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Know THIS Before You Open a High Yield Savings Account

Investing with Matt 196 views

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✅ WATCH NEXT: What You Should Know About Health Savings Accounts (HSA) Before You Open One youtube/8e2H8DOjaiQ
Comment from : @habeshafinance

The APYs definitely come down
Comment from : @rashoff

Better high yield savings than around 001 at regular bank There's two things for sure in life and that is tax and death 🤐😬
Comment from : @dogsareeverything

thanks for the video
Comment from : @hellomranderson

seems you're better off putting your saved money in bonds or gold
Comment from : @gianthills

You have to REPORT interest You may or may not have to pay taxes on it Thanks to Donald Trump, the standard deduction is so high, the vast majority of people have no reason to itemize expenses on their 1040 That is set to expire in 2026, but with Trump coming back to office, will probably be extended We dodged a bullet in November
Comment from : @damondiehl5637

I didnt know about the taxes Goverment just finds a way each and every time
Comment from : @sheririch1734

That sucks bro ,we can never have shit
Comment from : @Bryan_Hernandez69

Investments are the roots of financial security; the deeper they grow, the stronger your future will be"
Comment from : @JosephGodwill9h

What about South Dakota? If I open up a HYSA in SD, do they still tax you? Maybe I'm NOT understanding it correctly, but I googled, "Does South Dakota tax you on interest earned in a high yield savings account?" and the answer was, "No dividends and interest tax No state LLC tax No state LLP tax No state ad valorem tax" Your help is much appreciated :)
Comment from : @Merrytonic

I watch more than 20 videos today on HYSA and not 1 person mentioned taxes I asked questions but no answers came I appreciate your through video
Comment from : @tatyanafiddis-stewart1412

How do you start a HYSA?
Comment from : @keithburke9165

You will still be saving money even after taxes People are scared when they hear tax Don’t fold and let’s get to this money Just save some on the side to pay the taxes
Comment from : @ryanlauthers9786

PLEASE turn this into chapters😢🎉
Comment from : @GamerGrl90

God I hate the IRS I hate them so much and wish they would get disbanded and just go away
Comment from : @theanimeandgameguy2305

Why you don’t explain what means a 1099 INT and how that affects our saving 🙄
Comment from : @jvamaizing

Thank you Matt!
Comment from : @soccerlver29jav

Which HYSAs are FDIC insured & have plenty ATM's in US so we don't have to pay additional transaction fee to withdraw cash?
Comment from : @SG-xb7de

I’m earning $40 a month on my hysa, so I’m pretty happy with it Even though it’s taxed, I still have more than I started with
Comment from : @JosieDrake1995

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 😅
Comment from : @innocentlife2346

Wow, didn’t know! Thank you 😊
Comment from : @BetterwithTony

Awesome thanks!
Comment from : @fatimahbelgrave1306

Thank you for this information 🌹
Comment from : @amalHope3

Thank you for this! No one ever talk about talks about this AMEX withholds 24 of interest paid
Comment from : @TameekaReid

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😊
Comment from : @PrimitiveAK

This video was helpful
Comment from : @DcmWasHere

Great video!
Comment from : @scorpio_x

Logic would tell you more income results in more taxes I have extra deductions taken from my paycheck
Comment from : @CSB3747

Wow! So cool seeing an habesha finance channel This doesn’t go unnoticed, Gobez😊!
Comment from : @infinityandmore6438

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
Comment from : @livefrommylibrary

Good points!! brThank you:)
Comment from : @mshockey73

Are you serious, IRS will take tazes on a 10$ interest that you make jesus this is not acceptable
Comment from : @plymakkayestudio1827

Dude how bTF/b a black person gets that hairline 🙃brThat said, why I thought HYSA meant biHouse You Stay At/i/b
Comment from : @OrangeJuice94-w2z

Thank you for sharing this information, it was helpful to have a better understanding what to look into in a HYSA
Comment from : @Ellalynn_aesthetics

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 basisWhat makes you say we should expect the advertised amount to decrease?
Comment from : @theonlyHUNCHØ

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
Comment from : @WendyW7508

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
Comment from : @apage123

What if you don’t make enough money to file for taxes?
Comment from : @nonyabinnis9111

Clear, concise and right to the point Liked and subscribed!
Comment from : @131601

Eso quiere decir que voy a pagar impuestos por todo el interes ganado?
Comment from : @elazotadordepiperos5299

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
Comment from : @kimberlysmith3628

Thanks bro simple and straightforward just what I need
Comment from : @briannafernandez9271

Paying taxes is a sign that you're making money! Its a good thing
Comment from : @heyyyitshewan4816

Would be more helpful to cover how to pay the taxes quarterly
Comment from : @Chasee445

No fluff, straight to the point and very informative Definitely worth the watch with the 3 minute duration
Comment from : @eljayyee

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!
Comment from : @terrancepinkney777

Thanks for the value bro
Comment from : @T--T

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
Comment from : @hgo883

3 minutes, no BS Thank you for you!
Comment from : @matthewgadbois7382

I appreciate the fact theres someone who at LEAST tells their audiences that you will get tax and hit with a 1099int
Comment from : @xunaethernalij1445

Great video 👍🏻
Comment from : @Theninjas3

Why uncle Sam in my pocket smh
Comment from : @ragekingleoTv

I got one with sofi
Comment from : @ragekingleoTv

Is there a way to calculate how much you might owe come tax time? 😅
Comment from : @samanthacaddell3290

If your Roth IRA owns the bank account, YOU DONT PAY TAXES ON THE INTEREST
Comment from : @alyxxa6182

Thanks man subsrcibed
Comment from : @stizz9014

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
Comment from : @HuddlesNCuddles

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
Comment from : @rogerpowers3891

They're coming after all your money already and they want to make it legal to rob you of more! If the 446 tax on capital gains actually materializes we'll all be screwed of making any real passive money
Comment from : @jasonsimmons6684

Good job; short, clear, and importantbrIf 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
Comment from : @derek2479

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
Comment from : @mbank3832

Hi there is there a penalty for withdrawing or paying bills from these hys accounts?
Comment from : @KiaraOnisha

Great Information! Thanks for sharing
Comment from : @tmorris4761

I tried sign for Milli and they rejected me though they approved my sister I find out Milli notorious to reject people and they have horrible customer service and yet theyre fdic member
Comment from : @ien2023

Just found your channel Nice and calm, no crazy edits/ and annoying extras Really appreciate this Great video!🎉
Comment from : @owlscoffeecats

I don’t know if you will see this but I have $10,000 currently sitting in my savings account and I’m a college student so idk if it is recommended for me to keep it there or put it in a HYSA but I am a little hesitant because of taxes I already don’t make a lot of money as it is and I am planning on using that money for when I go to a university
Comment from : @Wonho3

Whats your thoughts about capital one HYSA?
Comment from : @rtjuan9383

Great vid!
Comment from : @Shakstarr268_

Everything is basically taxed If it isnt yet, it could be in the future brMy question is, how much is taxed? Should one invest in etf or stocks yielding similar rate as HYSA? At that point wouldnt it be which is taxed more?
Comment from : @ohkayw

Do they just send it to us?
Comment from : @disciplingnelle

Omg thank you for this video Didn’t think about this I started using HYSAs January of this year I’m currently using SOFI at HYSA at 460 and Amex at 335 I found Upgrade this morning at 505 I’m nervous about next year’s taxes I have 60k in SOFI and 25k in Amex Can’t imagine what to expect for next year’s taxes
Comment from : @ItsJustMeStevie

Do you get taxed the same way in CDs?
Comment from : @lucasrisner1852

Bro Taxes on a HYSA is criminal
Comment from : @WtfReal

how much money do you think we should put aside when tax season approaches ?
Comment from : @paulavaquerano280

So its taxed based off interest regardless if you take out money or not and regardless of how much you take out (if you decide to)?
Comment from : @jansan9125

It’s at 5
Comment from : @pavelstrelchuk216

Good advice 👍
Comment from : @ericbackstrom6223

If interest comes down can it go back up as well
Comment from : @dionkacraig7642

So yes or no to paying for taxes to a high yield saving accluntM
Comment from : @rdgamesdrip

Do u think it’s still worth it even if it’s taxed?
Comment from : @brendacastaneda

Thanks for telling us about the 1099-INT for interest earnings more than $10/year
Comment from : @tacrewgirl

Super informative thank u
Comment from : @JoeDuarte-h1p

This is great info I wouldn’t have thought of Thanks for sharing!
Comment from : @jenkies89

This sucks! They can’t let us be great 🙄
Comment from : @MissPinkapples

This is such a straightforward video! Thank you so much, those points are not talked about enough
Comment from : @ReelTaino

BEEN LOOKIN ALL OVER FOR THIS VIDEO
Comment from : @mixedbread1

At what Percentage are your gains taxed on a HYSA?
Comment from : @loxtharippa

Even though we get taxed on interest we earn It`s worth it like you said I was able to earn over $20 in interest in one HY savings account within a few months When the money was in my old savings, I only earned $020 over 3 years with a 001 interest I learned about HYSA from online and from a financial advisor
Comment from : @pcpxbotendorastermace9948