athompson
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Know THIS Before You Open a High Yield Savings Account
These 3 important lessons about high yield savings accounts are ones you need to know so you can benefit financially and avoid potential mistakes.
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The TRUTH About the HSA…
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48 comments
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I was thinking about opening up high-yield savings account. But since, Im drawing retirement survivor benefits, I better just let my daughter open it up in her name, and I just give her the money. Don't need IRS sending no type of 1099 and 1040 documents through to Social Security office,on losing my benefits 😅
Wow, didn’t know! Thank you 😊
Awesome thanks!
Thank you for this information 🌹
Thank you for this! No one ever talk about talks about this. AMEX withholds 24% of interest paid.
It’s really not that bad, I generated $4,000 in interest in 2023. They only took $80 of that. Maybe I got lucky or maybe I’m in a different tax bracket, but I use my HYSA to move money over to my ROTH, the remaining after I max it out stays in the HYSA😊
This video was helpful
Great video!
Matt, based off the comments, a lot of people don't understand how unimportant being taxed on this is. You are not taxed on anything but the interest you received, and it just means that you get a less free money. I hope no one is discouraged from doing this very beneficial thing for themselves. It's one of the ony tools regular people have, especially if they don't know how to invest.
47142 Fisher Avenue
Logic would tell you more income results in more taxes. I have extra deductions taken from my paycheck.
Wow! So cool seeing an habesha finance channel. This doesn’t go unnoticed, Gobez😊!
Thanks for this! Do you know of any place that compiles the offers for HYSAs? I received an offer from AmEx for a bonus if I open a HYSA, but when I look at the rate comparison places like bankrate, they aren't listing any sign up bonuses.
It's still free money in the end. The government gets 20%, oh well. I'll still take it.
Good points!!
Thank you:)
Are you serious, IRS will take tazes on a 10$ interest that you make jesus. this is not acceptable
Dude how TF a black person gets that hairline 🙃
That said, why I thought HYSA meant House You Stay At
Thank you for sharing this information, it was helpful to have a better understanding what to look into in a HYSA.
Hey I know this is an older video so I don't know if you will see this comment but I had a question. The point you were making about the interest changing didn't align with the graphic you put up. They graphic actually showed that the APY was increasing on a monthly basis…What makes you say we should expect the advertised amount to decrease?
Love it! And i agree its still a good thing. If i have 10 grand in a savings account earning nothing, vs in a HYSA, who cares if we pay a tax. We still earned money. Its not new. We pay tax on every earned dollar if we havemt got certain tax shelters. Still doin it for sure.
Also banks can change rates on those accounts at any time with no advance notice, which is why in addition to a HYSA, I keep money in a CD which has a locked in rate
What if you don’t make enough money to file for taxes?
Clear, concise and right to the point. Liked and subscribed!
Eso quiere decir que voy a pagar impuestos por todo el interes ganado?
Thank you for keeping it short, simple, and to the point. Right before this video i stop a previous guy's video because he rambled and the video was 25 min long.
Thanks bro simple and straightforward just what I need
Paying taxes is a sign that you're making money! Its a good thing
I Do Have a Question, Just Learning and diving into and striving to get to Financial Freedom here….But What Percentage of HYSA Interest should one set aside for taxes? is it the same rate as a W-2 (16% in my area)??
Whenever I hear someone say their vid is about things no one else is talking about, it’s either so stupidly obvious that no one needs to talk about it such as points 1 and 2 or that everyone actually does talk about it but you need to make a vid so say it anyways such as point 3
Would be more helpful to cover how to pay the taxes quarterly
No fluff, straight to the point and very informative. Definitely worth the watch with the 3 minute duration
Brotha this video is right on time! I'm opening a HYSA this month and was starting to gather my information. The tax thing is just criminal but just like dividend income or capital gains taxes fn' taxes. Thanks for the insight I appreciate it!
Thanks for the value bro
Ok, I know I'm basicaaly repeating many of these comments BUT thank you! Thank you for making it short, clear and to the point. I would rather watch several well done videos on a topic than watch one for an hour and a half. Some are too short. Many are way, way to long. I'm usually sitting and taking notes and we also have to account for doing our own research too.
3 minutes, no BS. Thank you for you!
I appreciate the fact theres someone who at LEAST tells their audiences that you will get tax and hit with a 1099int
Great video 👍🏻
Why uncle Sam in my pocket smh
I got one with sofi
Is there a way to calculate how much you might owe come tax time? 😅
If your Roth IRA owns the bank account, YOU DONT PAY TAXES ON THE INTEREST
Thanks man subsrcibed
Adding to having more than one HYSA, my understanding is FDIC only insures the first $250k (not that that's a problem for most of us 😂), so you wouldn't want to keep more than that in any one HYSA
Anyone here have any experience with customers bank? I’m trying to invest some money into a few HYSA’s but I’m skeptical about not having the bank near me in person. Is this something I shouldn’t worry too much about? I work too hard for my money so I would hate to make a very bad choice in something.
They're coming after all your money already and they want to make it legal to rob you of more! If the 44.6% tax on capital gains actually materializes we'll all be screwed of making any real passive money.
Good job; short, clear, and important.
If you can, just increase amount you put into tax-deferred accounts (personal IRA if you don't have an employer plan). Put in enough to lower your total taxable income and offset the HYSA interest. Sure, you won't see that money again until you retire but at least you've kept it and let it grow for you.
Thanks for the heads up. So sad and mad at the same time that lRS tax on the little interest earn from commoners but they are letting big corporations slip on their taxes. The rich stays rich and poor stays poor is the gov's doing