Banks DO NOT want you to know how this works-you earn money while you sleep!

Financially Fit with Coach Hill

The bank account the earns you money while you sleep!

In this episode of Financially Fit with Coach Hill, your go-to personal finance expert and money coach to the NFL, Coach Hill delves into one of banking's best-kept secrets – the high yield savings account.

She traces the rise of these accounts back to 2022, correlating it with the Federal Reserve's interest rate hikes and breaks down the mechanics of high yield savings accounts, emphasizing that they've been around for years, paying less than 1% in interest. However, their significance grew in 2022 when interest rates rose, prompting banks to offer higher returns on these accounts. She sheds light on why most banks prefer to keep this financial hack under wraps – because it cuts into their profit margins.

Coach Hill explains that high yield savings accounts can earn you four to six percent interest in the current market, making them a lucrative option compared to traditional savings accounts paying mere fractions of a percent. The flexibility of these accounts, with no minimum balance requirements and the ability to move money in and out at will, makes them an ideal choice for emergency funds or short-term savings goals.

The episode also briefly touches on the tax implications of the interest earned and highlights how financial advisors may have access to accounts with even higher interest rates. Coach Hill provides real-life examples of interest rates from different institutions, urging listeners to explore their options and consider high yield savings accounts as an additional stream of income.

Join Coach Hill as she provides insight into one of the best kept secrets in finance. Improve your financial life and create another stream of income with a high-yield savings account.