I FOUND THE BEST BANK ACCOUNTS OF 2020

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. 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. 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 button, the like button, comment down below, and let's make the YouTube algorithm very, 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 investment.

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-dollar overdraft fee, but at least they do have a next-day grace period 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 card, 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 everybody. 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 checkbook. 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 video: 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, Ally Bank has always managed to come out on top long-term, 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 again 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 room. 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 pay slightly more, Ally Bank always finds a way to make up for it. And honestly, you don't even mind earning a little bit less interest because Ally 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. Except if you keep more than fifteen thousand dollars in the account, they'll raise your interest rate to 0.5 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! Ally 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 anyone now who wants a full-on bank, not just a savings account, and you want a bank that pays you ten 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 1.1 interest rate on your checking account with no minimums. But they will only pay 1.1 percent on the first ten thousand dollars within the account, and anything over that amount will earn 0.25 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 account, 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. 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 Varo Bank. 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 2.8 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 payment, 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 1.21 percent interest all the way to 2.8 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 commenting, 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 percent interest rate.

Now here's the deal with this bank account: yes, they will pay you 4 percent in interest, but there is a bit of 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 dollars 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 in 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 percent, 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 charges 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 below in the description.

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