Investing

The FED Just Ruined Savings Accounts

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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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44 Comments
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44 Comments

  1. Graham Stephan
    July 22, 2021 at 5:35 pm

    ATTN EVERYONE: In a previous video, I said I would test out an episode of Extreme Cheapskates by cooking Lasagna in the dishwasher. Well, I did that and filmed it, so the video is coming out on my second channel soon (The Graham Stephan Show) – and for anyone who wants to see the result, it's on my Instagram Story @ GPStephan

  2. Pacific NW Carpenter
    July 22, 2021 at 5:35 pm

    Need an updated version

  3. Ben L
    July 22, 2021 at 5:35 pm

    Would love to have an updated version of this video. Thank you so much for your guidance Graham. You’ve helped me tremendously.

  4. Angel Prado
    July 22, 2021 at 5:35 pm

    Marcus is at .60% APY

  5. Kyle Hartman Music
    July 22, 2021 at 5:35 pm

    It's August 2020 now and all these banks are at 0.80% APY. The highest CD I found was AmexSavings at 0.85% APY 🙁

  6. Ginsederp Derpy
    July 22, 2021 at 5:35 pm

    2021:

    Autosave with Chase! Now at only -0.011% p.a.

  7. leefinthewind
    July 22, 2021 at 5:35 pm

    HSBC is now 0.70% lol. AMEX is 1%. Crazy how far they dropped

  8. Todd Mullen
    July 22, 2021 at 5:35 pm

    Saturday, August 1, 2020
    1% – Ally
    1% – Capital One 360
    1% – Popular Direct ($10k min 5yr CD)
    .95% – Discover
    .8% – Barclays
    .75% – CIT Bank
    .75% – Synchrony
    .75% – Popular Direct ($5k min)
    .7% – HSBC
    Note: I did not dig for fine print etc. I just found what they put up & noted the minimums that Popular Direct mentioned. Many/most others explicitly say no minimum though.

  9. tai ji
    July 22, 2021 at 5:35 pm

    instead of smashing the like button, how about depressing the like button, slowly, calmly, with poise, care and attention.

  10. مجلة جميلتي
    July 22, 2021 at 5:35 pm

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  11. SHERIEMAY BOLONG VLOGS
    July 22, 2021 at 5:35 pm

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  12. bio Ghalm
    July 22, 2021 at 5:35 pm

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  13. Karan Kimtani
    July 22, 2021 at 5:35 pm

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  14. Caligraal
    July 22, 2021 at 5:35 pm

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  15. Revan Qasimov
    July 22, 2021 at 5:35 pm

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  16. Robin Moody
    July 22, 2021 at 5:35 pm

    Stop these YouTube ponzy scheme adverts at the beginning of videos.

  17. Toxic
    July 22, 2021 at 5:35 pm

    Image if it was 1.7% they pay you out every month instead of 1.7% for the year

  18. Robin Hood
    July 22, 2021 at 5:35 pm

    The banks are pushing savers into investing their money to ever hope for any real postive return

  19. Maika Le
    July 22, 2021 at 5:35 pm

    Cit bank is now 1.75%

  20. Roberta Samson
    July 22, 2021 at 5:35 pm

    Please make a video on your thoughts on Digital Credit Union Savings Account.

  21. Shannon Reilly
    July 22, 2021 at 5:35 pm

    Yeah, the feds did ruin savings accounts. That's why I moved all my money into Outlet Finance. You earn 6% on their app. And they have great customer service. Both shocking… I know. I think you should do a video on them, it could help a lot of people at this unprecedented time.

  22. Dinosaur
    July 22, 2021 at 5:35 pm

    Not only that but for most people they've ruined the dollar.

  23. Kimmy Kim
    July 22, 2021 at 5:35 pm

    HSBC down to 1.01%

  24. Kimmy Kim
    July 22, 2021 at 5:35 pm

    Seems like my rate goes down everytime I make a decent deposit.

  25. Faris Sheikh
    July 22, 2021 at 5:35 pm

    Am I crazy? I'm seeing HSBC at 0.15%. Discover and others are doing the best at like 1.10%. Why is HSBC so much lower…

  26. Alexander Bombita
    July 22, 2021 at 5:35 pm

    Now that all interest rates have been crushed, assuming all interest rates were the same which bank would YOU go with?

  27. fire2box
    July 22, 2021 at 5:35 pm

    the intrest rates across the board seem to be down to like 1.00 to 1.10 across all I've seen. 🙁

  28. Dave H
    July 22, 2021 at 5:35 pm

    I don't understand why you would want to lock in a chunk of your money in a 1.5% interest rate? Isn't it a great time to put your money in a money market-Linked fund which guaranteed your principle?

  29. Joshua A.
    July 22, 2021 at 5:35 pm

    June 18, 2020: Capital 360 is at 1% and Discover is at 1.01%.

  30. Josiah Deane
    July 22, 2021 at 5:35 pm

    UPDATE: ALLY BANK is at 1.10%

  31. Mr.Brown Plumbing
    July 22, 2021 at 5:35 pm

    Waaaaaaay to many ads bud.

  32. Michael Liu
    July 22, 2021 at 5:35 pm

    Welp, HSBC changed it

  33. Paul Charrow
    July 22, 2021 at 5:35 pm

    HSBC: 1.7%
    Fed: Crisis!
    HSBC: 1.7%
    Fed: Recession! Crash!
    HSBC: 1.7%
    Graham: good guy HSBC!
    HSBC: 1.01%

  34. Armando levario
    July 22, 2021 at 5:35 pm

    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

  35. S k
    July 22, 2021 at 5:35 pm

    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

  36. April Varner
    July 22, 2021 at 5:35 pm

    ally bank now only has 1.25% API for savings account

  37. AV Gholson
    July 22, 2021 at 5:35 pm

    6 /7/ 2020. AMEX 1.15%🤯

  38. Lionel G
    July 22, 2021 at 5:35 pm

    CITI Bank is the best, comes with a ATM card.

  39. Valentina
    July 22, 2021 at 5:35 pm

    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.

  40. Edward Rhoads
    July 22, 2021 at 5:35 pm

    Please jinx because I am working on refiing my house to a ten year…

  41. Makaio Kalahama
    July 22, 2021 at 5:35 pm

    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?

  42. cluelessXP
    July 22, 2021 at 5:35 pm

    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 🙂

  43. Billionaire-Landlord
    July 22, 2021 at 5:35 pm

    I won’t be liking any of these videos until these ads go away

  44. Vanessa Bayardo
    July 22, 2021 at 5:35 pm

    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!