Learn about the best high yield savings accounts and how APR works. Want to learn more about how banks work? Check out this video: https://www.youtube.com/watch?v=O5DaC1Ujrrg Synchrony: https://www.synchronybank.com/banking/high-yield-savings/ SoFi: https://www.sofi.com/banking/ T-Mobile: https://www.t-mobilemoney.com/ Ally: https://www.ally.com/bank/online-savings-account/ Discover: https://www.discover.com/online-banking/savings-account/ *Note: The example used to calculate interest assumes interest is compounded monthly, but most banks will calculate interest daily based on your daily balance, while paying interest monthly. 0:00 Intro 0:19 What is a high-yield savings account? 1:29 How interest is calculated 3:30 Synchrony 4:07 SoFi 5:15 T-Mobile 6:00 Ally 7:05 Discover Disclaimer: The information provided by Five Minute Finance and from any communication related to Five Minute Finance is for education purposes only. The creator(s) of Five Minute Finance is not registered to provide investment advice and as such does not make any recommendation or endorsement as to any investment, advisor, or other service or product or to any material submitted by third parties or linked to this channel. Five Minute Finance does not hold itself out as providing any legal, financial, or other advice. No content provided by Five Minute Finance constitutes - or should be understood as constituting - advice and you should not rely on any material by Five Minute Finance to make (or refrain from making) any decision or take (or refrain from taking) any action. We make financial suggestions and it is up to our viewers to make their own decisions, or consult with a registered professional. Music: https://www.bensound.com/royalty-free-music