what's up you guys it's graham here so i

think it's finally time i give you an

update on the best bank accounts of 2020

that will make you the most amount of

money possible just for keeping your

savings with them

because unfortunately a lot has changed

in these last few months and the world

of banking is much different than it was

in the beginning of the year

and last year and the year before that

if you couldn't tell there's been a lot

of new changes happening lately see the

world of banking substantially changed

when the federal reserve decided to

lower their interest rates all the way

down to zero percent this was in

response to the illness and lowering

interest rates meant that people would

have access to cheaper money which in

turn would allow them to spend more

money which in turn would help boost up

the economy but by doing this it also

hurts people who choose to save money

because now money sitting in a savings

account is earning substantially less

than it was previously

that further disincentivizes people to

save their money and instead makes

investing their money look much more

attractive in comparison

however there are still places out there

that will pay you a high interest rate

on your money

relative to other banks out there and

i'm going to be ranking them here

because these banks pay up to 10 times

more than what most traditional banks

are offering and remember none of these

options are ever sponsored no one ever

pays me to be a part of this list

this is all just in my opinion based on

my own experiences and my own reviews

and that way you know you're getting

honest advice

without me getting paid to say any of

this stuff i just do all of this because

i enjoy it and because i want you to hit

the notification bell the subscribe


the like button comment down below and

let's make the youtube algorithm very


very happy so with that said thank you

so much and these are the best bank

accounts out there that will pay you the

most amount of money so just a quick

heads up here good news but i'm not

going to be mentioning a single bank

that pays you less than one percent

interest now by now i'm sure you're

probably thinking that one percent

interest is not a lot of money and for

me to even suggest

that you open up an account to earn one

percent means i've lost my mind the

point of these accounts is not to be an

investment where you go and earn a one

percent return because i'll be honest

with you that's a pretty lousy


instead the point of these accounts is

to earn as much money as you possibly

can for money that would otherwise be

earning nothing this might include an

emergency fund or maybe you just have

cash sitting in a checking account

anyway between bills or maybe you're

just holding on to cash because

you're convinced the market is going to

go down and you're waiting for the right

time to buy in well in those scenarios

if you have any bank account which i'm

sure most of you watching have a bank

account you may as well earn more money

than less money right and even though

interest rates have been steadily

declining this year

these banks will still pay you the most

amount of money possible and have the

best features and it all begins right

here so let's talk about one of the

banks that i've actually been pretty

fond of over the last few years and that

would be the capital one 360 account

because they currently offer a one

percent interest rate on their savings

account when you go to their website

and best of all there are no minimums

that means you could literally go to

this bank with five bucks

open up an account and get some of that

sweet sweet one percent interest

well okay it's not that sweet but one

percent is one percent the other

positive thing with this bank is that

they don't charge you any fees so you're

not going to be hit with any of those

monthly maintenance charges or any of

those really annoying fees

when you don't make those five debit

card transactions every month now yes of

course they do have some fees if you go

and break the

rules like a 35 overdraft fee but at

least they do have a next day grace


in the event you overdraft and can't get

money back into the account the same day

which by the way you shouldn't overdraft

to begin with so this shouldn't be an

issue now on the downside they're also

going to be charging you

40 dollars for an outgoing wire which is

insanely high but assuming you have a

little patience and can wait a few days

by opting for an ach

transfer instead that's pretty much the

same thing and that one is free

besides that though the other good news

with capital one is that they also offer

you a checking account as well which is

a little bit different from some of the

other banks i'm about to mention here

which only offer a savings option

the difference with capital one though

is that by allowing you to have a

checking account you're going to be able

to use this bank as more like a regular

bank in the sense that you get a debit


checks online bill pay and so on again

all of this without any minimums

and they will pay you a 0.1 interest

rate within the checking account portion

of the bank which let's be real that's

not a lot of money but

most banks pay you absolutely nothing in

a checking account so the fact that you

could get twice the interest paid in

this account

with no minimums as you would with 250

000 in chase's savings account which

only pays you a 0.05

interest rate it's worth a bit of a slow

clap so there really aren't any

downsides with opening up an account

with them except i found a link online

that says they only pay

a 0.8 interest rate on the same account

so i have a feeling they're testing this

out on a small group of people before

lowering the interest rates for


this is typically how banks do it

they'll do it for a small portion of

people first

and then everyone else like a month

later but the good news is that if that

happens we then have this bank here

that would be the american express

savings account that offers you a one

percent interest rate just like the last

option there's no monthly fees there's

no minimum balance and american express

has been a company that i've stood

behind for years because they have

amazing customer service and they also

have some really good credit

cards now i want to make the distinction

here that even though they're paying you

one percent in your money what you're

essentially getting

is just a savings account and that's it

unfortunately they don't offer a

checking account which means you're not

going to be getting debit card access

and you're not going to be getting a


it's really just a linked account online

that you could transfer money into earn

that one percent interest and then

anytime you actually need

access to the money you could transfer

it out to the bank of your choice so

american express is really just going to

be something that you use to earn a

little bit extra money or to keep cash

in there to pay down your credit card

but if savings is all you're after

especially if you have a credit card

with them already i would highly

recommend it american express has really

good customer service and the interest

rate is decent but if you're looking for

something even slightly better

then we have this one over here and that

would be you guys know i'm about to say

it i gotta say it i say it every single


ally bank this is a bank that i've

talked about non-stop here in the

channel for almost four years now and

even though we went through a bit of a

turbulent time a little while back

like when wealthfront was offering a 2.6

interest rate so i moved my money over

when ally bank wasn't being as

competitive and paying as much but

throughout all of that allied bank has

always managed to come out on top long


and now they've claimed victory again as

one of the best banks for high interest

of all time so first let me give you the

overview of exactly what they offer and


none of this is sponsored i am just

really happy with them and i share my

happiness with

my camera while i film alone in this


there you go anyway they offer a one

percent interest rate on their savings

account with zero fees and zero minimums

just to open up an account online and

get some of that sweet interest now even

though this is not the highest interest

rate out there and some other banks will


slightly more alibank always finds a way

to make up for it and honestly you don't

even mind

earning a little bit less interest

because allie bank is so good at pretty

much everything else they do

for example ally bank is a full-on bank

which means they got checking accounts

again those are totally free to set up

and i have a separate checking account

linked to every one of my rental

properties and the good thing with those

checking accounts

is that they even pay a little bit of

interest like if you keep less than

fifteen thousand dollars in the account

they will pay you 0.1 percent which is

the same as a capital one 360 account


if you keep more than fifteen thousand

dollars in the account

they'll raise your interest rate to

point five percent again it might not be

a lot and you really shouldn't keep that

much money in a checking account

anyway but at least they're paying you

interest when nearly every other bank

offers you nothing and everything with

the account by the way is free you'll

get free debit cards free

checks it's pretty awesome but wait

there's more allie bank is also a lender

so you can get a loan through them if

you decide to do that

and they're also an investment platform

with zero dollar stock trades so in a

way you could get everything banking and

money done

in one single spot from loans checking

savings investments and so on not to

mention their customer service is so

good that i have never had an issue

reaching anybody on the phone

in i don't know less than five minutes

and even though yes their customer

service is a lot busier now than they

were in the past

probably because i have been mentioning

them non-stop i still have not had a

single issue with them

but now let's get into the banks that

pay more than one percent

interest these are the real money makers

here and we'll start off with this one

and that would be vo bank

that pays you 1.04 this is another

online savings account that has no

fees but it does have a 100 minimum

deposit to sign up so overall it's a

really good option

however the only downside is that like

american express this is only a savings

account to transfer money into

and out of so anytime you want to

transfer money in or out

it's probably going to take an extra few

days so just keep that in mind that if

you're after your

money just give yourself an extra few

days and if a good interest rate is all

you care about

then yes this one is a really good

option that pays you just a little bit

more than almost anybody else

but we still have another few options

that pay even more than this one so for


now who wants a full-on bank not just a

savings account and you want a bank that

pays you 10 percent more than anything

else that i mentioned

we got this one and that would be

redneck bank this is really one of the

craziest ones from all of them and i

found them a few years ago and a

subscriber mentioned them to me and

wanted me to review it and the first

thing i saw when i looked at the website

i was thinking

what is this there's a goat that comes

on screen every now and then

they've got a fishing squirrel a muddy

pig and a fly that just won't go away

but no they're actually a legitimate

bank with really happy customers and

they pay you a pretty good interest rate

i don't understand why they're redneck

bank but you gotta hand it to them

they're memorable and it just gets

people talking about them and with all

of that they're gonna be paying you a


interest rate on your checking account

with no minimums but they will only pay

one point one percent on the first ten

thousand dollars within the account

and anything over that amount will earn

zero point two five percent

also the minimum to open this account is

five hundred dollars

so once it's opened yes you could take

your money out and there's no fear

penalty for that but you have to have at

least 500

to open the account they also have

instead of a savings account they call

it a money market account that pays you

a 0.85 percent

interest rate on all balances up to

fifty thousand dollars again there's no

fees there's no minimums but like the

last one you do need to deposit at least

five hundred dollars up front to be able

to open up the account now if anyone is

curious what the difference is between a

money market account and a savings


there's pretty much no difference you're

like 99.9 the exact same thing

honestly this is a bank i would highly

recommend for anybody who keeps less

than ten thousand dollars in their

account if that's the case this bank is

almost going to consistently pay more

than almost anyone else and being paid

ten percent more is a really nice perk

but if you keep more than ten thousand

dollars in your account then i would

most likely just recommend going with

ally bank instead

or potentially one of these other

options i'm about to mention that pay

you even more and that would be varro


they're stepping up to be some major

competition right now between some of

the other more established banks because

they're pulling out all the stops

they're paying you a really good

interest rate and they're not just a

savings account they also have a

checking account too

they're a full-on bank now to start

they're offering you a 1.21

interest rate on their savings account

with no minimum balances and no monthly

maintenance fees they'll also let you

potentially earn up to 2.8

interest up to a 10 000 balance if you

meet the minimum requirements

now to do that within their savings

account you must make five debit card

purchases in a month which most people

do by the way just by buying

one dollar amazon gift cards online you

must also have at least one thousand

dollars worth of direct deposits going

into the account

and the account cannot exceed ten

thousand dollars overall that's a fairly

easy minimum to hit

as long as you're aware every single

month that you need to make those five

debit card transactions

or one dollar amazon gift card purchases

but if you do that

a two point eight percent interest rate

up to ten thousand dollars is really

really good they've also got a few other

okay kind of features like a roundup

feature that will round up your debit

card purchases and then just

transfer the difference into your high

interest savings account and i think all

things considered it's probably better

to use

acorns investing for a service like this

that automatically invests the

difference on your behalf

instead of just going and transferring

money from your checking account to your

savings account but hey it's a good

option you're not losing money on this

and at least it puts more money back in

your savings account it also says on

their website that you could get paid up

to two days early with direct deposit

which in my mind i'm thinking

how can they pay you two days early how

do they know how much you're gonna get

paid how does that work

or what would happen if they paid me

early and then i never ended up getting

paid well here's the thing the fine

print says early access to direct

deposit funds depends on timing of the

payer's submission of deposits

we generally post such deposits on the

day they are received which may be up to

two days

earlier than the payer's scheduled

payment date so basically as an example

if your employer pays you after business

hours on monday

and it usually takes most banks 24 hours

or a business day to process that


then in that case your money would be

available to you on wednesday so this

bank basically says that they'll give

you access to your money as soon as it

hits your account without any processing

time and

from that perspective it's good but for

most people out there it probably means

you'll just get your money 24 hours

sooner without waiting for that

processing time

so overall this is a really great option

and the one point two one percent

interest all the way to two point eight

percent interest makes a lot of sense

for anyone with less than ten thousand

dollars who doesn't mind jumping through

a few hoops to get that higher interest

rate and lastly i gotta talk about this

one because i know if i don't mention it

a few dozen of you are going to be


asking about why i didn't include this

bank and wanting my opinion on it so

here we go

that would be the t-mobile bank account

that pays you a 4 interest rate now

here's the deal with this bank account

yes they will pay you 4

in interest but there is a bit of a fine

print and a catch that everyone needs to

be made aware of

first the four percent interest rate is

only available to t-mobile customers so

if you're not a t-mobile customer that

doesn't apply to you

second the interest rate is only

available for the first three thousand

dollars in the account

after that you'll earn one percent

interest which is still really really

good but it's not four percent

and third you're also going to need 200

a month in direct deposits to be

eligible now if you could meet all three

requirements then yes the four percent

is a really amazing rate to get even if

it's only on the first three thousand

dollars and for any t-mobile customers

as long as you don't mind

opening up an account i would recommend

it with three thousand dollars the ten

dollars a month you earn an interest can

help offset your phone bills so from

that perspective

i'm all for it this is also an account

with no fees and no minimums no

overdraft fees no monthly maintenance

fees none of that

they also offer you the same get paid

two days early nonsense by avoiding the

processing wait time so i guess that's

another decent perk if you want to throw

that in there

and don't worry if you're not a t-mobile

customer you could still open up an

account with them but you're only going

to get paid one percent in interest so

all in all it's a pretty good bank for

t-mobile customers to get the four


but if that's not you then i would

probably recommend going with one of the

other banks instead and just remember

the entire point of this is not to imply

that you should be

investing your money in a savings

account or earning one percent is a good

return by any means

but this is all about getting the best

rate possible for the money that you do

have sitting in cash whereas otherwise

you would be earning much less money or

stuck with a bank account that charge

you monthly maintenance fees that's bad

it's all about just maximizing the money

you do have and learning how to make the

most of it and all of this really begins

right here and also none of this is

sponsored none of these banks ever pay

me to put them on their list or anything

like that

all i get from it is to help you guys

out earn a little bit more interest and

find a way to ask you to smash the like

button and get your two free stocks down

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next time