This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings accounts.

So she relies on TikTok to learn everything from investing to how to make the most of a high-yield savings account.

What about Lee’s assertion that investing in “ANYTHING else—a mutual fund, real estate, even a savings account,” would make you “better off by the time you reached retirement age.”

"It will be the grandmother in the care home that doesn't want to spend all the money she's got in her savings account because she wants her grandchildren to get it," he says.

A sinking fund is essentially a savings account you put aside for specific future expenses — holiday spending, in this case.