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Is Elevault High Yield Savings Account Worth It NOW in 2025? — Transcript · YTtoTranscript

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Is Elevault High Yield Savings Account Worth It NOW in 2025?

Andy's Way to Wealth · 1,737 words · 9 min read · EN-ORIG

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Below is the complete, readable transcript of Is Elevault High Yield Savings Account Worth It NOW in 2025? by Andy's Way to Wealth on YouTube. Read the full text, copy any part you need, or generate a transcript for any video with our free tool.

Y'all, did you know that savings accounts pay like crap interest rates? I didn't, but that's going to change today. I heard this app called Elev is paying like 4.6% interest, which is way higher than what I'm getting now. I'mma check them out. If they don't look too fishy, I'm going to open an account. Let's go.

Found their website, elvault.app. And right there, smacking in the face, 4.6%. Okay, it's real. It's certainly not crappy. All right, that that seems pretty high to me. L Vault pays interest daily, a rate that's 10x over the national average. Daily? Isn't it supposed to be like monthly? Anyway, all all vaults vaults are sort of like

traditional checking accounts, but you can create, edit, and delete them with just a tap. Like subdivide up your money. Okay. It's an app. Yeah, App Store and Google Play. I'm poor. I have an Android, so that's good to know. No monthly fees, no hidden costs or just because charges your savings. Fully transparent. Okay. No fees. That's good

to know. Your deposit empty. I see insured up to $250,000. Okay. That's a federal law. Okay. Good to know. They got some insurance just in case something fishy happens. Main vault savings. Wedding emergency fund value shared with me. Honeymoon. All of that. You couldite. You couldite. Get some organization up in here. You know what

I'm saying? Damn. Main vault savings, wedding, emergency vault, honeymoon. You can like divide this up any which way. Get sinking funds going for every You can get like your paycheck going into your main vault. Stash your savings in another vault. And then you wanted to save for down payment on a house. You

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already have a house and you wanted to save for like a new roof. You want to save for a new car. Yo, they got they got your divvies right here. You can divide whatever you want. Expiration guidance. Ya ya ya. And that's it. So they have a good rate. They are FDSC insured. There are no

fees. I didn't see anything about like how much I have to deposit to get any kind of interest rate. I didn't see any other like do I have to have direct deposit in there to get this rate. I don't know. I guess there's only one way to find out. We got to open an account.

I'm diving in. Okay, before we go full boore, here's the pics from the app store. Daily interest 33 cents yesterday. They really do pay every day. Dad gum. It might be like, "Hey, here's what you earned yesterday, but they don't actually put it into your account until monthly." Either way, as long as I get the

interest, I don't care if it gets paid every day, every week, once a month. I mean, monthly is fine with me. Scheduled save. I probably won't, but it's nice that you could do a scheduled save. Schedule automatic and recurring withdrawals from your main vault. It's just like scheduled moves within the app. Vault keys are account numbers you

can share with companies, vendors, and merchants. Oh, I thought it was like so other like your friends can like look at your accounts or something. You could just like straight up bill pay with this junk. Okay. Okay. Seems fancy. Southern Bank Corp. FDIC. That seems pretty important. If I don't see FDIC on my

bank, I'm out. Let's check some reviews. Update. I gave it a month and never received interest. Oh no. Withdrew to PayPal. blah blah blah blah. I deposited a dollar. Bro, you deposited a dollar and you expected to get interest every day. That's not how this works, bro. You're going to get like 4.6 cents

across the whole year, dude. >> You're not very bright, are you? >> Next. Superb focus. Okay. Five stars. Build and grow. Okay. Okay. For a balance of 101, interest would not be enough to pay daily as you must have one penny in earned interest to receive an interest deposit. Okay. So, if they're

paying every day, I don't think you need to necessarily like have a minimum in there. Like, I don't need to put in $100 or $1,000 in order to get interest every day. It's just like whatever it ends up being. Probably like $75 or something like that to get like a penny a day.

Okay. Okay. Okay. Okay. All right. Only thing left to do is download the app. All right. So, I downloaded the app. Preferred name, email, mobile number, password. Okay. Okay, so up at the top we see info codes, agreement, ID, confirm. All right, I'm fill up this screen. I'll be right back. All right, I

filled out all that stuff. And then it had me send a code to my phone and also code to my email as well. And then that brought me here. So I have to sign this agreement, but I will look at this in detail. It's just my real finger scrolling really through this. Oh, I agree. Okay.

Allow camera access to identify your identity with a quick scan of you and your ID. I will show you as much of this as I can. Okay, so scan ID capture front. Oh, it's my chapstick. That's it. I got it from my dentist. I I don't They just had it. Oh, okay. So, I have to

take a picture of my ID, then maybe like a selfie to compare it. All right. I love you guys, but I can't show you this. All right. I literally just like took a picture of my driver's license and like that's it. You didn't miss much. So, now we got to take a picture

of me. Oh, hello. Oh, I look like an old man in there. Yo, it's like old Andy and like young Andy. Like what? Okay. Anyway, I don't have ADD at all. So, hello. Uh, I mean, that's me. So, just, you know, go scan your B. Scan the bar. I think I can show you this. Scan the

barcode. Scan the barcode. Do I need to? You can do Oh, maybe this way. Don't laugh at my giant thumbs. Come on. Oh, did it go? Hey, there I am. Okay. Oh, dude. I could have typed that in. Whatever. Okay. So, I literally just like typed in my social security number and then it just like verified my

address. Did like a little loading screen and now we're here. So, Plaid instantly links your bank account. Okay. Plaid. That's like super common. And very easy to do. Plus is your Plaid account. I have a Plaid account. I don't think so. Yes. Okay. Wells Fargo. All right. So, I'm going to log in with my

Wells Fargo. It is going to show me all my bank accounts I have with them. I'm going to select what account I want to fund my Ela account with. So, what Wells Fargo I want to go to to transfer money over to Elevolt. And I'm pretty sure that's it. So, I will be right back.

Boom. We're done. I literally just like logged into my bank account. I had to like give them access to like all of my accounts, which is just a checking and a saving, whatever. And like I click next, next. I sent a code to my phone and then like and then like yo then like that's

it. You got an account. Daily interest 4.4.5. I was promised 4.6. 6. Dag damn it. That might be the rate. Yeah, that was correct. Okay. APY 4.6. Interest rate 4.5. Just know you're getting the 4.6. Don't even try to understand it. Yo, how do we transfer over? Let's go. Where's the go button? Transfer. Oh,

there it is. The go button is down in the corner. Do like I don't know $100. I ain't doing $1 like Jabroni. Oh, can't fix stupid linked accounts. Okay, so my crappy savings account to my main vault. Move that money. Confirm. Confirm money move, baby. Yo, we making moves, baby. Success. $100 out of your main vault.

Like right meow. Or does it take some takes some some time? I think it takes some time. All transactions. Here we go. Here we go. Held until 7. That's a week. Held until 7:22. Dagum. That's a week. I know they said you could like do bill pay with like the keys, the vault keys. I mean,

surely that would be like instant, right? Didn't take them a week to pay your bill. Let's see what else we got. All vaults. New vault. What if I wanted the new vault? Savings or expenses? I want a savings. I want to save. I want to save for some Nikes. Nikes. Goal amount $200. Due date. Give it a

couple months. Create vault. Do you want to add money now to your new vault? No. Not right now. So I can come over here and just be like, "Yo, you need 100 for the new Nikes, dog." Uh, I think that's it. Is that it? Linked accounts manage vault card. Vault card. Vault card

coming. Why is it there? Forget it. Vault keys. Okay, we talked about that. Financial health. Financial health. Okay. Okay. Not like a smartwatch or smart ring or I saw a smart headband the other day. It's really just like a score as to like how much do you use all of their products. Yeah, I can calculate my own score.

Thanks. I'm good. All right, I'm gonna check back tomorrow and see how much interest I get. Y'all check this out. It is the very next day. And as you can see, we got we got a penny. I put my $100 in there yesterday. Today I got the penny. They really do pay every day. So

my $100 is still like settling. You got to let the money settle. Settle down, Davis. >> But you can see right there, interest earned this month, a penny this year, a penny. Okay, but we still getting the good rate. We see all transactions deposited 100, interest paid, a penny the very next day. Holy crap, y'all, it

works. If you're in the market, check out Elea. Go crush.