titled “How I beat Robinhood’s interest rate.” He covers why investing in SHV or SHY (bond ETFs) offer the same (technically better) benefits of a high yield savings account. Could you cover this as an alternative?
Graham stephen what do you think of Vio bank? Currently at 1.6% APY.
So should I wait to open a savings account so that APY’s go back up?? Am I going to be locked in a low yield rate??
any recommendations on business checking accounts?
Hey Graham! Love your videos. I’ve been binge watching them for the past couple weeks. Can you make a video about Fitness Bank Savings account? Apparently, you can get a 1.75% on your savings account if you average 12k steps per day.
HULK SMASH BUTTON!!!!
Ally bank just lowered my APY from 1.5 to 1.25% 😭😭
Ally just dropped to 1.25%- you jinxed it Graham!
Your ruining my interest rates🤦♂️🤦🏻♂️🤦🏼♂️🤦🏾♂️🤣 sheesh!!!
AMEX High Yield savings just dropped to 1.30% and of course, they stroked me by saying it is still 10x the national average.
Ally bank has been down for me since the beginning of the quarantine. For all I know, all my money is gone.
HSBC just lowered it to 1.6
Subscribed, great content!
The closet gay guy in this video reminds me of a used car salesman. Film flam. No substance little man.
LOL JINXED. All the options from HSBC are under 1% now…. it’s a common theme for rates to drop like this on a common basis right? And ally usually stays above 1% no matter what?
I don’t believe in savings accounts, ever since that one thing happened to me a long time ago. I don’t even trust banks to be honest. They insisted I get a savings account since I only had a checking account and everything was fine. Family members kept saying yeah get the savings account. So there I go. They were transferring money from my checking account to my savings account, monthly, I believe. One time I had to buy a 20 dollar book for school, so I took 20 dlls out of my account. They transferred 20 out of 1 account to another, and then charged me. And then they sent me another letter saying now I owe them taxes on that. Later, I went to close my account and they asked why. I said I couldn’t afford to have 200 dlls in my account anymore because I wasn’t working. They told me I could transfer to another account that would not require me to have 200 to have my account open. I always checked my account statement and noticed that they were taking 20 dlls away per month. I asked why and they said this account required me to have either 1500 all the time, or a deposit of 200 dlls per month, which was never clarified to me during the change. No, I do not believe they gave me paperwork to read and sign. Banks and the people who work there are monsters!
I won’t be liking any of these videos until these ads go away
Hi Graham, not sure if you’ll read this. I’ve been wanting to open a high yield savings account for a long while now. However, I realized my current bank charges a fee for transferring money to a different bank. The only solution I could think of is to open a new checking account under a different bank that doesn’t have these fees…I really want to turn my financial game around but I’ve getting frustrated with these little fees I wish I knew earlier. If you or anyone can suggest something it would be much appreciated, of course not as legal advise though 🙂
I currently have Wealthfront at 0.35% 🤦🏻♂️ give me some advice! I don’t want to have to move money around constantly. What bank programs consistently provide a good steady rate?
Please jinx because I am working on refiing my house to a ten year…
Capital One is one of the best banks in my personal experience. They offered me $100 just to open a savings account and offering 1.5 interest rate. After a month with them, they gave me again $100 extra!!!! 🤩 I have been in love with this bank since opened their checking account a year ago.
CITI Bank is the best, comes with a ATM card.
6 /7/ 2020. AMEX 1.15%🤯
ally bank now only has 1.25% API for savings account
nationwide bank will charge me for the shipping and handling fee for checks. I just wanted the savings account opened but even if I pressed “no thank you” to checking, after getting all of my info., right before submit, they wanted to charge me shipping and handling fee. This is UK company. I deleted all of my info. I would avoid Nationwide
Hello Graham , subbed liked and now commenting haha. Have you heard of the “my savings Nationwide” savings account ? It’s currently at 1.51 but am debating between ally and nationwide. Have you or anyone In The comment section heard anything on nationwides my savings or have any past experiences with them
HSBC: 1.7%
Fed: Crisis!
HSBC: 1.7%
Fed: Recession! Crash!
HSBC: 1.7%
Graham: good guy HSBC!
HSBC: 1.01%
Welp, HSBC changed it
Waaaaaaay to many ads bud.