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A Review of the Best Savings Account

Be it for safekeeping or for a loved one's future, keeping a savings account is a common practice. So common, that it's become pretty difficult choosing the right one for our personal purposes.

Goldman Sachs is best known in the world of investment banking and securities and investment management firm, and they've since expanded their offering with Marcus. This new offering makes it even more accessible for customers to look after their savings with this trustworthy account provider.

We'll outline all you need to know about this high yield online savings account, from interest rates and minimum opening deposit amounts to potential savings.

Why Marcus Provides the Best Savings Accounts

Marcus is a venture by the aforementioned Goldman Sachs, and this high yield savings account is one of their first in commercial banking. The nature of this online savings account means that there are no checking accounts or free ATM card access, which means it works best for customers who are looking to just take care of their savings thru an online bank.

Established in 2016, this Goldman Sachs division has made quite a name for itself as a provider of savings accounts that make banking with Goldman Sachs easier for consumers.

This makes accounts with Marcus perfect for consumers who:

  • Want assurance in terms of saving account rates
  • Prefer accounts with no initial deposit
  • Prefer accounts with no balance requirements
  • Prefer banks with little to no monthly maintenance fees
  • Have checking accounts elsewhere
  • Have no need for mobile check deposits or an ATM card

Additionally, Marcus offers Certificates of Deposits (CDs) that lets account owners withdraw their savings at an earlier time. CDs are offered by either a bank or credit union with the goal of certifying that a client will leave a portion of their deposit untouched for a period of time.

The Benefits of Working with Marcus

As far as online savings accounts go, Marcus provides a hassle-free experience for clients who want to open an account. The benefits of working with them include, but are not limited to:

Great customer service

One thing most banks have in common these days is the prevalence of automated telephone assistance. While this was meant to improve customer relations and support when an account goes awry, the result is a more frustrated client at the other end of the line.

Fortunately, Marcus veers away from traditional savings accounts by foregoing automation during their business hours. They instead make use of a U.S.-based customer support service that connects the client directly to the bank. That's one more thing above the average brick and mortar banks.

Insured banking

The Federal Deposit Insurance Corporation (FDIC) is an independent agency that aims to "maintain stability and public confidence in the nation's financial system." In their journey to achieve this goal, the agency insures banks and accounts created within that bank.

Marcus offers that same assurance to its clients due to its insured banking network. That should help account owners breathe a little better when it comes to the security of their online savings account.

Zero balance requirements

Aside from having no required minimum opening deposit, you can maintain your Marcus savings account easily thanks to no minimum balance requirements. This gives the client a little more leeway when it comes to managing their finances.

This also works well for clients who've opened accounts with the goal of setting aside an emergency fund. As far as online banks go, this benefit makes Marcus one of the most understanding providers.

Great rates

The Annual Percentage Yield (APY) is the average rate you'll expect your savings account to grow by. Marcus by Goldman Sachs boasts of an APY of 0.50%.

That might seem like a small number but that is one of the highest compared to the average brick and mortar bank. The national average when talking about APY is 0.05%.

Little to no fees

One thing that most people talk about when it comes to banks is the fees. Marcus addresses that directly by boasting of savings accounts with no monthly maintenance fee—or any other kind of monthly fee for that matter. As such, you're bound to increase your savings even just by maintaining your account!

The fact that no initial deposit already makes Marcus a convenient choice for your savings accounts. As far as accessibility goes, their savings account rates are hard to beat.

However, it should be noted that any savings account maintaining a negative balance may be closed after 60 days, pending approval from the bank.

The Application Process

Being one of the best savings accounts available, it stands to reason that Marcus also boasts fast and easy applications. After all, how can you be the best if it's impossible to open a high yield savings account in the first place?

Opening high yield savings accounts with Marcus can easily be done online through their website. The application will require:

  • Social Security Number
  • Address
  • Connecting other bank accounts (if any)

It should be pointed out that connecting other bank accounts is necessary only for the transfer of funds. Keep in mind that Marcus offers no checking accounts. If you want to make use of a checking account, you'll have to transfer funds from your high yield savings account first.

Frequently Asked Questions

Why do I need a savings account?

Having a savings account is done for multiple reasons. Others might want a bank account set aside for the rainy days. Others simply want a high yield savings account for the sole purpose of not wanting their money wasting away under low APY.

The short version of the story is, people decide on opening a savings account for different reasons. However, a high yield savings account allows you to take advantage of preferential savings account interest rates—and with Marcus, you don't have to worry about a minimum deposit or high monthly fees.

What do I need to open a savings account?

This would depend largely on the bank you'd be applying to. Each bank will have different terms and conditions when it comes to the monthly fee, interest rates, and the kinds of accounts available.

In the case of Marcus, the bank requires your personal information during the secure online application process.

Other banks will require a minimum deposit, while others will have a minimum balance requirement. Not maintaining that minimum balance will result in a higher monthly maintenance fee.

Additional Resources

Learning more about the world around banks will help you understand just what exactly you're getting into. Take a more active role in your finances by taking some time to educate yourself on the jargon, the terms, and the considerations you should have during your research.

Khan Academy

What's a better source of online information than Khan Academy? Khan Academy hosts a load of different lessons on the world of finance, from baking to investment. Learn more about high APY, banks and credit unions, interest rates, high-interest savings, and the like through their online lectures.

MyMoney.Gov

MyMoney.Gov is a website that caters to those curious about the financing world, both with innovations and news releases. Stay up-to-date on the latest banking news and learn more about how you can improve your cash flow through interest savings accounts and the like.

Marcus is one of the best online savings accounts on the market today, with the best savings account rates that beat any competitors. If you're still wondering whether a savings account online is worth it, looking up Marcus is a great way to start. For any more questions about Marcus or for those who want to discover online savings account providers, reach out to AnyCredit today!

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