For wealthfront does the 5.00apy apply to all sub savings accounts?
@echo021
7 ай бұрын
Great info, thank you!
@Eduardo.2pac
9 ай бұрын
My question is , what is the catch? Like why not go for the highest APY savings accounts?
@GreaterThanEnough
9 ай бұрын
You totally can go for the highest APY account, the one thing to keep in mind is that if it is just a small improvement, is it worth your time to do the research (spend your time) to earn 0.05% more? If you have $10k in a savings account, you would only earn an additional $5 per year, probably not worth an hour of your time to find that account that is just marginally better. I recommend doing your research, open the best account for you, deposit your money (maybe set up recurring deposits), then don't worry about savings account interest rates for at least 6 months to a year or more. After a year or more, check to see if your bank is still competitive, if it's way lower than the current best banks, consider changing, if it's close, don't worry about it, bank interest rates frequently change, one bank could be higher today and lower in 6 months...
@DominickSpano
6 ай бұрын
@@GreaterThanEnoughHere is a question. I recently inherited $85K. My $ is in First Foundation Bank and has been for awhile. The interest is 5% However, at the moment My Banking Direct is at 5.55%, but that particular bank seems to practically be going bankrupt. Next best one is BrioDirect at 5.35%. We both know what a pain it becomes opening another account and there are always issues (i.e., more time to transfer $, end up getting charged for statements and must call to complain, long holds, etc.). So my question is would you put the $85K in one of the online banks paying more, or just stick w/ First Foundation Bank where I have been for 2 years (BTW I started with them b/c they were the highest interest when I opened awhile ago).
@michaelthelen1
11 ай бұрын
Do you have to submit extra IRS forms for bank account interest?
@GreaterThanEnough
11 ай бұрын
Good question! Yes, you'll get a 1099-INT from the bank that you'll need to include in your tax return.
@hugovi8294
5 ай бұрын
Yes, every income you make is taxed. Just think this way, two things certain in life, taxes and death
@josephmgomez3921
7 ай бұрын
BMO does not have HYSA, I just checked.
@johnj.doublej8721
9 ай бұрын
50 in a year out of a 1,000 🤔 not so good. Thanks for the video it was very good info though. 👍🏻
@bradleypowers3580
4 ай бұрын
For a savings account that is just an emergency fund? Yeah, that's really good. You can't exactly tie up your emergency fund in index funds or ETFs.
@johnj.doublej8721
4 ай бұрын
@@bradleypowers3580 I can't even live my damn life these days. After a code blue on the emergency room and 16 days on intensive care I don't give a damn about nothing.
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