Where to put your Emergency Fund (Earn MORE Interest)
DISCLAIMER: Rates have dropped quite a bit since this video posted. I've compiled the best savings accounts available today (updated weekly):
Compare the Best High Yield Savings Accounts 👉 https://www.roadmapmoney.com/Savings
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Grab a copy of the Emergency Fund Savings Account Calculator: https://docs.google.com/spreadsheets/...
*Account 1 - CIT Bank Saving Connect Account — 4.65%*
https://www.roadmapmoney.com/go/CITSa...
This account is currently paying out 4.65% and is the one I use. I opened this account when it was the highest paying account last year. In 2023 alone I earned over $400, and am on pace to earn over $1,200 in 2024, even if I don’t make any more deposits.
CIT Bank is an online bank owned by First Citizens, the same bank that bailed out Silicon Valley Bank when it collapsed in 2023. It’s FDIC insurance, super safe, and has a stupid simple mobile app. While the rates aren’t the highest on the list, you only need to deposit $100 to open an account and don’t have to jump though any other hoops to earn the high interest rate.
*Account 2 - Western Alliance High Yield Savings Premier — 5.36% APY*
https://www.roadmapmoney.com/WesternA...
Western Alliance is an online bank that offers an incredible 5.36% APY on their high yield savings account. This account is offered with a $500 minimum deposit, no account fees, and FDIC insurance.
This is a basic account with no special features, but it pays out an eye-blistering 5.36% APY which tops our list. If you want a simple account that puts your Emergency Fund to work - this is it.
*Account 3 - UFB Direct Secure Savings — 5.25% APY*
https://www.ufbdirect.com/Savings/hig...
UFB Direct is offering a 5.25% interest rate on all deposits. It's a simple savings accounts to grow your emergency fund with no major requirements. In the past, to earn the highest rate, you’d need a huge deposit (like $10k or more), but they've waived that requirement for the time being.
*Account 4 & 5 - Quontic HYSA & Money Market — 4.50% & 5.00% APY*
https://www.roadmapmoney.com/quontic
https://www.roadmapmoney.com/quonticMM
Qountic is a digital bank that offers high yield savings accounts and money market accounts that pay over 4% APY. Their high-yield savings account is currently offering 4.50% APY and only take $100 to open an account. The money market account pays 5.00% APY and also only have a $100 minimum deposit
There’s no fees, and you can sign up in less than 5 minutes. Plus the mobile app is simple to use and highly rated. One unique feature is Qountic supports Zelle, Apple Pay, Google Pay, and Samsung Pay. This makes it much easier to move money in and out of your account compared to other high yield savings accounts.
*Account 6 - Marcus Savings — 4.50% APY*
https://www.marcus.com/us/en
Marcus is a solid savings account from Goldman Sachs that always offers a competitive interest rate. Right now Marcus accounts are paying 4.50%, which provides a decent return on investment.
There is a weird caveat that Marcus has — a MAXIMUM balance limit to earn the top interest rate. You can only deposit up to $3 million and earn 4.50%. Sorry Warren Buffett….you’ll have to find another account.