Goldman Sachs offers a surprisingly good high-yield online savings account with its Marcus Savings Account, currently offering a 3.65% annual percentage yield (APY). It can be a good option for keeping your savings away from your everyday bank to earn a higher rate. We’ll cover what you need to know about this account, but take the time to check rates on the 澳洲幸运5官方开奖结果体彩网:best high-yield savings accounts to make sure you get the best deal.

Compare Marcus Savings Account Rates

Marcus provides a simple savings account with a decent rate, but you may be able to earn more elsewhere.💟 See a selection of other accounts from our partners below, but take note of ⛄the minimum deposit requirements.

Marcus Savings Accounts: Key Features

Marcus by Goldman Sachs’s high-yield online savings account is about as good of a savings account as you’d hope to💖 see from any bank. Even for an online bank, it has very few limitations and red tape. 

There are no fees for anything—even 澳洲幸运5官方开奖结果体彩网:wire transfers, which most banks charge for. (You’re limited to sending wire transfers only to other accounts that you own, however, rather than third-party accounts.) There are no withdrawal limitations either, nor any minimum balances you’ll need to keep. You can even open an account with $0, as long as you deposit something—even just a penny—within the first 60 days. (If you don’t, the bank will close your account.) 

Tཧhe real selling point, however, is the high interest rate. There are no tiers or minimum balance levels to worry about—you’ll earn the same amount of interest on your entire balance, no matter how much you have on deposit. 

The rate that Marcus by Goldman Sachs usually pays is typically reserved for the highest-tier balances at other banks, if they even offer rates that high at all (although Marcus doesn’t usually offer 澳洲幸运5官方开奖结果体彩网:the highest rates available). Interest is compounded on your balance every day, and paid out on a monthly basis. Marcus even offers a referral bonus in which you and a friend can get a three-month 1.00% APY boost to your savings accounts. 

Pros and Cons of Marcus' Savings Account

Pros Explained

• Competitive interest rates: Marcus checking offers competitive interest rates to help your money grow faster.
• No minimum balance requirement: Marcus Savings account has no minimum deposit requirement, so you can keep a small or large amount of money in your account.
• No fees: Unlike many savings accounts, you will not face a fee for any services, including for wire transfers.
  

Cons Explained

• Possibility for higher earnings: While Marcus Savings account does offer fairly high interest rates, you could potentially get higher interest rates by shopping around.
• No sister checking account: Marcus does not offer a checking account to use for daily spending.
  

About Marcus: Other Savings Options

澳洲幸运5官方开奖结果体彩网:Goldman Sachs’s primary focus is working with businesses and investors, not personal banking. But the bank needs to get its cash from somewhere, and that’s where you come in. It operates its personal banking division, Marcus by Goldman Sachs (named after the bank’s founder, Marcus Goldman), offering savings accounts with ultra-high rates to woo you into storing your cash with the bank.

Marcus by Goldman Sachs is a bit different from other online banks. It doesn’t offer any checking accounts, so you won’t be able to use it for your everyday banking. It offers a smattering of a few other products, notably its 澳洲幸运5官方开奖结果体彩网:high-yield CDs, investments, and co-branded General Motors credit cards. 

Instead, Marcus by Goldman Sachs is a perfect choice if you’re hoping to park your savings away from your everyday checking account, to help you avoid any temptation to spend the money before you need it for your intended goal. It’s a wise strategy that many people use, and you can benefit from the high interest rate to help propel you even faster toward your 澳洲幸运5官方开奖结果体彩网:savings goals.   

Alternatives to Marcus Savings Account

Marcus Savings Account offers fairly high interest rates on its savings account, b🥀ut it may not be the best option for everyone. Other options to consider include:

• High-yield savings accounts: If you’re willing to open an online savings account elsewhere, you may be able to earn higher rates than what Marcus Savings Account offers. See the 澳洲幸运5官方开奖结果体彩网:best hig🐷h-yield savings account rates to compare how much you could earn.
• High-yield checking accounts: You may find relatively high rates with some checking accounts. Be aware of their requirements and limits. The 澳洲幸运5官♏方开奖结果体彩网:best 𝔉high-interest checking accounts give you easy access to your money.
• Certificates of deposit (CDs): Marcus offers competitive 澳洲幸运5官方开奖结果体彩网:rates on its CDs. You can also choose from a range of 澳洲幸运5官方开奖结果体彩网:CDs from o🐽ther financial institutions.
• Money market account: Money market account can also provide a return on your savings. Check the 澳洲幸运5官方开奖结果体彩网:best money market account rates to see how it compares.
• Treasury securities: These government-backed bills, notes, and bonds sometimes offer even higher rates than CDs and may be more liquid. 

Frequently Asked Questions (FAQs)

Your Guide to Savings Accounts

• 澳洲幸运5官方♛开奖结果体彩网:What Is a Savings Account and How Does It Work𓆏?
• 澳洲幸运5官方开奖结果体彩网:What Is a Highꦰ-Yield Savings Account?
• 澳洲幸运5官ꩵ方开奖结果体彩网:How to Open a High-Yield Savings Account
• 澳洲幸运5官方开奖结果体彩网:How to Close a Savings Account
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• 澳洲幸运5官方开奖结果体꧑彩网:How Savings Account Interest Rates Are Determined
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