← The Table with Anthony ONeal
The Table with Anthony ONeal
I Found a Bank Paying 4.1% — Yours Pays 0.38% (Get This Account Today)
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When others hear noise. Tieroprice interprets market signals to find investment opportunities. That's the power of active ETFs from T. Rowe Price. Their portfolio managers approach data from multiple perspectives, analyzing trends and conducting deep research to give you their curiosity backed active management expertise. Learn more about their active ETFs@t rowprice.com Explore ETFs Exchange Traded Funds ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns. T. Rowe Price Investment Services, Inc. Hey,
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it's Ryan Reynolds here for Mint Mobile. Now. I was looking for fun ways to tell you that Mint's offer of unlimited Premium Wireless for $15 a month is back. So I thought it would be fun if we made $15, but it turns out that's very illegal. So there goes my big idea for the commercial. Give it a try@mintmobile.com Switch upfront payment
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of $45 for 3 months, $90 for 6 months or $180 for 12 month Plan required $15 per month equivalent taxes and fees Extra initial plan term only greater than 50 gigabytes me slow when network is busy.
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See Terms Family it is July ma'. Am. The best month in the world. You know. But I do know that right now a lot of you all are coming off of your summer vacation, coming back from your family vacation, coming back from the vacations. And I know right around August is when we tend to really get back into thinking correctly when it comes to our finances. Do not forget that my brand new book Stop Living Paycheck to Paycheck is coming out on August 25th. You can still pre order the book today and get the free bonuses by going to anthonyoneal.com book but one of the things that I really want to do and have a conversation about or is pretty much what are the top five high yield savings accounts you need to open up for the second part of this year? Because there's three reasons why we save and I really want to break this down. The very first reason is clearly for emergencies. So you all know from what I teach with inside of you know, the Freedom Community, the Freedom Circle, I'm sorry and with the in the Black our app and other things that I'm teaching right? Especially inside the book that we're going to set aside at least three to six months of our net pay. That's number one. So we save for emergencies, three to six months of our net pay. Then number two, we save for any purchases, like whether we know we want to purchase a car soon, we want to purchase a home, or maybe you're saving up to purchase your next vacation next year, right? Or Christmas is coming up and we are saving for Christmas. So we open up a High Yield Savings Account. So this way we could put money in there for Christmas gifts and we can get a little bit of compound interest to help us raise a little bit more money. Then number three is we save for opportunities. You know, I believe that within the next five to 10 years, there's going to be a lot of wealth transfer happening between the older generation coming down to the next two generations. And so we're setting aside this money so that we can have money to buy a business, money to buy land, money to buy duplexes, et cetera. Whatever that opportunity is that God will present, we are going to be in a position for that. But we gotta have our money parked in the correct way. And y', all, you cannot park your money inside of a traditional account because I firmly do believe that that is playing it safe. I'm reminded of the the Book of Parables when it talks about the talentless. God gave one guy, one servant, five bags, two bags to another servant, one bag. Well, these two came back with double. Well, it was the one talent guy that came back with what exactly he gave him. And that guy called him lazy. And he said, you could have at least went to a bank and put the money inside of it and came back with a little bit of interest. The master called him lazy. He called him lazy. Not because he came back with the one bag, because he came back with nothing on top of the one bag. So this simply means that a book that was written 2,500 years ago, I got the Bible right here. This was written almost 2,500 years ago. This means that back then they knew the importance of utilizing interest to benefit us. So I want to say this up front. Having a High Yield Savings Account is one part, but it's not an investment. It is so that we can keep our funds liquid and accessible. But while it's there, we are getting some kind of money. And I want to explain exactly what an High Yield Saving Account is. For those of you all who really don't know the difference between a traditional account and a High Yield Savings account, then I'm going to give you the top five that I want you to open up today. Then I'm going to get out your way. All right, so let's talk about this, right? A high yield savings account is a savings account just like the one you probably already have, except it pays you a lot more interest. Specifically, significantly more. Right? That's it. There's nothing different. Now, here's why some banks can afford to pay you, for an example, 4% interest. Pretty easy. How do I say this in a very direct and straightforward way? They don't have a large overhead. You see, most of the highest paying accounts are going to be online. They're not going to have 100, 200, even up to a thousand physical branches that they got to pay salaries for, that they got to pay mortgages on, that they got to pay light bills on. So there's no overhead of staffing buildings in every city in America, like Bank of America, what they do is they pass those savings that they're saving, they pass a little bit of that onto you and I. And this is in the form of a higher interest rate. So you can. That way you can save that money for your business, save that money for the three things of what, what we are saving for emergencies, purchases and opportunity. Now, I know you already have a question in your head Now, Anthony. Are these banks safe? Like, is my money safe sitting inside of an account that's only on online? Yes. Every single account I'm going to go through today is FDIC insured, meaning that the federal government protects your deposit up to at least $250,000 per institution. So this is not the stock market that we put our money in. You cannot lose your principal. Your money doesn't go up and down with Wall Street. It sits there and it simply grows. Watch this every single month, because what happens in a high yield savings, right around the first and the fifth, you're going to see a deposit into that from the bank for what you have in the account over the last 30 days. Is this. I'm talking to y' all like I'm in church. Like I'm about to ask you, does this make sense? Put in the comments if it does make sense. All right. And so here's how most high yield savings accounts compound interest monthly, sometimes on a daily perspective. Every day the bank calculates interest on your balance and adds it to your account. Then the next day, they calculate interest on your new, slightly higher balance and they put interest on top of interest. That's what we call compound interest. And over time, it is one of the most powerful forces in personal finance. Now, one thing I have to be clear about, gotta say this again, A High Yield Savings Account is not an investment account. It is not going to make you rich. Now, what it will do, right and what it is, is the smartest place to part money that we need to keep accessible those three things, I'm gonna say it again. Our emergency fund, our purchases, and our opportunity funds. These are money that needs to be liquid but shouldn't be sitting somewhere earning nothing. Most people don't have, I believe, an income problem. They have a money placement problem. And we're gonna be fixing that today. All right, so now real quick, what do I wanna do? I'm gonna give y' all a comparison, man. I've given y' all several comparisons. I think, I think. Let's get strai what accounts are there? Because you all know this. I don't need to show you the math. If you want to see the math, go back to one of my shows. I will show you the exact math on what you could do with 10,000 or 25,000 on side of High Yield Savings Account. As a matter of fact, if you go to anthony oneill.com savings right now, there was a calculator on that page to where you can say, hey, if I put $10,000 in there, if I put $1,000 in there, how much money can I make a month off of my account? All right, so I want to give you the top five High Yield Savings Account that I believe you should be opening. And here's the thing. Don't just choose one. I want you to choose at least three. Remember this because we have three different accounts. But FDIC, sure. FDIC insurance only covers you from $250,000 per institution. So this means that if you have three high yield savings Account in the same institution, and let's just say for an example, you was able to put $500,000 into it where you're only covered for 250,000. So I want you to choose three. Have one simply for your emergency fund that you're not looking at. You're going to put your money into it. Then have another High Yield Savings Account specifically for your purchases. This is your short term. I'm saving for a house or a car. And then we have another one that you're setting aside for opportunities that come up. All right? So I want to give you five because this is super important, all right? This is going to help you make a decision. And like I said, these, these accounts are already@anthonyoneill.com savings. These are my favorite. And me and my team, we look at these every single week. And we update this list every single week. This is family. If your savings account is earning less than 1%, you're literally donating money back to the bank. You see, traditional savings accounts are paying pennies while high yield savings accounts are paying dollars. And the gap is costing you real wealth every single year. I want to get real with you here real quick on $10,000. A regular bank might pay you $40 a year, but a top high yield Savings account, that's $400 to $500 a year just for moving your money. That's hundreds of extra dollars in your pocket. No extra work, no risk and your money stays safe. And FDIC insured. Nearly one in four Americans have zero emergency savings. And most who do are missing out on free money by leaving their cash and lazy accounts. The high yo savings account is the fastest, simplest upgrade you can make to hit your emergency fund and short term goals faster. So listen, stop letting your hard earned dollars stay lazy. Visit anthonyonil.com savings compare the best high yield savings accounts and open yours in literally two minutes. Every extra dollar of interest gets you closer to financial freedom. So please do not wait. Don't let another year go by earning pennies. Go to Anthony O' Neill.com for savings. Let your money start working for you today. All right, let's get back to the show. But here's the very first one is SoFi High Yield Savings Account. So right now they're going to give you about 3.8% of APY. Why do I like them? Is because it's zero minimum deposit and zero monthly fees. All right, that is my number one. It's a great rate. You open one account and here's what I love. You get a checking account with the high savings account. So it's one login, one app, one relationship. And right now, like I said so far is offering in between three point, right? About 3.8% APY. That's a limited time, right? And I believe that if you can get in on that, man, I would get in on it right now. Right now. Hold on, I ain't done. Because right now for a limited time, SoFi is offering up to $400 cash just for setting up direct deposit. They're going to give you $50 if you deposit $1,000 or more in it today. Watch this. $400 if you deposit $5,000 or more within the next 25 days. So if you have money sitting $5,000 sitting somewhere, and I believe a lot of you all do, or a thousand dollars sitting somewhere, why not come over here and get this free money. That's real money for just switching where your paycheck lands. Now for every single account, I'm going to give you the best for all.
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Right?
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Who is this best for? Well, this is best for someone who wants to consolidate their banking into one clean modern platform. This is best for someone who's saying, hey, you know what Anthony, I have a high yield savings account but I would love to have a Visa debit card so that way in case of an emergency I don't have to wait 24 hours to transfer my money to them to my bank. I could just go ahead and transfer it into that checking account and I can use it instantly. Instantly. They are FDIC insured and they even have FDI insurance up to $3 million through their insured deposit.
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When others hear no, TieroPrice interprets market signals to find investment opportunities. That's the power of active ETFs from TuroPrice. Their portfolio managers approach data from multiple perspectives, analyzing trends and conducting deep research to give you their curiosity backed active management expertise. Learn more about their active ETFs@troprice.com XSP Explore ETFs Exchange Traded Funds ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns. T. Rowe Price Investment Services Inc.
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I cashed out my entire 401k thinking someone stole my identity. A fake email cost me my dream home. After I sent my personal information to a scammer, my AI agent wired thousands to an account I'd never seen.
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program, which is well above the $250,000 standard right now. What do you need to watch the top Rates do require direct deposit. I'll be honest with you. All right. Without it, the raise is going to drop right around 1% single down right around to about 2.8 to 3%. So if you're really going to use SoFi, I want you to commit to SoFi, get the free money and deposit some of your money. Watch this. Deposit 10 to 15% of your paycheck into that account until you build it up. All right? You got to set that up. Ask your HR how you could do it. All right, here is account number 2. Chime High Yield Savings. Now, I like Chime. I do like Chime. Chime is one of the most popular financial apps in the country. We see it on the NBA teams and some of the NFL teams. And for a good reason. Right? It was built for people who want simple modern banking without the fees and the fine print. The High Yield savings rate is right around 3.75% APY. But here's how it works. Chime has a membership tier. So to earn the top 3.75% rate, you need Chime prime status, which means receiving $3,000 or more in qualifying direct deposit in the past 34 days. So watch this. Remember SoFi direct deposit, just put a small portion in there automatically going into it. What Chime is saying, you need to deposit at least a minimum of $3,000 inside of their account. If you're at Chime plus, which requires just one direct deposit of $200 or more, now you're going to earn a 3% APY and a standard rate without either, right? If you don't have either one of those, you only get about 0.75%. So who is Chime best for? It's best for someone who already has a steady direct deposit and wants a free a free banking experience with some solid savings growth. And here's what I love about them. I've always loved this about Chime is that they have no monthly fees and no minimum balances and no overdraft fees and access to over 47,000 free ATMs nationwide. And they have some amazing automation tools when it comes to saving and, and, and putting your money into different buckets with inside of their app. Now what do you need to watch when it comes to Chime? Well, Chime is a financial technology company. They are not a bank. So banking services are provided through partner banks that are FDIC insured. So your money is protected. But understand what you're working with, you're not working with the actual bank. Chime is just a Technology who's working with other banks. So make sure you're always staying up to date on are they still FDIC insured, as in working with the bank that is covered. Here is account number three, Barclays tiered savings account. Now I have a Barclays account, which I love, right. I park my Opportunity Savings account at Barclays and I love Barclays because Barclays is a name that has been around for over 300 years. And when people are nervous about putting their money somewhere new, that kind of track record honestly matters. And so they have the tiered savings account which offers about 3.5%. When I got into it, I'm being honest with you, it was right around 4.2%. I'm right at about 3.7% has go down. But the average right now for them is 3.5% again you can go to Anthony O' Neill.com savings and look at the current rate they're offering on the day that you're watching this show because I think we recorded this about a week and a half in advance before it came out. But there's no minimum balance required with Barclays. There's no monthly fees, easy direct deposits and online transfers. And your deposits are again FDIC insured with them. Now who is Barclays best for? All right, Barclays is going to be good for grandma and Grandpa. Barclays is going to be good for the people who want a reputable established name behind their high Yield savings account without the complexity of promotional requirements. All right? And one thing I love about them is they're super simple, they're super straightforward. There's no games, there's no tiers that punish you for having lower balances. The rate is super competitive. And the institution for 300 years, clearly they're rock solid. Now with them, what do you have to watch for? Well, it's simple. The rate is strong, but it's not the highest on the list. All right, so you're trading a slightly lower rate for the stability and name recognition of a global institution. So if you have hesitations about new online banks, if you have hesitations about, okay wait, can I really trust my money? This is honestly where I will park either your emergency fund or your opportunity costs, all right? Because for your, for your purchases I want you to go towards the higher rate like SoFi, because you can get more money because that's not a long term situation. So Barclays is good for a long term like opportunity costs. You're not going to run across an opportunity every single month. Opportunities for me is going to be more so. Like a. More so like a every two, three years situation. Because if I want to buy a business, I want to have at least 10, $15,000 in the account to set up the capital. For me, buying a business, Barclays is good for. Hey, you know what? I'm going to have my emergency fund here, okay? I'll miss a quarter of an interest so that way I can know that my money is for sure, for sure, for sure, for sure. Now watch this. Here's number four. One of the best banks out there, right? Bask Bank. Now watch this. Okay? If maximizing your rate is the priority, Bask bank is a number to beat. Right now, the Bask bank rate is right at 3.7% APY. So they're matching SoFi. But new customers can earn an additional 0.10% food by opening and funding an account before July 31st. And both new. And watch this. Existing customers can unlock another quarter of an interest rate by setting up $2,500 or more in qualifying automatic direct deposits each statement period. So this is every 30 to 35 days. So this is going to bring you to 4.1% APY. So this is best. This is best for someone who's already disciplined about automating their savings and wants to squeeze every single dollar out when it comes to getting their money from their emergency fund. Now watch this. This for me. This for me is where I would consider them because there's no fees, there's no minimum deposits. And I like them because they actually have phone access to their customer service branch online. To me, that's. That's pretty good. Now, what you gotta watch, they are lower than SoFi. Excuse me? They are lower than SoFi at 3.75%. That 10% and quarter is gonna drop off after you're new. Remember, I'm always thinking long term. I'm always thinking long term. So for me, would I open up a Bask account if I do not
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Sofi Investment already or Barclays? No. Bask will be my last account. Basque is where I would set my purchasing savings account at because I'm getting 4.1%, I can at least keep that 4.1% for like 90 to about 120 days. Four months. If I know I'm saving for six months to put money down on the house or for Christmas, we have Christmas coming up. Yes, I would open up a Bask account, but I'm going to open up a SoFlight account first because that's going to stay there. I'M going to open the Barclays because that's going to stay there. Then I'm going to come there. Now here's another one, account number five, right? This is going to be your Marcus by Goldman Sachs account. One of the most recognized names in global finance, period. And that matters to a lot of people who are still building trust with online banking. Now the rate is going to be lower again. Anytime you get a bank that's established and been around for a while, they know they tend to attract more people so they don't have to reward you as much. So they're offering a 3.4% APY with no fees, no minimum deposits. And watch this, no limit on withdrawals or transfers, which that is honestly good because some of you all are still going to be withdrawing. You're going to deposit and you're going to withdraw it out the next week. So if you know that's you, that you're not going to let your money just sit there and get access to the 3.4% APY, I want to pause right there. This is why this is important. A high yield savings account is not designed for you to deposit and withdraw because the reason why they, Goldman Sachs will allow you to do that is because the moment you withdraw your funds, you lose access to 3.4% of your APY. Remember, they're calculating your account daily, they're paying out, they're paying your account monthly. So you're getting 3.4% annual per year, right? But you're getting paid monthly, but it's being calculated daily. So if you're changing your balance daily, you're hurting the opportunity for you to maximize a full 3.4, 4.1, whatever the brevity the APY is. And so the reason why they'll allow that is because they know if they, if we allow you to deposit and withdraw, we don't have to pay you as much money. So who is Goldman Sachs? Perfect for us. It's perfect for someone who wants the peace of mind of a major institution name with a rate that still crushes what the current bank is paying period. And what is the thing that everyone loves about Goldman Sachs? There's no withdrawal limits. It's clean, the simple structure. But when there's no withdrawal limits, that means that you have the opportunity or the potential to not maximize. I want to say it, yeah. To not maximize the fullness of this interest rate. Those are five accounts. Those are the five accounts that I need you to look into today. If it was me, I'm going to Sofi first because they're offering the highest and they've been pretty much one of the best. Then maybe Chime and Barclays. Now what did I tell you? If I know within the next six months and I'm buying something and I want to maximize the interest rate, then I will, I will look into Bask. But I'm only getting bask after I get so far. But Christmas is coming up. Some of y' all want to wait for Thanksgiving, Black Friday after Thanksgiving to buy the majority of your Christmas gift. Perfect. Well, why not start saving money now and put that into your purchase account. That's a short term account. Go ahead and get an extra 50 to 100 bucks for letting your money just sit there. Listen. To get a full list of the essential this information go to anthonyonil.com savings. That's where you'll get it. I want you to play around with the calculator, say, hey, if I can save this amount of money by this amount of time, how much would this account save me? And then compare it to your checking account or savings account that you have right now at your bank and I promise you, you'll see a whole lot more. All right, it's your boy Anthony o'. Neal. Five accounts. I got three of those. You go get at least one of them. We'll see you on the next show. Peace out.
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When others hear noise, tieroprice interprets market signals to find investment opportunities. That's the power of active ETFs from T. Rowe Price. Their portfolio managers approach data from from multiple perspectives, analyzing trends and conducting deep research to give you their curiosity backed active management expertise. Learn more about their active ETFs at t rowprice.com Explore ETFs Exchange Traded Funds ETFs are bought and sold at market prices, not nav. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns. T. Rowe Price Investment Services Inc.
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I cashed out my entire 401k thinking someone stole my identity. A fake email cost me my dream home. After I sent my personal information to a scammer, my AI agent wired thousands to an account I'd never seen.
- [28:58]
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When billions of people feel unsafe, that's no longer a security problem. It's an economic one. At Gen, we're building the trust layer for a more fearless planet with products and technologies from our global brands, Norton, Lifelock, Avast and Money Lion. See it in action at Gendigital Com.