The 10 minutes of work?
OPEN A HIGH YIELD SAVINGS ACCOUNT!!!
It seriously only takes 10 minutes. You can leave your checking account as is and link a new online savings and checking account to your existing accounts. Your bill payment, debit card and everything else can stay the same. You are just going to open an additional savings and checking account at Ally Bank, Varo or any other high yield savings account you find and research. Please make sure the bank is FDIC insured.
Once you open these accounts, you are going to transfer most of your savings to your new online savings account. Ally allows you to easily connect to other banks which makes it a breeze to transfer money back and forth. I am sure Varo also offers this service but I can only vouch for Ally since that is the bank I use.
Voila, free money!
Ally pays 1.15% on their savings account vs Wells Fargo 0.01%. Numbers as of 7/10/22.
Do yourself a favor and get that free money.
This should be a no brainier! In 2021, we made $750 in interest via Ally Bank but that same money would have only made $15 at Wells Fargo . As the Federal Reserve raises interest rates to fight inflation, the money we make at Ally Bank will increase.
It is a no brainier! Use a high yield savings account that pays a minimum of 1.15%!
Want to learn more about high yield savings accounts? Take my online class!
Disclaimer: I am an educator, not your personal financial advisor. Please make sure to do your own research before moving forward with any actions discussed in this blog post.
Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!
