Best High Yield Savings Accounts 2022 | How To Save Money Even Faster
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In this video I am going to cover the best high yield savings accounts 2022 and how to make money even faster. I am going to save my favorite high yield savings account for last! I am going to talk about how to use the bank account to save money even faster. I will give you some money saving tips, how to save money fast, and how to save money with low income. One of my best money tips is how to save money with the very best savings account 2022. It is important to keep your savings in the best savings account like a high yield savings account because it is the quickest way to learn how to earn passive income. It takes no skill to earn passive income using the best banks accounts to earn interest. The best part is you are earning compound interest over the year. Due to rising federal interest rates, the interest rates on all of the high yield savings accounts just keep going up. Even since the recording of this video almost all of the banks already have much higher interest rates in their high yield savings accounts.
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Lately, there has been a lot of doom and gloom talk about the economy. Everything from a looming recession, a slowdown in the housing market, potential layoffs, and even rising interest rates. But today I am going to give you some positive news, with interest rates rising, banks are competing for customers with high yield savings accounts. I am going to go over 5 of the best high yield savings accounts available right now and all of the details so you can make even more money on your emergency fund and your sinking fund savings. So, let’s jump right in.
A question I often get is, what exactly is a high yield savings account? High yield savings accounts are a flexible and simple way to earn interest while saving money. They are an excellent way to build an emergency fund or create a sinking fund for things like saving for a down payment on a house, a vacation, a new car, a really big purchase that you are saving for over time. They are an excellent place for people who simply want to put their extra cash in a safe and trusted interest-bearing account with the peace of mind knowing that they can pretty much access it whenever they need it. High yield saving accounts from online banks can usually offer dramatically higher interest rates than most “brick-and-mortar” checking and savings accounts. If you are getting value from this video, don't forget to poke the like button. Some of the better interest rates for high yield savings accounts are available in the range of 1.9 to 2.45 percent annual percentage yield. That’s a little more than 18 times higher than the national average in the United States for savings accounts at traditional banks, which currently sits at around 0.06 percent. Most banks in the US calculate interest on high yield savings accounts using APY, or Annual Percentage Yield, which is the amount of interest people typically earn on their savings account over the course of one year. At this point, you are probably wondering, how is APY different from regular interest? APY is different than simple interest because it is compounded. With regards to simple interest, you would make the same amount of interest on the money that you invested in an account each month, but with APY and the effects of compounding, you get a double win because you earn interest on both the money you put into the account and the interest that was previously earned on that money. Interest is usually compounded on a daily, monthly, or quarterly basis. And this will depend entirely on the terms of the account. The high yield savings accounts from online banks are a terrific option to achieve higher earnings and lower fees. Because online banks don’t have all of the overhead costs that brick-and-mortar banks do, many of the highest yield savings accounts are to be found at online banks. In addition to having slimmer operations, online banks can also be more aggressive in competing with traditional banks to win your business. Another great advantage that online banks have over traditional banks is that they are open 24/7 giving you access whenever you need it.
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