Where To Lock In The HIGHEST Rate | 5.964% On Cash Has Arrived
Вставка
- Опубліковано 6 чер 2024
- 6% interest rate on cash has arrived, the highest rates we have seen in 16 years. Where are some of the places you can lock in the very best rates?
Some of my favorite books: amzn.to/3KF3tlr
Camera & equipment I use: amzn.to/3Z20lof
Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.
Join the family &. subscribe to my channel here: / erintalksmoney
Thanks for watching, I appreciate you!
Erin, you do a great job sharing financial information on your channel so keep it up!
Don’t let the .0002% drag you down.
(They are the reason there are warning labels on oil containers to not ingest the contents.)
😂
Investing can be a very impactful way to grow your money, especially when you consider the three main factors that play a role in how much wealth you build: rate of return, how much you invest each month and, of course, time.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..
Any investment tip? I would love to know how you made it this far
I strongly endorse the services of Regina Louise Collaro, a US-based financial advisor and consultant. Partnering with an international organization, she has been instrumental in guiding my financial journey with unwavering support until my goals are met. Selecting the right financial consultant is as crucial as finding the right life partner, as both can significantly impact your life's trajectory. I'm grateful to have found the perfect financial consultant who has helped me achieve my financial objectives, from education to nearing retirement.
I value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is.
you can easily find her information by doing a quick search. Feel free to reach out to her directly with any questions you may have
I've wanted to start investing for a while. Yet, I've always considered it to be late, and I believe I should quit putting things off. I'll absolutely contact Regina Louise Collaro to ask her for advice. Much thanks. This was quite helpful to me.
Just purchased my monthly 5% CD for 17mos at Bellco Credit Union. Still stacking it up to hit that goal of putting a massive down payment down on a new house in 2026.
Hope you find a wonderful home in 2026!!
So cool to have a big short term goal!
@@LoriLWorden Thanks! Im normally not a CD promoter, but not interested in market fluctuations for this bucket of money. Will make my current house (almost paid off!) a rental and this next one will be to live in.
Hi Erin, based on your video on T Bills 2 months ago, we decided to invest our emergency cash on various T Bills that have a different expiration date. We are happy that you made that video so we could be informed. Thank you, Grace
Ford Interest Advantage money market is paying 5% and I’m loving it. I also saw that The M1 finance added high yield accounts paying 5% also. Both of these have no restrictions on the money so you can access it at any time.
T-Bills are what I am using. The lack of state and local taxes is a big advantage.
I like expressing earnings in terns of how many dollars you can earn from $1,000 or $10,000 as well as what fraction of a percent the interest may be. Sometimes I don't move the decimal point correctly until I realize the amount I come up with does not make sense.
Anyway, thank you and keep up the good work!
I finally paid off my consumer debt, and have an actual emergency fund. I have it in a money market account, currently earning 4.62% as a 7 day yield :)
Thanks for the video Erin. My Primis Bank HYSA now pays 5.1% and it was easy to switch online.
Great rate!!
Great video thank you for sharing!
Yes currently getting 4% at Barclays, loving it.
That's great!
Love this Erin, thank you! My Capital One high yield savings is earning me 3.75%. I like that the website is easy and super user-friendly. I opened my savings with them last year and I am working on a CD ladder for college savings. At the moment Capital One rates are 4.30% for a 2-year CD.
You'll be happier when you realize they bumped up their % to 4.15%
My high yield savings at cap one is 4.15. Why is it different from yours? Is it based on balance?
Great video! Thank you for putting T-Bills on my radar, I had never heard of them before. I am curious however why you didnt bring up I-bonds, seems somewhat similar to these other financial options.
Thanks. What if I want to redeem one of my T-Bills before end of May due to paranoia over the debt ceiling fight. Do I loose principal or just loose some of the interest. Or principle? How is this done. Fidelity.
I have been moving my savings out of banks and putting it in T bills when it hit 5% I was surprised. Now 6% on 4 week? Yahoo!
I'm effing stoked, dudette!
Been looking for that episode where you mentioned the credit card wallet with tracker to get the link. No luck so far, please help!
I can Retired in Finland 55 age.
This is the Best Time my Life.
All the Best to You.
This 6 % is good , inflaation go 10-12 %
Oddly enough !
All the Best to You.
Retired 4 You.
how would you figure yields on t-bills based on savings from no state taxes? i have been buying 4 weeks t-bills
My wife and I parked some of our money at Marcus by Goldman Sacks, CDs and high interest savings account and at CiT on line bank high interest savings. Earning almost 5% on all of them and so far so good.
The best I've seen so for are 12 to 18 month CDs (non-callable) for about 5.1% I have seen 6% rates for callable CDs, but I stay away from that because you are likely to get called before the maturity date, which is not what I want.
I’m hoping to see the rates on CDs start to come up a bit 🤞
Lovely idea, but how about this: we set up a portfolio of 60/40 or 70/30, then, all we have to do is pull 3% from stocks only and we put that in bonds. Sure, we can contribute more from our paycheck. With time, those 3% will grow bigger than your current 6% as portfolio has space to grow since average return is 10% on stocks, not 3%. But those 3% are not inflation adjusted. That means it will go up in value and it will go down, but as time passes it will grow larger. Think about it.
I heard about Nexus on the Earn and Invest podcast today. It's a checking style account that invests your balance. Do you have any thoughts on it?
Do you recommend spreading your savings over several accounts? If, for some reason, the electronic systems went down, how would you get your funds out of the internet banks?
You can get Government T bill at 5.1 and pay no State income tax on it ?
Is this close ?
OK. Gotta open one of these accounts! ❤
Does this mean CD interest rates at the banks aren't going to get higher? How long should I lock in with the CD rate? Will the high-yield savings interest rates drop again?
Thanks for this nudge. I need to park my cash someplace where I’m going to earn more.
I switched into a high yields savings account a few months ago and 4.2% is worth the hassle. But the old bank really did make it a huge hassle to leave with low transfer limits and extra verification steps
I’m sorry it was a hassle, but I’m glad you are capturing a good rate these days!!
My checking is still with my old bank and it takes days to transfer to my high-yield.
@LoriLWorden this Question applies to anyone who sees this.
If you have an account (Savings , Checking) with your common banks (Truist, Bank of America, Wells-Fargo, etc.), will your bank charge you to transfer money form said bank to a High Yeald Savings Account? Also, is the transfer Only from your current Savings Account or Checking Account?
finally getting the interest rate we should for our savings
Agreed!
Burned up by inflation!
I switched to a high yield savings account late last year and am getting 4.2% APR. End-to-end, it couldn't have taken more than 30 minutes to find a suitable bank, open an account and transfer the funds. I'm doing this plus maxing out the annual purchase amount for Series I Savings Bonds, in addition to laddering 8-week T-Bills. This is really helping grow my cash on hand.
That’s awesome!!
My money is in USFR t bill ETF 5% monthly dividends and liquid with no risk to principal
Hey Erin, good job on this one! What camera/mic do you use?
Linked in the video description - please note it’s an Amazon affiliate link. BUT I LOVE my camera!!
First Foundation Bank - 4.85%
gotta be careful for some this is great for those with a longer time horizon risk of underperforming. Example last year when everyone moved cash into money markets for 4-5% annual yield the nasdaq is up 30% plus this year.
Great content Erin! 🙌 I think you meant money market account instead of money market fund - the latter isn’t FDIC insured.
I have Capital One savings really good about maybe 4.5% do you think. Do you think it’s worth it? Please let me know. I do enjoy your video.
I stick with the Fidelity money market fund so I have the money liquid if needed. Earning about 4.5% right now.
Same, it’s just too convenient since I already have a bunch of fidelity accounts. I could chase a slightly higher yield but it’s probably not worth the institutional friction and time to manage it.
@@pixelpoppyproductions agreed
Yea, SPAXX at 4.56% 7 day yield as of Friday......
Love it!!
I still have 5.02% with UFB when they offered it. Now its only 4.84% for new accounts.
Would you consider t-bills risky right now since there is a possibility of the US defaulting?
If the U.S. defaults money is the last thing you'll have to worry about.
What are your thoughts about going with a finance advisor?
I have a whole video on what to look for 😊 hope it helps!! ua-cam.com/video/ihAsx6NXeEw/v-deo.html
I'm with capital one 360 with 3.75%
Nice!
4weeks treasuries are the best deal right now.
Great video however the title feels a little like clickbait. I came here to learn where I could get an actual 6%. Not quite yet.
There is never any intention of click-bait. I discuss the highest rates on T-Bills are currently 5.964% - that to me felt like it was safe to round to 6% being that the difference is .036.
@@ErinTalksMoney Ok thanks for the explanation. Just wanted to provide that feedback but overall I love your channel. Thanks for all of your hard work on creating and sharing these videos.
@@ErinTalksMoney You tell 'em Erin. You are the best. Wish I could clone you :-)
I, too, made a similar comment. I love her content, just think the title is a bit misleading. I watch to learn something new, when in fact, nothing new is presented here. 🤷♂️
5.9 is almost 6
Dollar cost average buys into the market and a 13-week t-bill ladder
I love T-Bills too!
I'm so glad I educated myself on t-bills and have been laddering. Thank you Erin!
I thought you were a college grad right now. You look super young!
haha! Thanks! Definitely a bit older than college age - I'm incredibly close to 20 year high school reunion :-)
I am going to be moving into cash as the year progresses.
How do we know the CD rates are guaranteed?
I read the descriptions of many CDs and a high percentage of CDs were "callable." That means the bank can call the CD after a specified time and just pay you your principle and interest. Yet you hoped for the duration of what you signed up for. I don't want to be CASHED out early by the bank. I think this might be a BAIT and call situation for a lot of us by many banks. 🤨
I opened up a couple of CDs at 5.5% interest
Which Bank 🤷🏾♂️is it CIT?
RAISIN seems to have currently the highest interest for CD.
Are these people legitimate? Can anyone share some info on them?
I’m getting 4.75% with CIT Bank
Awesome!! I love it!
Erin which high yield savings acct do you personally like?
I use a vanguard money market fund and t-bills 😊 for my emergency savings
Webull giving me 4.1% on money market. Its pretty nice since you can double dip those funds while tying up your capital in Cash Secured Puts.
We've been putting our cash into I-bonds and T-bills for over a year. Like the benefit of not having to pay State or local taxes on the money it generates. But with the current Debt Ceiling debacle inching ever closer it does have me concerned. Believe we're only a few bad politicians away from them actually allowing it to happen. Hopefully we've prepared for that scenario well enough by keeping 10% of our savings in physical Cash, Silver & Gold, money outside of the Bank in case the proverbial SHTF.
VT247
The video is titled where to earn 5.964% on cash- where? It's not in her comments to the video and I didn't hear her mention in the first few minutes either. Thanks.
Extremely brief at minute 8:50 she zooms in on a Treasury Direct page showing the 5.964% yield from the March 4th 4 wk TBill auction but unfortunately does not explain further. If this was in her title it would be best to really focus on that in the front of the video. A lot of good info, but the feature item was buried alive:)
Vio Bank has good money market rate.
The 6% 4 week t bill is high because there is concern the government might default on debt which is unlikely.
They won't default. I feel like at the end of the day that the debt is going to get huge parts of it forgiven since the amount is ridiculously high.
Really....where
My credit union pays 3.56% interest in their high yield account
Not sure about guarantee onn t bills now with all the craziness going on in congress.
Don't waste your time, there no 6% yield account. She's riding 6 up on tbills
You omitted that MM funds held at brokerages are usually not FDIC insured vs. online savings accounts with banks. Also, the restriction on the number of certain types of transactions from a MM fund typically only applies to MM funds held at banks, not brokerages. And, MM funds held at banks are typically covered by FDIC. You conflated the two types of MM offerings and their attributes.
Don’t brokerages generally have SIPC coverage on funds, a rough equivalent to FDIC?
@@therealrichot Yes, they do. And large companies like Fidelity, have insurance premiums that cover even higher numbers.
@@therealrichot No, SIPC covers fraud or insolvency, but not market losses of underlying securities. Apples and oranges. Spend a minute to Google that and you'll understand.
@@jdgolf499 You are incorrect. SIPC coverage does not insure against market losses of underlying securities. Brokerage MM funds are exposed. Brokerage MM funds typically contain short term government and corporate bonds, of which both have market risk.
Money Market Funds were addressed in this video, they are held at brokerage houses. A money market account (different than a money market fund) is held at a bank. And from the SPICs own website: "Money market mutual funds, often thought of as cash, *are* protected as securities by SIPC." www.sipc.org/for-investors/what-sipc-protects
Did I miss it or did you not mention where to get 6% interest on your cash like your title suggests?
T-bills 😊
That 6% rate is due to concerns that the US government may default and delay payment of treasury bills when they mature in the beginning of June. If you google X-date you can read more about this issue. Treasury bills maturing at other dates have lower interest rates closer to 5.25% or so.
@@ErinTalksMoney Thank you
At 8:50 she zooms in on the 5.964% 4 wk TBill yield arrived at auction on May 4th wo, unfortunately, really explaining to folks the details or significance of this particular TBill. A lot of great info in her video otherwise.
🥇🎯🌍
UFB Bank gave me like $1.88 even though they said they’d pay like 5.5% interest APY, and so I’m kinda bummed. Jerks.
That doesn’t make sense, I hope you called them! (Perhaps was that a monthly payment on an annual rate?)
The zoom at 4:40 was a nice speed. The zoom at 1:40 made me anxious
Noted!
Les dollars!
Fidelity has 5.1% for 6/12 month CD
Thanks for sharing!!
Money has to have value, so we need interest rates at about 6.5
Like it or not .
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation, how do you go about this are you a pro investor?
Is the rest of your house as spotless as your UA-cam "studio" is? :)
My living room, what you are seeing is my most lived in/busy parts of my house!! I’m hoping to have a “true” studio in the next two months! (The secret to keeping things tidy, just don’t have a lot of stuff!!) 😊
@@ErinTalksMoney Well - for the record I like the living room setup. It's a warm and friendly (and let's face it - money isn't really a warm and fuzzy subject for the most part) vibe! Keep up the good work.
Vanguard’s MM is paying 5%, with almost “0” risk.
It would be better if the 6% was available on a 5 year CD as opposed to a 12 month or less CD because these higher rates at this moment won't last long. The Fed will probably start cutting the rates back down sometime this year in 2023.
money market is not FDIC and it is in the market you can lose it
Tell me you don't know about the Russian President Vladimir Putin prank phone call with Fed chairman. Without telling me that you have no idea about the Russian President Vladimir Putin prank call with fed chairman.
Spend less and don't buy what you don't need with money you don't have
Wth? You graduated college when you were 10? 😅
😂 I invest in a good night cream!
lol, where is woman like this in my life? hahahahaa, instead of being called stupid, she would appreciate me... i meet the opposite woman who are extremely liability. lol
Erin! As much as I love your channel and subscribed for months now, I have been disappointed with the last few videos! Where is the “6%” as advertised?! Can you say… bait and switch and false advertisement?!?! What gives?
She pointed out T-Bills 5.92% in the video. If you are so put off by her rounding up the last .08%, as is common in this world, I would guess that you suffer much disappointment on a day to day basis.
Hi Brandon, that is certainly not the intent. I discuss the highest rates on T-Bills are currently 5.964% - that to me felt like it was safe to round to 6% being that the difference is .036. For instance, on a $5,000 investment the difference in interest returns on 6% and 5.964% is $1.80.
When you consider no state income tax that factor alone would push the effective rate over 6%
My disappointment comes from subscribing to learn something new here, when nothing new has actually reached 6% yet. And yes, I agree with you Drb, IF, if, you live in a state with income tax. 👍
@@ErinTalksMoney Erin, lots of positive features to your channel-- personality, production equipment, style, etc. Folks want to help you grow your channel by high fiving and also critiques. In fairness, you didn't really "discuss" the one particular TBill that folks have been noticing--the May 6th 4 wk issue. You blew by it at the 8:50 mark:) Can you see how that conflicts with your title? Your video is super broad in scope. That's fine, lots of good info, but all this ranging info on the economy, etc etc might have worked better under a diff title. Keep improving!
CDs and TBills are NOT cash, it”s dangerously misleading to claim so.
Extrapolate
I cannot speak enough about the visionary and forward thinking trading services provided by Mr AdsIn CommentSecs. Truly unrivaled and wholly original and, dare I say, uncynical and leechy!
Where is this 5.964 % on cash interest rate?
Fake title?
Enough with this repetitive content all over
So this video takes 12+ minutes of our time to deliver information that could have been just as effectively communicated in 2-3 minutes. This is how you lose viewers, by disrespecting their time and intelligence.
Wow, talk about disrespecting people, what are YOU doing? Movies could easily be summarized in a paragraph, so we should be insulted or unintelligent if we actually watch a 2 hr movie? There are plenty of material you can read online if you think that’s more efficient, otherwise, you’re the one who choose to waste your time which has nothing to do with this creator.
@@SpicyKimchi- You could have said that much more succinctly.
Getting 5.1% with Primis because they are keeping it a little higher for those that signed up early in February, but they are still offering 4.77% to new customers.
Nice! Thanks for sharing!!
I'm using Fidelity's tax-exempt money market (FMOXX). I figure since it's not taxed, I can accept a lower rate.
Love it!!
Cash now in FZDXX 4.75%
The little I have in cash is in SPAXX, Fidelity MM account. Admittedly, I don't keep much cash, I want it ready to deploy immediately! For those who carry cash and feel the need for that security, the rates are currently in their favor.
Investing for the win!! 😊