Marcus by Goldman Sachs High-Yield Savings Review
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Marcus by Goldman Sachs High-Yield Savings Review
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Alright, so Goldman Sachs and specifically the Marcus brand offers a number of financial products including banking options, investment accounts, loans, and a ton of other financial tools and resources. So I’ll leave a link to the website in the description if you do wanna check out all of those things but in this video, I specifically want to look at their banking and the main banking tool that they offer is their high yield savings account. So high yield on a savings account used to mean 2% or more but because the way interest rates have gone recently, that has kind of been crushed into the ground. However, many of these companies have slowly started to increase those interest rates again and currently the high yield online savings account with Marcus does offer 0.5% which isn’t great but in the grand scheme of where interest rates are at right now, 0.5% is pretty decent.
This high yield savings account has no fees which is a must and no minimum deposit requirement which is always an added bonus as well. They also have a same-day transfer tool up to $100,000 which I have not tested myself but if that is true then that’s an awesome feature since a lot of banks and even fintech companies can take several days to make those large transfers. This account is also fully FDIC insured up to $250,000 and while I have never had to call their customer support personally, from what I found in my research it sounds like their customer service is decent with service support seven days a week. Now since this is for the most part an online bank, their mobile app is extremely important and while I’m not totally in love with the design, I do think it provides you with everything that you’ll need for basic banking and if you compare this app to the mobile apps of other national banks, this is much more modern looking and is pretty intuitive and easy to use.
So within the Marcus app which currently has 64,000 reviews with an average of 4.9 stars on IOS alone, you’re able to track your balances ad net worth, connect external accounts for banking as well as investments, see a breakdown of your portfolio if you do use their investing tools, track your spending and savings by category and take care of all of those basic banking needs like check deposits, and all of that good stuff. I will also mention that they do currently offer a high yield certificate of deposit with terms as short as six months going all the way up to six years which has a rate of 0.6%. And they also have a no-penalty CD which is one of my personal favorite financial tools and while CD’s are really not that great across the board right now because of where interest rates are at, it is nice that they offer this and is definitely something to keep an eye on as interest rates begin to rise again. Alright so for the most part, I don’t hate it and I think there’s a few things that definitely allow it to beat out many of those other national banks that I mentioned earlier especially in terms of the interest rate. But if I’m being completely honest, I still would have a hard time understanding why anyone would go with Marcus by Goldman Sachs over one of the many much more advanced fintech companies like SoFi, chime, ally, and even discover.
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The topics presented in this video are for entertainment purposes only. Magnified Money LLC and its creators are not Certified Financial Planners®. Some links do result in an affiliate commission; however, you, and you alone, are responsible for the financial decisions that you make and the financial products that you decide to use.
Bank of America Money Market Deposit Account, Marcus by Goldman Sachs High-Yield Savings Review.
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