I also vote for no music. Way too hard to listen to this!

I agree with the comments below, you need to stop the constant music track. It’s super annoying. Also you never said what bank to avoid, so that was a little misleading,

Please consider not using background music. It's too loud and is competing with what you are saying. Thank you.

Wife and I are on steps 4, 5, 6... but have been stalled out, especially in the last year. Inflation, and a car accident which ate part of our EF, has effectively removed the margin month to month by which we used to build it, and then some! Even with cutbacks & side hustles added in, it's still all we can do to not tap into our EF just to tread water financially. Pretty frustrating.

Dear Editor: Please turn the music in the background down, it is not accessible to those of us who have hearing impairments. Honestly, if you want to put music in the background try a really soft classical music and turn it down really low so it doesn't compete with her voice and message. I got the information (mostly) but it was super hard for me, and I am sure I missed parts.

Thank you for the reminder and a little push!!

High Yield Savings Account #1 No minimum initial deposit, no minimum balwnce to maintain, and no penalties for withdrawing your money. #2 transfer times and withdrawl limits. #3 Through a bank thats FDIC-insured or a credit union that is NCUA-insured (protected uo to $250,000). #4 In order to decide between a Money Market Account verses a High Yeild Savings account is ask how often do you need to access your money?

I appreciate and respect you so much! Thanks for the down to earth, solid information ❤

American Express High Yield for 4.25% with no strings. Just sign up and go.

A lot of the national brick and mortar banks are even less than .25%!!

I’m low income and I did a high yield account….. for this reason you keep some money local….so even those on low income or say social security can save something.. I’m doing it on survivor benefits now.. budget is key….and I don’t get welfare and I pay into Medicare as well.. am I a senior? Not yet.. I have a few more years til retirement age… I bought Dave’s book and twerked it to fit my lower income .. it works and after a year I learned to save digitally .. no it’s not a lot but I’m consistent and savings is just that .. this is why keeping a buffer in your bill acct is so important..because life be lifeing for those on the extreme lower end.. I didn’t think I could save I started with a glass mason jar of coins. Then I got bold and went to one dollar bills.. and in one year saving $ bills I had saved over $500 this was last year…. Here we are in 2024?- 6 months in I have saved $500 more.. how budgeting and meal planning .,. It works , stick to your budget and watch what happens..

Love you and your dad and been following both your advices for a long time and my wife and I are better off financially for it! Now for advice from my end lol, you really need to look directly into the camera even if it takes longer to make your video. Keep up the great work and thank you for all you do to help us out!

Music is distracting!

How about 5.55% high yield saving with My Banking Direct? 5.25% high yield savings with UFB direct. Both FDIC insured. No minimum, no fee.

I love Marcus by Goldman Sachs or Ally which I think she mentioned. The part I love the moss about Marcus is the 1% extra you get for 3 months when you refer friends and family and you only need $5 to open it, no fees, takes 1-3 days to get your money transferred to your checking

Money Market, and I've been doing short-term CD ladders: 1-3 months as these rates are higher than 1 year CD'S. I only do this with a small portion of my extra funds as I'm investing in 401K, Roth, and self directed count monthly as well. Nice getting enough monthly off of interest to pay for water and trash bills.

My high yield savings is linked to checking. I can transfer instantly and use a debit card if needed.

I really enjoyed this video, thank you!

stumbled across this. have been considering a high yield savings acct and you break it down perfectly. you lay things out well and it's no fluff but what we do need....and ....'pleasantly presented' i guess is one way to put it. i sub'd. ( the bonus is, i was strongly leaning toward Ally bank : ) thank you

The music is killing me.

Thank you, for providing sound reasonable advise. However, for myself prefer to lock my money down in a 6-month to 18-month Certificate of Deposit (CD) because, it forces me to keep my hands off this money until, I receive its promised return of 4.75 to 5.25 percent APY. Also, I never do business with an on-line only bank or savings and loan. For me, they must have at least one physical main office or branch located some where in the United States (smile...smile).

I’m trying to hear what Rachel is saying but I can’t focus because of the music, ADHD brain 😅

We were making a lot of money with Certificates of Deposit at Navy Federal. But I pulled all our money out of there because we sold our house, put the cash in the bank, and when we wanted to transfer $20K to the contractor who was building our new home, Navy Federal REFUSED. They said it was too much money. But the stated limit for transfering funds was much higher. I think the stated limit was $35K. I had to argue for 1 hour before they relented and let me send MY money to have MY house built. Buncha tyrants. Now I get a few pennies a year interest, but when I want some money, my current bank asks NO questions.

The distress for banks was a farce; what we have experienced in the past 2 years is a result of a system that has worked incredibly well. The Fed just had to tighten credit to cool the economy.

Which bank to use????

And spoiler alert...things may (circumstantial) cancel out as Uncle Sam has hands open come April the following year to collect all that new interest income so plan wisely.

The music is so annoying sheesh

Thanks, great video. The music wasn’t that bad, I was easily able to listen to and hear what you were saying.

What is surprising is that Ramsey folks talk about the high yield savings to get a couple of extra percentages, and I agree, but the surprising thing is... I pay my insurance with a credit card, for one year all insurance, car, life, home, medical, etc., cost approximately $8,000 / year, on my credit card I get 2.5 % back and that equals = $200. They would rather me pay cash and forfeit that $200 cash back amount.

Once we fully funded our emergency fund I was uncomfortable with having that much money in a savings account that was attached to our checking account. So I started an automatic transfer to an old TD Ameritrade Roth IRA account I had. It grew to $8,000 and then we moved. Our mortgage is much higher so I stopped the auto deposit. I’m turning 62 soon so we aren’t sure what to do with that 8K. It’s earning a tiny interest and we would like to make more. Rachel what would you suggest?

I agree the music in the background needs to be turned down a little bit

No the music isn't distracting, Rachel's voice comes through clearly. Great advice on the type of account to choose as well.

Thanks for the info.

I paired my high yield savings acount with a CMA to gain additional interest each month. The interest i get from my savings is now 4% and my CMA is 2%. Nice way to gain passive income.

The back ground music discourages going to suggested banks .

Music was loud so had to hear Rachael

JS said read everything. Treats & Conditions on the on-line banks are very different. Mr. Gilbert! Big guy for a Jr

I get 5.2% in my money market at my bank, which IS FDIC insured, which you seem to think is not....

Which bank should we avoid?

why do you need to have music in the back ground gust like t.v.

Velocity Banking, free yourself from debt first. Money Max next step.

Nasty 4 letter word-DEBT. Sweet loving 4 letter word-CASH

Jeffy, how do I get the details of the April interest theft? They have no business touching our savings so they can squander it away😢

Interesting that Rachel uses Ally Bank for HYSA but George has been promoting Laurel Road. Also, a missed opportunity for Rachel to highlight that actually most large banks offer a 0.01%-0.06% interest rate on savings. The .25-.50 is actually pretty rare. It's usually either near-0 or it's competitive and follows the federal target funds rate, which was also not mentioned here.

Click bait! Why does the title read “You shouldn’t save your money in this bank”

I like money market so I can invest it at anytime.

After reading some comments about the music - I'm not even going to bother listening

I don't like piling money in the bank either because I worry the inflation will eat up my savings if I leave it in the bank. I have about 180k that I want to invest in the stock market, but I don't know how to start. Any suggestions?

The hold music is not it fam. It’s too dated.

Recommendation would have been nice

I don't hear no music.

Why all the different banks ? Seems redundant... they all follow the same rules and regulations they are not competitive at all....and not will to negotiate either..so what's the point.

Misleading..never mentioned what bank not to use

Why music?

HYSAs are a waste of time. T-bills pay more and are state tax exempt. The lowest 4 week T-bills pay 5.365 right now. Tip HYSAs probably buy T-bills and farm the difference.

Hello, Rachel. New follower here. I have zero debt besides my mortgage with a 3% interest rate. I’m saving 20% of my pay. I have $10K in a tangible savings acct and have allocated $7k of that 10K to a 4.5 APR. My question is should I continue to pay extra to my 3% mtg or, add to the 4.5%APR savings account? Thank you and, have a Blessed Day 😊 💴

Money market is okay for your emergency fund. Wouldn't keep a ton of money there. I mean, inflation is really around 12% -- best to keep in the market.

Capital one high yield savings account thats what i got my main savings account and 2 contingency hysa accounts collect money

Cut the music and you would probably get more comments and likes as well as views.

No music

Lost interest bout a ⅓ way through with the music competing with you 🤦🏽‍♀️

I don't like the 3 to 6 months idea, 6 months is 2 times 3 months that's a lot of difference. Is it 3 months or 6 months 😞

She DID say the bank name, Allied bank

STOP STARTING SENTENCES WITH "SO"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

NO I won’t ever TRUST digital on line bank accounts, I look for a bank that has a building , and been in business for at least 50yrs 😊

If you’re young should skip a savings account altogether and throw everything in a S&P 500 ETF.

Those thousands in passive income add up fast. I feel bad for the youngsters who don't listen to me.

My brokerage money market account used for stock investing earns approx. 5% APR so I just leave my extra uninvested "emergency" cash funds there. Easy $400-450/month interest earned.

Agree. Music makes it difficult to hear her. Annoying too. Better if silence

I am currently earning 4.5% in my Marcus by Goldman Sachs account I started out with a three month 5.5% introductory rate, but that has sadly come to an end.

4%-5% is still losing money due to inflation, and you pay taxes on the income as if you made money.

If you turn it down you can’t hear the music. I’m trying to watch without waking my son lol 😅 and all I hear is her talking

Can you please release this without the music? I honestly miss out on a lot of words.

Music should be for intros and outro, not the duration of the video. This edit missed the mark. Good info though otherwise

Only invest in money markets and CDs. The stock market is a losing proposition.

I’m 50. $100 when I was born is only worth $11 in today’s money. Make your money work for YOU & not banks.

What if you have more than 250k

I am retired and am currently doing number seven.

You don't need background music. Turn it off.

Whoever makes this annoying music in the background needs to see a Dave Ramsey video professional. The music is MOST ANNOYING.

I have a music investment.

What do you mean "its not always a traditional bank?" The answer is "its NEVER a traditional bank." At least not today, not anymore.

Content excellent but music distracting, much harder to hear all the good advice - lose the music like everyone else says! 😊

I thought this video was going to be a about Chase Bank. In any case, DO NOT open a bank account with Chase. Use a credit union instead.

Become your own bank. Whole Life insurance...

I agree about the high yield savings but didn’t that money come from poor people who pay overdraft fees, etc? Other Ramsey videos have guilted people who get credit card rewards because they say the rewards come from poor folks that pay interest each month. Make up your minds lol.

Ally works for me

Save under the table,cash and tangibles, appear to be poor.

Is Ally bank any good?

Every penny is SAFE in the bank.

FDIC doesn’t have the money allocated if the banks go bust, we are 34 trillion in debt, but crypto gold silver - worse than 2008 . Blockchain is the future-

The music, fighting against your voice, is actually anxiety inducing.

Take that music off or put it as real background

I love the background music.😊

a lot of bankers commenting on your page.....

SoFi bank is excellent

Hi

Even a high-yield savings account won't keep up with inflation. All your models are broken. The monetary system has morphed into a multi-generational fiat ponzi scheme. Keynesian economics has failed miserably. The answer is Decentralization over fractional reserve banking.

If you are worried about making 50 dollars a year on your emergency fund, you got problems.

BANKS ARE FOR THE RICH PEOPLE'S