In this video, I go through 5 of the highest paying savings accounts that you can open in 2020! All these banks offer industry high interest rates and are FDIC insured so your money is safe.
I am a huge proponent of stashing your money in a high interest online savings account. Gone are the days when your savings should be put in a traditional bank account, such as Chase, Wells Fargo, BoA, etc.
⭐ Get 2 Free Stocks on WeBull when you deposit $5 (valued up to $1400):
These online banks are able to pay you more because they have very low overhead costs. They pass these savings onto you. You might as well have your money grow at around 2% interest rate because that means you are fighting off inflation.
Of course, the bulk of your money should be invested in investment vehicles, such as stocks, index funds, real estate, etc. Those make your money grow. Savings accounts are a place to put money you need quick access to.
The 5 online savings accounts in this video are:
1. HSBC Direct Savings
2. Ally Bank
3. Vio Bank
4. Comenity Direct Bank
5. Marcus by Goldman Sachs
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