I’m a Self-Made Millionaire: 6 Features My Savings Account Must Have

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Syed Lateef began dabbling in real estate as a side hustle in 2017 when he was still working full-time in corporate finance.

Today, the Chicago-based entrepreneur is a self-made millionaire who operates nearly 300 units through his short-term rental and hotel services business. His revenue jumped from $10.7 million to over $11 million in the last quarter of 2023, and he estimates his business has earned more than $30 million in total since he launched it seven years ago.

With millions at his disposal, Lateef makes it a habit to put his earnings toward his passions. He gives both his money and time to help struggling communities in India and Pakistan by providing them with clean water wells through partnerships with organizations like the Thaakat Foundation and Human Concern International.

His penchant for earning and donating money depends on his ability to manage and save it — and he’s very particular about how and where that saving takes place.

“When I was just starting out my journey to becoming a millionaire, I had a specific set of features and factors that I always looked for in a savings account,” said Lateef.

Here’s what he looks for in a savings account he’s considering for his hard-earned dollars.

High Yields, But Not at the Expense of Everything Else

Millionaires are just like average wage earners in at least one way — they all prefer higher APYs on their savings deposits to accelerate compounding.

“Of course, I prioritize finding the highest interest rates,” said Lateef. “Part of ensuring greater returns was always seeking the highest rates when choosing a savings account.”

But millionaires — and anyone else who’s deliberate and methodical about money management — avoid the trap of blindly chasing yields.

First of all, interest rates change, and when today’s attractive yields eventually fall, you could be stuck with a bank you don’t like for the wrong reasons.

But more importantly, some banks can offer enticing APYs only by cutting services and features — most commonly, the physical locations that Lateef loves to visit.

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Real People Working in Real Branches

Banks like Ally, SoFi and Varo offer suites of useful features, slick and user-friendly interfaces, instant access, low or no fees, full transparency and juicy yields that blow the big banks out of the water.

But at the end of the day, they exist only on a phone or computer screen, and millionaires like Lateef tend to be face-to-face people — especially where their money is concerned.

“I always made sure there was a local brick-and-mortar presence,” he said. “Having an account at a physical bank near where I lived was essential.

“Even now, and especially now that I’m a millionaire, there are certain transactions like withdrawing large sums of cash, depositing high-value checks or drafting significant checks that are better done in a face-to-face interaction with a bank teller.”

Unlimited Free Payments, Transfers and Withdrawals

The federal government began limiting withdrawals during the Great Depression to increase bank stability in the 1930s.

Until April 2020, Regulation D limited most transactions to only six per month for savings and money market accounts. But in response to COVID-19, the Fed removed those restrictions, unshackling every savings account in America to reach its true potential.

The end of Regulation D allowed savvy savers to move dead money languishing in checking accounts over to high-yield savings accounts, which they could now use to make unlimited transfers and payments.

“I believe this is helpful in terms of wealth management,” said Lateef.

Even so, many banks still continue to charge fees, refuse withdrawals or even convert you to a checking account if you exceed six monthly transactions — fewer in some cases — just as they did when Regulation D left them no choice.

The repeal of Regulation D gave millionaires like Lateef — and every saver in the country — unprecedented new flexibility and versatility in banking just as interest rates were climbing.

Any bank that denies him that freedom through their own internal policies should not expect to receive his deposits.

Fast, Reliable Transactions

Clearing holds, partial clears, pending delays and other transactional speed bumps were frustrating even when savings accounts were mostly stagnant. But in the post-Regulation D world, Lateef puts an even higher premium on speedy transfers.

“In terms of easy transfers, I used both Marcus and AmEx high-yield savings accounts (HYSAs) and found AmEx to be faster,” he said.

You’ll notice that banks have no trouble clearing transactions instantly when your money is going to them. Insist on that same level of precision when money moves in the other direction.

Consolidation of Services

Brokerage accounts, retirement accounts, money market accounts, credit cards, personal loans, mortgages and even insurance products used to be scattered among several far-flung banks and financial institutions.

Today, you can unify them under one umbrella at the same bank where you make your savings deposits — and that’s just how Lateef likes it.

“It’s a bonus if the HYSA is with a bank where I already use other services like checking accounts or credit cards,” he said.

One Savings Account That Can Become Many

In years past, saving for different goals meant opening separate accounts, but Lateef now demands the ability to segregate objectives like vacation savings, emergency funds and investment money all under the same routing number.

“One of the earlier HYSA banks I used had a feature I particularly liked: buckets,” he said. “It was with Ally. It helped me to easily track how much money I had allocated for each of my financial goals on my journey to becoming a millionaire. I made regular contributions to these buckets each month, so I didn’t always have to remember the exact amount in each one off the top of my head.”

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