Exploring High-Yield Bank Account Options and Their Limitations

#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

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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

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