5 Must-Know Details About Marcus by Goldman Sachs HYSA
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers one of the most popular online savings accounts. As an HYSA (High Yield Savings Account), Marcus provides you with a simple platform to store your savings while paying higher interest versus traditional brick-and-mortar banks.
Although the APY rates offered by HYSAs fluctuate based on the current state of the economy, these rates often remain competitive and even irresistible to some consumers.
In this article, we will highlight some of the key pros and cons of the Marcus savings account to see if it’s truly worth signing up for. Continue reading below or check out our video review.
What is Marcus by Goldman Sachs?
As mentioned, Marcus is an online savings account offering from Goldman Sachs, a globally respected financial institution. Since this account is online only, Goldman Sachs can offer a more competitive APY or interest rate to consumers. This is due to savings from not having to maintain physical branches or pay for bank tellers.
Here are some key aspects of Marcus by Goldman Sachs you should consider before signing up for an account:
1. Marcus by Goldman Sachs APY
Depending on when you are reading this in the future, the APY or interest rate offered by Marcus is likely different than it is right now. For most of 2023, the rate itself was above 4%, leading to significantly increased popularity among consumers. However, back in 2020 the APY dropped to below 1%.
These rate fluctuations are driven by economic factors including changes in the Federal Funds Rate set by the Federal Reserve, the central banking system of the United States. So in short, keep in mind the current APY advertised will likely change over time.
2. Marcus by Goldman Sachs FDIC Insurance
With Marcus by Goldman Sachs, your deposits are FDIC-insured up to $250,000. While this is standard for many banks, some competitors including SoFi and Wealthfront currently offer higher FDIC insurance amounts by partnering with networks of banks.
3. Does Marcus by Goldman Sachs Have a Checking Account?
At this point, Marcus does not offer a checking account. This HYSA is simply an online savings account. As you may expect, since there is no checking account included you will not receive a debit card for making purchases.
4. Does Marcus by Goldman Sachs Have Physical Locations?
There are no physical locations for Marcus as this account is purely online only. Keep in mind that this is the typical rule of thumb for HYSAs. For this reason, we recommend always keeping a brick-and-mortar bank option as well to meet with bank tellers or withdraw cash.
5. What Are the Hours of Marcus by Goldman Sachs Customer Service?
One of the best perks of this account is that customer service is available 24/7.
Recap
Above all, Marcus by Goldman Sachs could be an excellent place to store your savings while earning a high APY. There are however some nuances to this offering that could cause you to prefer another competitor, like SoFi.
Sure saving money is essential, but have you considered a no annual fee, cash back credit card for spending? Check out our review of Blue Cash Everyday® Card from American Express.
