- August 13, 2020
- Posted by: folafinancial
- Category: Finance & accounting
Your savings account should be paying YOU !!!
You may have heard of the name Goldman Sachs, it is one of the best known investment banks in the United States. In 2016 Goldman Sachs launched Marcus, an online bank. It’s for customers who want a higher interest rate for their savings account and are tired of paying unnecessary fees.
The Bad (The good will make up for it, I promise)
- No Physical location, so if you need to withdraw money constantly, this isn’t the account for you.
- No Checkings account so no ATM cards, a lot of people prefer linking their savings to their checkings account for emergencies but it’s not that kind of party.
- No Mobile App, I know we’re not used to things like this because we’re spoiled with today’s technology by being able to deposit our checks and check our balance. So this is a downside for many.
The Good (yayyyy)
- You only need $1 to open a savings account. Sometimes savings accounts with good interest rate deals require an average of $1,000 minimum. This is great, there’s no excuse for why everyone doesn’t have a savings Marcus account.
- High Interest Rate Yield. The current interest rate for their account is 2.00%. Take a look at others. Regular commercial banks like, Bank of America offers 0.03%-0.06%.
- No monthly fees! Usually banks that offer such a low minimum will require you to have a minimum in the thousands range.
Marcus by Goldman is a great account overall. I will give it a rating 8 out of 10.