I just moved a considerable amount of cash (at least I consider it considerable) from a standard savings account I was earning only 0.1% APY from into a Money Market Prime account with a 4.75% APY. I'm gonna go from earning approximately $35 a year to earning about $2,400 a year...it's a no brainer! My only gripe is, I'm angry at myself for not doing this a few years back...missed out on a decent chunk of change. Thanks for the video...
@Nexus94 ай бұрын
Same boat, been banking with my regional bank(5/3) since I was born, got upto 60K in saving making not 1, not .1 but .01% int. Just sticking it in my schwab sweep account is making .5% interest. If only I did this sooner. :/
@innocentlife234618 күн бұрын
Don't feel bad I'm angry with myself as well, Had 7K sitting around in wells-fargo bank🏦🏧 for over 3 yrs, if not more. 😮a regular savings account, no dividends added on making any money 💰 back on what I invested 😮 I'm going tomorrow morning on withdrawing all my money on and closing the account I've been to Wells Fargo since 1995. I never even got any help from this bank, for any personal loans, car loans, never benefited anything from wells-fargo bank really 🤦to tell the truth. 🤦I mostly benefit more from my credit union. 🏌️🎤
@lennoxmutterick643411 күн бұрын
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@Ingridlourd0211 күн бұрын
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@lennoxmutterick643411 күн бұрын
@@Ingridlourd02 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@Ingridlourd0211 күн бұрын
@@lennoxmutterick6434 Oh please I’d love that. Thanks!
@lennoxmutterick643411 күн бұрын
@@Ingridlourd02 Clementina Abate Russo is her name
@lennoxmutterick643411 күн бұрын
Lookup with her name on the webpage.
@christianndasilva18436 ай бұрын
You made way more sense to me than all the other people on KZfaq using dumb unnecessary editing and graphics. Thanks!
@rob_cpa6 ай бұрын
Thank you very much.
@defendingthefaith.78894 ай бұрын
Capital one does not have a balance you have to keep in a high yield that pays 4.3 percent. Not penalty for withdrawals.
@innocentlife234618 күн бұрын
I learned more from Rob Cop, than the Customer Svc Rep at my bank 🏦 🏧 😔 she informed me that she wasn't really educated towards the money mutual accounts, IRA accounts.. I'm saying to myself like, what 🤦 Why are you even working at a bank institution, if you not educated on how all the different accounts works for customers... Smh
@takeshii Жыл бұрын
I'd still leave it in there even after they go back down because chances are they will still beat the 0.01% youd get at your regular bank.
@rob_cpa Жыл бұрын
Thank you for your response.
@grahamfinanceАй бұрын
Sofi has 4.6% with direct deposit into a checking or saving account with them. FDIC insured. No balance requirement
@rob_cpa15 күн бұрын
That's really good! Recently, I've been seeing 5%+
@R26Roman8 күн бұрын
Isn't sofi only insured by FDIC from the transfers that it makes not from the account itself?
@pcdihealthАй бұрын
Thank you so much for sharing the information..
@CherylLouise4 ай бұрын
There’s SIPC insurance for investment products
@luisgarabito8805 Жыл бұрын
CIT bank requires a balance of $5000 or more to qualify for that nice 5.05 percent APY but if you go below it goes to .25%
@rob_cpa11 ай бұрын
Thank you for the clarrification.
@coffeegrindgossip10 ай бұрын
Thank you so much for this information, and you're 👉 right, most people are scared to open a new bank account. I'm a former bank teller, I've seen it all.
@rob_cpa10 ай бұрын
You're so welcome!
@dapetik8 ай бұрын
Good video and thanks for the information. Needed to watch it in 2x the speed 🤣
@rob_cpa7 ай бұрын
Glad it was helpful!
@draconian45 Жыл бұрын
Thank you. This was very helpful.
@rob_cpa Жыл бұрын
Glad it was helpful!
@Roy-xe9isАй бұрын
If depositing money into a MMA today, and the FED cut rates twice this year as expected, what can I expect? Thank you for this channel. New subscriber.
@OffGridandOutdoors3 ай бұрын
I think it depends on where your money is. If I've got uninvested cash in a brokerage account, I'm not moving it to A HYSA, I'm investing in a MM Fund. Conversely, the rest of my money is at Wealthfront cash. Wealthfront, whoot whoot, once And done.
@MrGus.124 күн бұрын
My Fidelity advisor just advised me to buy a single premium, 3 yr. annunity. The interest rate sounded pretty good. I thought it would fit into my portfolio "safety net" well, but then I found out he made a big fat commission on it. Was that a conflict of interests?
@razeenshepard7 ай бұрын
Thank You for the information. It was exactly what I was looking for.
@rob_cpa7 ай бұрын
Glad it was helpful!
@vikjhaveri1097 ай бұрын
Thank you so much for this video! Is it better to open a high yield savings account or keep it uninvested in a brokerage account like Vanguard or Fidelity that also gives around 5% annual?
@Hayesboy967 ай бұрын
My only thought is whether that brokerage account is FDIC insured
@rob_cpa7 ай бұрын
Good question. Agree with the response on the FDIC insured. If the rates are similar, keeping it in a brokerage account is fine, but you want to have a good balance of cash and investments - not too much in cash as you could earn a better return elsewhere.
@michaeldavis3188 Жыл бұрын
Why not go with the CIT High Yield? It's 5.05% and FDIC insured. The best from the money market mutual fund is 5.24 and is not FDIC insured. Why risk 100% to gain the additional .19%? Anyway, great content and video Rob!
@rob_cpa Жыл бұрын
Thank you for the response. CIT does have a nice rate. The banks are constantly increasing their interest savings rates, which is nice, but tough to keep up with videos.
@michaeldavis3188 Жыл бұрын
You da man, keep up the great content buddy!@@rob_cpa
@exgamer0711 ай бұрын
The risk of a treasury money market is the same as FDIC. You are relying on the US government to pay its obligations. If the government cannot cover treasury bill obligations it most certainly is not covering your FDIC insurance claim either.
@michaeldavis318810 ай бұрын
One is FDIC insured, the other is not. Once a bank is FDIC insured it is a backing for your money. This makes it much safer up to 250,000.00. While money market funds aren't FDIC-insured, investments held in brokerage accounts (including money market funds) may be insured by SIPC. Unlike FDIC coverage, SIPC coverage doesn't insure the value of your investment-it protects you in the event your broker fails.
@exgamer0710 ай бұрын
@@michaeldavis3188 Both covers your claim in the event your loss is due to institution fail. Neither covers due to market fluctuations. FDIC will not reimburse you for loss of purchasing power of cash due to inflation. SIPC will not simply cover your loss due to decline of security share price.
@lseh472011 ай бұрын
Where should LLC’s open bank accounts? Ally Bank doesn’t allow LLC’s. BofA requires $6,000 minimum daily balance. With 5 properties, they’re pretty much getting $30,000 of our money without paying us any interest. Recommendations for LLC’s?
@rob_cpa10 ай бұрын
Check out Mercury Bank: mercury.com/ or Brex - they have higher interest rates for small businesses. You can also check out Oak Street Bank. Personally, I like Chase because of its ease of use, but you can always have two different banks for your business.
@andrewhack769817 күн бұрын
Good video thanks for the advise
@rob_cpa15 күн бұрын
Any time!
@sherilyncortez190622 күн бұрын
Hi. Can I move money from a Traditional IRA to a Money Market Account without paying taxes?
@choski7610 күн бұрын
Good question. I think you owe taxes for selling equities. Come back to the thread with your answer please
@kimr.99063 ай бұрын
I always got confused with MM accts. There are many types too. So what's the difference between MM mutual funds vs MM IRA acct?
@hiramngure812518 күн бұрын
I am a Kenyan but would like to invest in money market mutual funds. Is there a way I can do that?
@uaeio3 ай бұрын
You didn’t address taxation of interest/dividends. Money market mutual fund by fidelity ,SPAAX, calls its interest a dividend, but it is not qualified dividend… very misleading
@dawnsmith3709 ай бұрын
So I am new to this. So for example an SPAXX, are you reported and taxed on dividends if you select to have them reinvested? I currently have a high yield savings paying 4% but wanting to move over to fidelity to either cd’s , money market or mutual funds to earn a better return. I am also in the middle of transferring my Wells Fargo ira in which I am paying them $300 plus per month to do nothing over to fidelity and maybe putting that in mutual funds. So many options for someone raw
@asphaltandtacos4 ай бұрын
You will pay taxes regardless of what you choose to do with the dividends.
@user-fz9sd4gl9v9 ай бұрын
a money market mutual fund account has an exp ratio which will eat into the returns
@AnthonyLopez-di5vv5 ай бұрын
Depending on where you look, the yield already factors in exp ratio. That’s how fidelity does it
@moki8884 ай бұрын
I have been angsting over how to move my savings account from low interest rate bank for over a year now. Is Zelle safe? Cash app? Or do I need to wire transfer, which is pretty expensive way to go IMO.
@rgrobinsonxoxoАй бұрын
I’ve never had issues with zelle and it’s how I transfer my money between banks , I’d opt for that over cash app if it’s a large sum of money imo
@TheMachomaniac4 ай бұрын
I put 16 grand in a mutual fund at Fidelity 8 years ago and today its around 21 grand. I just learned about HYSA. Should I leave that cash where it is or move it to a HSYA?
@johny31333 ай бұрын
What is a % of taxes you paid each year for these account?
@WallStreetIceCream6 ай бұрын
have any recomedations for money market account?
@rob_cpa6 ай бұрын
Here is a side by side comparison: www.forbes.com/advisor/l/high-yield-savings-accounts/?gad_source=1&gclid=CjwKCAiA_OetBhAtEiwAPTeQZylQ-kgGSju48VMBnINkvVqOETUavnbZ2iHWWM8CG0jciF3qe0qGyBoCO4oQAvD_BwE&gclsrc=aw.ds
@dejiakinbode57156 ай бұрын
Great content
@johny31333 ай бұрын
You forgot to mention taxes on these accounts they all different
@Toke-YT4 ай бұрын
So my high yield savings account has 5% interest rate so monthly interest would be .41% every month, yes… so with the money market mutual, which seven day run is 4.7% , is that 4.7% monthly, or is that over the year?
@justjoe7322 ай бұрын
over the year
@208919 ай бұрын
Thanks so much
@rob_cpa9 ай бұрын
You're welcome!
@Floyd_Steel3 ай бұрын
Do you have to pay tax on a HYSA like you have to on a MMMF
@I_Died_2_Weeks_Ago2 ай бұрын
Federal, yes, but MMA may have tax benefits depending on the percentage of government bonds the account holds and the state you live in.
@dabig_guy22047 ай бұрын
Money accounts
@lalagummybearcarrot8 ай бұрын
What about factoring expense ratio of money market. If its like .5 do you deduct it from 5 percent you're making?
I just opened up a money market account with ticker SWVXX, when does it pay dividends? Is it quarterly? Thanks in advance.
@rob_cpa9 ай бұрын
They typically payout dividends each month, but you should double check with Schwab.
@YourwivestataBBBCH9 ай бұрын
@@rob_cpa thanks, and I just saw that I got $108 added to my SWVXX account. This was probably the 5.24% interest on $25,255 that I invested.
@MarcoAlmeida-yj5og5 ай бұрын
From my research, it pays out at the 15th of each month (or the next business day if that day falls on a non-business day)except in December which would be the last business day of the month.
@silviebordeaux5799Ай бұрын
How does SIPC work if you have your money in Vanguard Money Market Fund? Should I keep in bank instead? Thank you