Best Bank Account Setup to Earn Interest on All Your Cash

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 5 June 2024

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

#177: Chris shares the best accounts to replace your checking account and maximize interest earning. He evaluates must-have banking features, compares 10+ bank accounts, assesses the pros and cons of switching accounts, offers automation tips to elevate your banking experience and so much more. Link to Full Show Notes: https://allthehacks.com/best-bank-accounts-high-interest Partner Deals HubSpot: All-in-one customer platform to get more out of your business Superhuman: Free month of the fastest and best email with code ALLTHEHACKS Mint Mobile: $15/mo for unlimited wireless on the nation's largest 5G network Notion: Try Notion AI free to automate tedious tasks and streamline your work Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Resources Mentioned All the Hacks Membership Bank Bonuses Episodes #62: Protect Your Family, Mitigate Taxes and Preserve Your Wealth All-in-One High Yield Accounts: Fidelity Cash Management (SPAXX coming June 15) Wealthfront Cash Account (Get 5.5%) U.S. Bank Elite Money Market TransferWise (For international transactions) High Yield Savings + Checking w/ Overdraft: Mercury: Enter giveaway to skip the waitlist for Mercury Personal SoFi Capital One Discover CIT Bank Ally Bank Robinhood: Spending | Investing Schwab Checking Account Recurring Transfers: Zelle App Personal Finance Tracker: Copilot (Get 2 months free with code HACKS2) Wealthfront: Automated Bond Ladder + Calculator Automated Savings Plan Full Show Notes (00:00) Introduction (03:29) Must-Have Features in a Primary Bank Account (09:23) Tiebreakers to Consider for a Bank Account (14:43) High-Yield Savings Accounts (17:41) Regular Checking Accounts (21:43) The Most Optimal Way to Use a Bank Account (24:54) Comparison of Banks with Main Features You Need (28:50) Robinhood's Investing & Spending Accounts (30:52) The Difference Between Bank Accounts and Investment Accounts (33:25) The Schwab Checking Account (38:39) Unique Features of Mercury (44:33) The Wealthfront Individual Cash Account (46:15) U.S. Bank's Elite Money Market Account (47:17) Fidelity Cash Management Account (53:24) Chris' Top 3 Bank Account Recommendations (56:42) Is It Worth Switching Bank Accounts? (58:45) Simple Steps to Automate Your Financial Life Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: X | Instagram | Website | LinkedIn Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Okay, if you're not already earning 5% on all your cash, including your checking account,
0:05.6	then by the end of this episode, I hope you have everything you need to stop leaving money on the table
0:11.0	and simplify your finances.
0:12.8	Hello, I'm Chris Hutchins and this is all the hacks,
0:18.2	a show about upgrading your life, money, and travel.
0:21.4	And today we're focusing on bank accounts.
0:24.1	There are thousands of checking and savings accounts out there.
0:27.1	I've looked at and even signed up for dozens of the best ones as research for this episode
0:32.4	so that I can help you earn the most interest,
0:35.2	have a great bank account to operate your life out of, keep things simple and have a great
0:40.1	banking experience.
0:41.8	And it's not purely altruistic. I did a lot of this because I also
0:45.0	wanted to find the best bank account for me and the reason this is so hard is that
0:50.1	most checking accounts pay almost 0% interest everywhere.
0:54.7	And if there was a high-yield checking account that paid 4% to 5% interest, this would be a really
0:59.8	easy conversation.
1:01.6	There actually are plenty of accounts that say they do this, but they're
1:05.0	all filled with crazy requirements, caps on earnings, and other gotcha's.
1:09.9	For example, Fitness Bank is going to give you 6% on your checking account as long as you average
1:15.3	10,000 steps a day and have 15 debit card transactions a month, meaning not earning your credit
1:21.5	card points, and that rate only applies to the first
1:24.5	$25,000 in your account. If you can't hit your step goal or the card transaction
	...

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