00:00how's it going everybody this is beat
00:01the bush today we're going to talk about
00:02interest rates and where you should Park
00:04your cash today I'm going to take a look
00:06at a few high yield savings account I
00:08actually Park most of my cash not
00:10investment assets or anything inside
00:12Weeble they pay you five percent apy
00:15currently I have 67 250 and 23 cents in
00:20there the 250 and 23 cents actually came
00:23from the interest that they paid me from
00:25last month and you can see every single
00:27day I'm getting 9.21 which is pretty
00:31nice if you add it up that's about 270
00:34dollars every single month and this kind
00:36of helps me pay for my health insurance
00:37that's the way I look at it and the
00:39funny thing with this particular account
00:41I hope they don't actually watch this
00:43and fix that error is that on the page
00:45it actually says five percent apy it's
00:48actually 5.11 apy APR is kind of what
00:53you would think of as interest without
00:55compounding apy is annual percentage
00:59yield if you take into compounding
01:02depending on if you're compounding by
01:04the day but the month is actually a tiny
01:07bit higher if you take my 9.21 interest
01:10in one single day multiply it by 365
01:13days in a year if you divide that by my
01:16balance it's actually
01:174.998 so because weibull actually pays
01:22you around the 15th of every month the
01:24interest that they give you is gonna get
01:27to earn more interest on top of that so
01:29you get interest on your interest so
01:31effectively the 5.00 APR is actually
01:345.11 apy this video is brought to you by
01:38Lou Mary within the app I can change the
01:40color temperature it's warm right now
01:42let me change it to a cool I can also
01:44change it to a gradient
01:47look at that there are six lights
01:49installed one two three four five six
01:51here's a rainbow color like chase scene
01:54RGB AI kind of like a dancing
01:57multi-color all of them change colors so
02:00it's kind of slowly fades in and out
02:02different colors and then there's a
02:06what's cool is you can have a rhythm so
02:08it dances to the music
02:11and then there's a game mode it leaves
02:13the lights on at a higher brightness and
02:15then a romantic mode where it's like
02:18kind of more like a reddish tone or
02:32if you're interested in getting these
02:33Lumiere smart outdoor lights check out
02:35my affiliate link down in the video
02:37description below Weeble is actually not
02:39a savings account although they are
02:41insured by sipc so in order to get this
02:44account you have to sign up for their
02:46investment account and you get something
02:47like 6 to 12 free fractional shares just
02:50for signing up as long as you deposit
02:52any amount check out my referral link
02:54down in the video description below for
02:56that one they're having a sign up bonus
02:58for the Weeble account two thousand
03:00dollars or more you get ten dollars cash
03:02bonus twenty five thousand dollars you
03:04get three hundred dollar cash bonus if
03:06you deposit a hundred thousand dollars
03:07or more you get one thousand two hundred
03:10dollars a cash bonus this is net deposit
03:13and there's a certain time frame for
03:15doing this so if you deposit money and
03:17later on take it out it's not gonna
03:19count as net deposit I know some people
03:21are not very particular about Weeble as
03:24a investment account or even putting a
03:27bunch of their own money in is not the
03:29most well-known type of brokerage
03:31account it's not like E-Trade or Charles
03:33Schwab right and so if you're not
03:35comfortable with that there are other
03:37high yield savings account that you can
03:39choose from one example is this upgrade
03:42account I have a credit card with them I
03:43have a checking account with them mainly
03:45through some sign up bonus and I have
03:47not canceled it just yet but if you sign
03:49up for a savings account with them you
03:51get 5.07 apy thousand dollar minimum and
03:55no monthly fees this is just a little
03:58bit lower than Weebles 5.11 apy they
04:02also have a checking account you can get
04:04150 for a thousand dollars direct
04:06deposit within 45 days speaking of
04:09earning interest I also did another
04:11money move where I got offered a 600
04:13cash bonus for signing up for a checking
04:15account with stands for Bank of
04:18Montreal they are actually expanding
04:21into the West Coast by buying Bank of
04:23the West and Bank of the West is pretty
04:25big in itself already so it's a 16.3
04:27billion dollar deal and it happened
04:29earlier this year now you got a new bank
04:31and now you we got all these sign up
04:33bonuses and they put all this money into
04:35marketing getting you to sign up to
04:37their accounts this is not actually a
04:39targeted offer you can just go on their
04:41website and sign up for this in the
04:42gotcha here and I'm gonna summarize it
04:44for you is you need 7 500 of direct
04:48deposit within 120 days this is four
04:50months so you need around two thousand
04:53dollars of direct deposit per month
04:55minimum if you have a large paycheck you
04:57can just put it in there and get it over
04:59with and then you would satisfy the sign
05:01up requirements if you read a little bit
05:03into the fine print there's also a 25
05:05service fee but even if you pay four
05:09months worth of service fees you still
05:10get 500 and you know this is a pretty
05:13low effort thing I did it in about 10
05:15minutes you can waive the 25 fee by
05:18putting in like ten thousand dollars but
05:20I don't think this is worth it because
05:22you would get more money by putting this
05:24ten thousand dollars in a high yield
05:26savings account that's over five percent
05:28there's no referral for this so just
05:30find it on your own on the web I don't
05:32only want to mention this because it's
05:34such a good deal ufb direct has an
05:37interest rate of 5.25 apy they are a
05:41member of FDIC however whenever I look
05:44at the smaller banks that I don't
05:45actually recognize red flag goes up
05:48sometimes the website is just not very
05:50good sometimes they require some Arcane
05:53login process maybe they require a text
05:55message via a non-google Voice number so
05:59you have to have a real cell phone
06:01number in order for them to send you the
06:03authentication number sometimes there
06:06could be issues where if you try to
06:08deposit money they would gladly accept
06:10it very very quickly however when you
06:13withdraw it they might hold your money
06:15for whatever reason if they don't hold
06:16it indefinitely there might be instances
06:18where you know they put a hold on it for
06:21like five days before they actually let
06:23it go out the door let it gets
06:25transferred to another bank even really
06:27large Bank like Citibank I've had
06:29problems with them where I deposit let's
06:31say 20 five thousand thirty five
06:33thousand dollars and I did nothing wrong
06:35and they just say this is fraud or
06:38something and they refuse to let me
06:40withdraw my money so I'm not saying only
06:42small banks have this issue I've had
06:45problems with big Banks too with these
06:48small banks that dangle such a high
06:50interest rate in front of you you do
06:52have to check if they really do have
06:54FDIC insurance I mean they could just
06:57make a website and just put that little
06:59image there and say they are FDIC
07:00insured so every time I sign up for a
07:03brand new bank that I have not banked
07:05before I actually go on the FDIC website
07:08and cross check it from their website
07:11back to that bank and see if they're
07:13listed there all this research takes
07:15time and generally I think it's not
07:18worth my time to get only like point one
07:21percent apy more so for every ten
07:24thousand dollars that you are
07:25transferring from One bank to another
07:27one percent increase of apy that's only
07:30a hundred dollars so by the time you
07:32look at it in a per month basis oh okay
07:35you get ten dollars more per month and
07:37if you're only trying to get point one
07:40percent more for every ten thousand
07:42dollars every month it's roughly only
07:45one dollar more so you have to jump
07:47through a lot of Hoops put a lot of your
07:49attention on a website in order to do
07:51all the routing numbers and account
07:53numbers get it all squared away so you
07:56have to look at if this is worth your
07:57time and on top of this which is a
08:00slight unknown is if you transfer money
08:02from One bank to the other when they
08:04take out the money of course you're not
08:06gonna get interest on it anymore but
08:07when is the other bank gonna finalize
08:10the deposit and start paying you money
08:12there's a transit cost and in between
08:15the banks you're not going to get any
08:17interest so if you're not going to get
08:19interest for let's say three to five
08:21days this is some amount of money that
08:23you have to take into account and this
08:25will eat into the interest rate that
08:28you're gonna get at the new bank Brio
08:30direct I've never heard to this bank
08:32before but they give you 5.35 percent
08:34apy no monthly fee it says FDIC insured
08:39it's like a online bank type of thing so
08:42are you brave enough to put your money
08:44in there certainly you don't want to put
08:46all your money in there because if the
08:47bank goes bankrupt you're going to be
08:50out of cash you can't access that cash
08:52so access is another important factor
08:55here if I were to use one of these Banks
08:57I've never heard of it certainly won't
08:59be my main bank that I use the CU Bank
09:026.17 percent apy wow usually they can do
09:06this because they're gonna cap the
09:09amount you can deposit look at this on
09:11balances up to one thousand dollars only
09:14so if you only have a thousand dollars
09:15and you're looking for six point one
09:18seven percent sure okay put your money
09:21in there every year on that one thousand
09:24dollars you're gonna get sixty one
09:26dollars instead of fifty one dollars at
09:30Weeble usually for signing up for an
09:31account account for all that work that
09:33you have to put yourself through you
09:35know depositing a bunch of money making
09:37sure you get the debit card the value
09:39should be around 150 or so I know some
09:43people would say Hey you know if you
09:45sign up the value here is actually sixty
09:49one dollars not just ten dollars more
09:52but to me it's actually only ten dollars
09:54more because if you're a Savvy Banker
09:56you are already getting some five
09:58percent I look at the difference not the
10:01full amount of Interest here overall I
10:04think as long as you're getting a high
10:06yield savings account that gets maybe
10:08four and a half percent or more it's
10:11good enough however if you don't have a
10:12high yield savings account at all and
10:14you're earning so little like 0.05
10:17percent then you got to get on it get on
10:20some kind of high DLC music account I
10:22don't care which one discover I use the
10:25Weeble thing go get your upgrade or
10:27whatever get on doing that and start
10:29earning your interest thanks for
10:30watching this video don't forget to give
10:31me a like And subscribe for more
