If you’re interested in this savings account, there are a few things you should pay attention to. We’ve highlighted them below.
0.50% APY. Marcus by Goldman Sachs Online Savings Account’s annual percentage yield (APY) is much higher than you’ll find at most brick-and-mortar banks and even some online banks. That places it among the best savings account rates on the market.
No minimum balance requirement. Marcus by Goldman Sachs doesn’t have a minimum balance or minimum opening deposit requirement in order to earn the stated interest rate. You can open an account and fund it at any time within the first 60 days. However, if you wait longer than this, the bank may close your account.
No monthly maintenance fee. There’s also no monthly maintenance fee (or any other fees to speak of), which is a common consumer pain point when it comes to traditional bank savings accounts. However, if you link an external bank account, Marcus has no control over whether that bank charges fees for transfers.
Customer service. Marcus doesn’t use an automated phone system during business hours and has U.S.-based customer support. In other words, if you call during the company’s business hours, your call will be answered by a real, live person in the U.S.
FDIC insured. Marcus by Goldman Sachs Online Savings Account funds are covered by the same FDIC insurance as traditional savings accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.
View more information: https://www.fool.com/the-ascent/banks/savings-accounts/marcus-goldman-sachs-savings-review/