Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A.; Members FDIC
 

21 Savage Money Tips: Save When You Get Paid

By Chime Team
November 19, 2020

We partnered up with 21 Savage to share some smart money tips and scholarship opportunities—all across the US. 

Aaand we’re back, with a 🔥 conclusion to our video series, helping you master your money skills in no time.

Payday is a Save Day, Too

It might seem clear to you, but the Saint Laurent Don is talking about an essential rule of thumb when it comes to making (and saving!) money. Putting a portion of every paycheck into a savings account isn’t just the smart thing to do, it also makes you more money in the long run with this beautiful thing called ✨interest.✨This is where a high-yield savings account can completely change the game.

Tell me more… 🤔

TL;DR: High Yield Savings Account + Higher Interest = More Money Saved 🤑

Interest Explained

Interest is exactly what you think it is: a set percentage rate that you earn on the money you keep in your bank account. 

The more you put into your savings account, the more you can earn over time. Pretty awesome, right? 

APY Explained

APY is short for Annual Percentage Yield. It reflects the total amount of interest paid on an account — based on the interest rate and how often it compounds.

Compound = Interest earned on your deposits + Interest you already earned 😎

Ok, that was a lot! Simply put, APY is what you’ll earn each year. So the higher the APY, the more money your money makes. Phew. 

Tip: A high-yield savings account often has a much higher APY than traditional bank accounts — meaning your hard-earned cash will be working for you, even in your sleep! 

Checkpoint ✅

We get it. Financial literacy can be overwhelming and intimidating, but going back to the basics will never fail you. Making money moves is easy-breezy when you break everything down into simple steps. The 50/30/20 rule, having an emergency fund, and choosing the right savings account for you are the key building blocks for handling your money like a financial savage. 

Head over to chime.com/21savage for more 🔥money management tips. How many, do you ask? A lot. 

 


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