172. Secure the Bag: Why You Need a High-Yield Savings Account Now
14:30 Share

You're listening to the Professional Goddess Podcast, a place for sluts who like to make money. I'm your host, Anna D, aka The Professional Goddess. On my show, we embrace the uncensored stories of being a self-made sludgepreneur. As a stripper turned CEO, I reveal all my juicy trade secrets and share interviews with other female bosses who capitalize on their entire existence.

from breaking stigmas in the female business world to challenging norms in the adult industry. We'll tackle it all in six inch stilettos, of course. Now it's time to dive deep into the journey of self-empowerment, owning our sexuality. And by each episode, we will earn our PhDs in CE poetry. I'm honored to have you here and it's my privilege to kickstart the show.

Hello, my lovelies. Welcome back. I'm excited to enhance your financial help today. We're going to talk about high yield savings accounts. I wanted to talk about a topic that's going to make your money work for you and

And I was late to the game discovering high yield savings accounts. I think we're all kind of taught to have a savings account with our checking account, but there's all these hidden fees and confusion about how to save your money the right way and what type of account is best for you. So we're just going to dive into the importance of a high yield savings account. And this was actually a requested episode by one of you in my DMs.

We've talked about ways to save and ways to invest for the future, and I'm super excited about this one because it's such a simple yet powerful way to grow your financial cushion with minimal effort. I also encourage you to listen to the Roth IRA episode if you are new to the finance world. These are just very simple baby steps into making your money work for you. So I'm

I'm all about passive income, baby, so let's get into it. So let's start with the basics. What exactly is a high-yield savings account? Or as you might have seen it called, a HYSA.

Well, it's pretty much just like a standard savings account. But here's the kicker: the interest rate is way higher. So in a regular savings account, you might see interest rates around .01.

up to 0.05% but let's be real that's not even keeping up with inflation with a high yield savings account we're talking about interest rates that can be 10 to 20 times higher than your typical savings account so I have started and opened many

many business checking accounts in my day and personal checking accounts with different banks. And it's different everywhere you go. Now, typically they encourage you to open like a savings account along with the checking and sometimes setting up like an

auto draft to get stuff in your savings, it can be kind of confusing. And then there's hidden fees that they'll charge you like a monthly, like maintenance fee or a yearly fee or overdraft fees. And I just have never really thought it worked really well, like the typical banking institutions. I'm talking like Wells Fargo, Truist, Bank of America. So I moved all

my money in my savings accounts there into new high yield savings accounts.

accounts. So what does that mean for you? It means that your money's going to grow faster and you don't have to do a goddamn thing. It's like giving your savings a raise. And the best part, you still have the same easy access to your money whenever you need it and typically no fees. So keep listening. I'm going to go into the best ones to open for October of 2024 and the ones that I have used in the past and why I like them.

But let's talk about why it's important to have one. So why should you care about this? Like, let's talk about something we've all heard of, inflation. Inflation means that every year the money sitting in your account buys you less and less. So if you're keeping your cash in a checking account or a low interest savings account, you're basically losing money over time. But when you put that money into a high yield savings account, you're at least keeping up with inflation or even beating it.

Now, some of you may not even know what interest is. Now, the interest percentage is how much you are going to basically receive for keeping your money in that account. So let's look up what the definition of interest is so I can actually say it right.

In finance and economics, interest is a payment from a debtor or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum or particular rate. What the fuck does that mean? I'm not sure, but I'm going to explain it to you in the simplest terms I can.

If you have $10 in your savings account and you're getting that 0.01% interest of $10, that means at the end of the month, let's see, this interest calculator isn't working. Come on, Google.

If you have, here we go. If you have $10,000 in a savings account with that 0.01 at a regular bank interest rate, you're going to earn a dollar every year. They just deposit that dollar back into your account. Now let's talk about the going rate of about 5% in these high yield savings accounts. So 5% of that $10,000 is,

is going to be $500 in interest in that first year. So would you put $10,000 in a regular savings account and make a dollar? Or would you put that 10,000 in a high yield savings account and earn $500 of interest in the first year? And don't worry, we're going to talk about taxes as well.

But this is important because if you have goals and you're saving for an emergency fund, that dreamy vacation or your future doomsday plan, the HYSA, the high yield savings account, is going to help you get there faster. And plus, unlike investments in stocks or crypto, which can be riskier, your high yield savings account is FDIC insured.

So the translation meaning it's a safe investment. Your money's protected and you're still earning more interest than if you were just sitting in a regular bank account, just like the numbers we just discussed. So how are we going to choose...

The best. H-Y-S-A. All right, professional goddesses, let's talk about leveling up your man's game in and out of the bedroom. Say goodbye to weak erections and hello to Joy Mode's Sexual Performance Booster. This is an all-natural supplement that's designed to enhance their blood flow, giving them firmer, stronger, and more reliable erections when it matters most. But here's the kicker. It's not just about performance.

better sex. Daily use of Joy Mode supports healthier blood vessels, boosts your heart health, and even enhances your athletic performance. I'm talking expert-backed science that's proven to improve erectile function by 50% in just 60 days. So with just a pack of water and in 45 minutes, you'll feel the magic start to work.

Whether you're at home or on the go, Joy Mode gives you the boost you need anytime, anywhere without the hassle of prescriptions or doctor's visits. So with just four simple ingredients, you're getting a clean, natural solution that works without the side effects of traditional meds. So why not take control of your performance

the natural way. If you're ready to take your game or his game to the next level, head over to tryjoymode.com and use my code goddess at checkout for 20% off. That's T-R-Y-J-O-Y-M-O-D-E.com and use code goddess for 20% off your first order. So don't miss out. Give yourself the boost that you both deserve. Now back to the show.

So I know that I've sold you on the magic of a high yield savings account. So how do we pick the best one? All you got to do is compare the interest rates. And guess what? If the interest rate goes down because the rates kind of match what inflation is, you can always just open a different one and transfer all your money into one that has a better rate. So even if it's a small difference, like 4% versus 4.5, it can make a huge impact over time, especially if you're saving up for the long haul. So if you're

So let's I just did a quick Google search of the best HYSA accounts of October 2024. And the feds recently cut interest rates for the first time in four years. So this means that the rates on savings accounts right now might drop in the coming weeks, they were above 5% the past year. So which was really nice.

So let's look into this. This is from businessinsider.com. I will include this link in the episode description, but I encourage you to do your own research. They have listed the highest interest rates for savings accounts.

It looks like all the banks and credit unions offer at least 4.3 APY, which is the annual percentage yield, which is significantly higher than the national average. So the first one is Lending Club. They're a Lending Club level up savings account. Right now is up to 5.3%, and that is actually the one that I have open right now, and it's

I just have this tab open. Let's see. No fees. The 5.3 APY is, let's see, no fees. Keep money in your account. No fees or free transfers as well and a $0 minimum balance. So that's what you got to look out for. Is there a minimum balance you need to open these accounts? Are there any fees? And is there like a minimum deposit per month fee?

that you need to get that APY. So Lending Club was one that I was going to recommend to you anyway, so it's exciting to see them at the top. We have Western Alliance Bank at 4.96% with a 500 minimum account balance.

We have Brio Direct High Yield Savings Account at 5.05% with a $5,000 minimum. So let's look at the ones with a zero minimum account opening balance. SoFi Checking and Savings at 4.3% with the zero balance.

Now, the other one I was going to recommend to you was the Capital One 360 Performance Savings Account. But honestly, right now, I just checked there at 4.1%. So I would definitely go with the Lending Club right now. But check out that article below. These different websites will update

them month by month. So keep, make sure to keep tabs if the percentage rate changes or if someone else has a higher percentage and you want to transfer. So do you get taxed on high yield savings accounts?

While you won't owe taxes on the principal account balance in your savings account, so if you put $1,000 in there, you're not going to get taxed on that $1,000, but any savings account interest earned is considered taxable income. So yes, the IRS does tax you on the interest you earn from these. So if you're earning $500 a year,

just out of interest, then you need to make sure to set aside to pay taxes on this. Ask your CPA, ask your accountant how you will pay that off. I'm almost positive they send you a document in the mail at the end of the year that shows how much your account has earned in taxable income from those interest payments. So sometimes you just have to hand that form

to whoever's doing your taxes and they will know exactly what to do. So just a reminder to make sure there's no hidden fees. Some accounts might look appealing, but come with pesky maintenance fees or require that minimum balance. No thanks. We want our money working for us and not getting eaten by fees. So

Think about accessibility. If you're like me and love the convenience of online banking, make sure that the bank or credit union you choose has a great app or easy access to your account if you need to transfer funds back and forth.

Now, I know we're talking about personal funds, but I want to remind you that business accounts, you definitely want to make sure the savings for your business accounts are in a savings account that earns as well. The one I'm using for my businesses right now is Live Oak Bank.

And I just prefer having money that's sitting in my account to be making money versus sitting in a traditional bank account with that very, very low interest rate.

Now, let's talk about common misconceptions. I know some of you might be thinking, Anna, I already have a checking account or regular savings account. Do I really need this? The answer is, fuck yeah, you do. High-yield savings accounts are not complicated and you don't need to move all your money. Even if you just shift over your emergency fund or set up automatic transfers of a small amount each month, your savings will start to grow faster. Another misconception is that high-yield savings account savings

interest rates change all the time and it's not worth it. While rates do fluctuate a bit, they are usually and typically way higher than regular savings accounts. So over the long run, even if they do drop, you're still coming out ahead.

So goddesses, here's your financial empowerment challenge for the week. I want you to do some research on high yield savings accounts. You don't have to be a financial expert to make this change. It's one of the easiest ways to set yourself up for success. Compare rates, check for fees, and choose one that works for you. You've got this. And if you need a little help getting started, I'll drop that link below as a resource and comparison tool in the show notes to help you pick out the HYSA out there.

Thanks for listening. I love you and I will see you next week. Bye sluts.

Thank you for listening to another episode of the Professional Goddess Podcast. If you want to keep the show going and growing, make sure to leave a five-star review. Shop my merch and eBooks at professionalgoddess.com. Make sure to use code SLUT at checkout for a little surprise. My book, Sludgepreneur Secrets, is now available on Amazon. Have a question, episode request, or want to be a guest on the show? Email my team via management at

professionalgoddess.com. And lastly, if you want to get all up inside me, subscribe to my premium content on OnlyFans at professionalslut.com. All these links and other socials will be in the show notes of the episode. But most importantly, thank you for subscribing to the show and I will talk to you next week. Bye sluts!

Hey professional goddesses, you know what makes me feel like a magician? The ability to run my online store so seamlessly. Seriously, it's like magic thanks to Shopify. When I started podcasting, an online store was the farthest thing from my mind, but now I'm selling my audiobooks and it's so easy, all because I use Shopify. Shopify helps you do your thing, however you cha-ching.

My friends at Shopify are the global commerce platform that helps you sell at every stage of your business, no matter how big or small. From the launch of your online shop stage to the first real store stage, all the way to did we just hit a million orders stage, Shopify is there to help you grow.

So whether you're selling scented soap or offering festival rave outfits, Shopify helps you sell everywhere from their all-in-one e-commerce platform to their in-person POS system. Wherever and whatever you're selling, Shopify's got you covered.

Shopify helps you turn your browsers into buyers with the internet's best converting checkout, 36% better on average compared to other leading commerce platforms and sell more with less effort. Thanks to Shopify magic, your AI powered

So let me tell you about a key moment for my business. I remember struggling to keep up with orders and manage inventory, but when I switched to Shopify, everything changed. It was a game changer. You guys, the platform's intuitive design,

powerful tools and apps helped me streamline operations and work smarter, not harder, so I could focus on growing my business. And that's exactly what happened. We reached new heights I never imagined. Shopify powers 10% of all e-commerce in the US and it's the global force behind Allbirds, Rothy's, and Brooklinen, and millions of other entrepreneurs of every size across 175 countries.

Plus Shopify's award-winning help is there to support your success every step of the way because businesses that grow, grow with Shopify. So sign up for a $1 per month trial period at shopify.com slash slutchpreneur, all lowercase. Go to shopify.com slash slutchpreneur to grow your business right now, no matter what stage you're in. Shopify.com slash slutchpreneur.

What's something that works so well that's basically magic? Selling with Shopify. Now back to the show.