Hey guys it’s a passion from a stubby and today we are going to talk about one of the highest interest no frills checking accounts currently available as of August of 2018 be aware that of stuff like this these rates obviously can change if you look at this video in the future so if you’re watching in 2019 or even.

In late 2018 so let’s say in October it might be completely different as of right now you’re going to get 2.25 percent APY from Northfield bank using the Platinum.

Savings accounts I run through the details.

Of the deal and again a few other things you want to be aware of especially around inflation and also around any taxes on a tax side if you’re not sure about anything I’d recommend go talking to your tax professional who can provide a bit more.

Advice so again this one is 2.25 APY on up to $100,000 if you have a balance above this amounts then you’re going to get 0.

9% instead on the whole amounts this basically means.

That if you are in that position you want to make sure that you stay below that balance so again probably keep it at about 95,000 dollars instead of anywhere near a hundred thousand there.

Is going to be a fee of eight dollars per month but it’s pretty easy to avoid this by having more than twenty-five hundred dollars in the accounts for most people looking into stuff like this you probably do have a relatively sizable balance probably between five thousand to twenty thousand dollars so I think that’s pretty reasonable and pretty understandable if you’re looking through the site and you want to find this offer you do need to scroll down quite.

A bit so it’s not at the top about halfway down the page you’re going to see platinum.

They get you’re seen that 2.25 on pretty much anything within this range one of the benefits of this compared to something like a CD accounts is that you can withdraw it whenever you want and there’s no early withdrawal fees so for some of the CDs if you withdraw it before the period you’re.

Typically either going to get charged but you might not get as much and again for a lot of those CDs they’re actually not as competitive so you’re actually going to get a lower percentage here you’re getting a pretty high percentage and there’s no risk so one argument that people make is while it’s only two something percent you can probably get 10 percent or 20 percent if you.

Invested in the market and even though that might be true you can also lose money one of the benefits of these.

Accounts is that’s again you’re making money and you’re not really risking anything the only thing you’re really risking is inflation if we look at the current inflation rates it’s about 2.

So yes you technically are losing money for me one of the big benefits of these accounts isn’t really again making money it’s kind of as a hedge towards inflation so yes you’re going to lose money towards inflation regardless of what you do but here you’re losing less money again if you’re someone who wants to invest it in the market I think that’s fine have a strategy.

That makes sense for me given the current market given the current climate I’m kind of moving money out of the markets rather than money into.

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