Is putting $20,000 in savings at 4.10 apy a good idea?

[BrentWoodSean38]

Never had a savings and haven’t had a bank account in years. All this money but not maximizing it. I guess after 1 year that’s like $800. This is what Credit Karma is offering. I would have a remaining $6,000 so wouldn’t fukk up by withdrawing from the savings. Any better options or is this my best bet risk free?

 

[Serious]

I think that’s fine

 

[Mirin4rmfar]

Go to SOFI, it's 4.60 apy

 

[greenvale]

Never had a savings and haven’t had a bank account in years. All this money but not maximizing it. I guess after 1 year that’s like $800. This is what Credit Karma is offering. I would have a remaining $6,000 so wouldn’t fukk up by withdrawing from the savings. Any better options or is this my best bet risk free?

This is fine. You can also put some of it in treasury bills. The benefit there is there is no state income tax on there

 

[BrentWoodSean38]

Go to SOFI, it's 4.60 apy

That’s the highest apy available?

 

[Serious]

That’s the highest apy available?

I use m1 and get 5.0.

However I pay for m1+ which is $30 annually, right now. But I think without m1+ it’s like 4.6.

 

[SupaVillain]

i got over 20k in a high yield savings account and im earning money but it's so damn slow. is there a faster way to go about this

 

[Secure Da Bag]

i got over 20k in a high yield savings account and im earning money but it's so damn slow. is there a faster way to go about this

Flip a house? Flip weight? Get lucky in the lottery or stock?

 

[SupaVillain]

my post might be a lil obtuse lol, i was interested in different index funds that y'all be using, whether it be in different funds or whatever

 

[Secure Da Bag]

my post might be a lil obtuse lol, i was interested in different index funds that y'all be using, whether it be in different funds or whatever

My bad.

I would just invest in stocks that pay dividends. As long as you don't need it for emergency funds. If so, I'd take @Serious advice.

 

[Serious]

My bad.

I would just invest in stocks that pay dividends. As long as you don't need it for emergency funds. If so, I'd take @Serious advice.

i got over 20k in a high yield savings account and im earning money but it's so damn slow. is there a faster way to go about this

INDEX wise.

SPY is the market. Averages 11% a year. 99% of people can't "ANNUALLY" beat SPY.

 

[Sugarbush]

my post might be a lil obtuse lol, i was interested in different index funds that y'all be using, whether it be in different funds or whatever

INDEX wise.

SPY is the market. Averages 11% a year. 99% of people can't "ANNUALLY" beat SPY.

VOO
VTI

 

[Koapa]

I have 20k in JEPI ETF. Its a high dividend ETF. It pays monthly dividends. I average $135.00 per month in dividend. Take the dividend and reinvest it in JEPI.

Set it and Forget it.

JEPI Dividend History, Dates & Yield - Stock Analysis

Get the latest dividend data for JEPI (JPMorgan Equity Premium Income ETF), including dividend history, yield, key dates, growth and other metrics.

stockanalysis.com

 

[winb83]

My bad.

I would just invest in stocks that pay dividends. As long as you don't need it for emergency funds. If so, I'd take @Serious advice.

You may be hard pressed to find a great dividend play that's gonna beat 4.6% and not be up and down with the market or possibly cut the dividend.

 

[Secure Da Bag]

You may be hard pressed to find a great dividend play that's gonna beat 4.6% and not be up and down with the market or possibly cut the dividend.

True. But on average, stock values should rise over time and also the dividends, AFAIK.