EPIC BATTLE! SoFi vs AMEX vs Ally HYSA 2024. Which is BEST? | High Yield Savings Account
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- Опубліковано 24 чер 2024
- Sign up with SoFi (up to $325): alexisidro.com/SoFi
We go over a comparison of the best features between SoFi, American Express (AMEX), and Ally bank high yield savings accounts. Which high yield savings account is best for YOU?
A few notes:
Today we compare SoFi, Ally, and American Express (AMEX) High Yield Savings accounts (HYSA), and which gives the best benefits, and this is coming from someone who's used these organizations in the past. We go over the interest rate, maintenance fees, minimum deposits, and overall, which is better in my personal opinion and experience. Al of this with the hopes of helping you make better decisions for yourself, and improve your personal finance (remember, I'm not a financial advisor).
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Thank you for watching, and I hope you have a wonderful rest of your day!
- Alex
Times:
0:00 Why this video matters
0:44 Best features
10:30 Which speaks to you the most?
12:29 My personal favorites
*********************
New to the channel? Hello! My name is Alex. Welcome.
I’m a father, husband, engineering professional and online content creator based in the Washington, DC area.
I have 11+ years of professional experience, four years+ of social media (15,000+ subscribers in the channels I own), and I’ve been a career consultant and mentor for the last four years. I’ve helped clients get jobs in different industries and get them into high profile organizations like Amazon, Northrop Grumman, and Government.
If you are having trouble getting jobs, transitioning industries, want to feel fulfilled, make a positive impact in the world because you know you can do more (but don’t know what yet), I am just the person you need and I can’t wait to help you (because I’ve been there).
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DISCLAIMER:
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
Furthermore, some of the card or bank links and other products that appear on this website may be from companies for which Alex Isidro will earn an affiliate commission or referral bonus. This means that if you click on one of the product links, I may receive a commission. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
My opinions and reviews are my own personal views and are not influenced by whether or not I earn a commission. I only recommend products I've used or which I would recommend to my mom! :)
Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
What about UFB Direct? Have you done a video on that HYSA?
I haven't reviewed it yet, but it's in the works! What questions do you have?
Once you make the 5,000 first time deposit with sofi, and get the $300 bonus? But once you do that can you deposit any amount and not get penalised?
What about adding beneficiaries? Is adding beneficiaries easier on Amex or Ally? Can we add beneficiaries online without having to download forms and getting notarized etc?
Sorry, just seeing this. Yes, adding beneficiaries is fairly simple. There should be a link on your account where you add beneficiaries and their info. I've done it for multiple accounts and I assume it's the same way for most banks. You shouldn't have to download any forms. Let me know how it goes
Would automatic transfer qualify direct deposit?
Thanks for the question. A qualifying direct deposit will be an ACH deposit from your:
Employer
Payroll provider
Benefits provider
Other government entities (like Social Security)
Im trying to learn more about high yield savings. It seems strange to me that they would offer such high APY (especially considering the American stock market averages 7-10%) compared to normal savings accounts. What are the downsides of high yield vs normal savings accounts aside from not banking them with your primary bank account (assuming you use chase/bank america/etc)?
Do you pay a penalty if you withdraw from it, like a capital gains tax? Do the account holders charge a penalty? Is your money less safe? Just trying to understand why someone would ever use a normal savings account if these exist.
Good questions! Hope someone can answer these for us.
Great questions! I'll be doing a Q&A this week about these.
Which organization is for you and what other questions do you have? Let me know!
Sofi also has "buckets" just a different name!
Vault
Is there a minimum direct deposit amount to qualify for SoFi 4.6% APY?
No minimum direct deposit according to their website!
$1 dollar I suppose, you just need to make a "continual" direct deposit from your employer or government.
The minimum is 5k per month I believe
@@jcmphreek - that's for those that do not have "direct deposit" set up from either an employer or government payment system, if you don't have direct deposit set up you can still get the high interest rate. But you have to annually "deposit" $5k or more per month, they call this "qualified deposits".
@@jcmphreek - no it's not, $5k per month is the minimum for "qualified deposits". "Direct deposits" in the other hands have no minimum, you just have to set it up with your employer or government payment system.