Review: Marcus Online Savings Account

Mike Cashion, MFF Director of Operations

By: Mike Cashion, MFF Director of Operations

What is Marcus?

Recently, Goldman Sachs has made a big push into the consumer banking market. When most people think of Goldman Sachs, they think of high net worth and private banking. Marcus is basically the consumer banking arm of Goldman Sachs. Currently, they offer a variety of products, such as online savings accounts, CD’s, and personal loans. They are also the company behind the Apple Card.

User Experience

My account has been set up for a few weeks now. I LOVE the experience. The desktop and mobile website are simple, efficient and work great. The mobile app is slick. It was simple to set up direct recurring transfers to my savings account. It is easy to move money, change settings and link up with other accounts.

Marcus brings the high level experience into an online experience. Every time you log in, it is a refreshing experience. Seems counterintuitive, right? Banking and refreshing experience do not feel right in the same sentence. I mean it. The experience is simple and enjoyable. Take it for a test drive.

Savings Account

We all need places to store our money. One option is a savings account. Unlike a checking account, a savings account is not designed to make regular transactions. It is designed to store money. Many people use savings accounts to save for particular things that they want or as a place to hold their emergency fund. What is nice about a savings account is that it does pay some interest on the funds that you hold there.

Interest on savings accounts have been low in recent years. Interest earned is interest earned. So do not get too hung up on the low rates. If you are going to utilize a savings account, you should use the best possible account with the greatest benefits. In this case, Marcus is currently one of the best savings accounts with the highest interest rate for its customers. Let’s not forget, the user experience is top notch. We all need a place for our emergency fund to live that is easily accessible. Marcus is the best option out there right now.

Account Set Up

It has been a long time since I have shopped interest rates on savings accounts. I found Marcus to pay a significantly higher interest rate compared to my previous savings accounts. So I decided to test it out and open an account.

The user interface and account signup are seamless. They ask the essential questions. The navigation is easy, questions are clear, and it doesn’t feel like dealing with a big, old, archaic banking institution. It feels like signing up for a modern account with an up-and-coming fintech company.

The process took all of five minutes to set up the savings account and fund it. The funds were transferred from another account and made available in the new account the following day! I did not have to speak with anyone, go into a bank branch, or go through any frustration during account set-up.

Things to Know

You do not have the option of going to a brick-and-mortar location to speak with a representative. If you are not comfortable with navigating questions online through chat, forums or with an email, this may not be right for you. Because I set this account up specifically for my emergency fund, I do not plan to access it regularly. If you are looking for an account that you will be actively using, this may not be a good fit for you. This is a great account to set it up, put on autopilot and access it only when needed.

Next Steps

Ask yourself a few questions before jumping in:

What is the current interest rate for my savings or money market account? 

Find that out and compare it to what the going rate is with Marcus. If you have a better rate where you currently have your funds, don’t make the move. Get the most out of every dollar that you can. 

Am I okay with utilizing a bank account that is 100% online? 

If you are okay with banking online, then give it a go. If you will want to speak with someone, and have a place to visit if you have problems with your account, then this type of account is not for you.

A Journey to Personal Financial Success

Standards of Financial Literacy (SFL), MFF’s signature program, supports the concept of personal financial freedom by giving participants of all ages the insight to set goals, track net worth and apply acquired knowledge. This online, self-paced program is ideal for individuals and groups alike.

Upon successful completion of SFL’s six-module course, participants become an MFF Fellow. Becoming an MFF Fellow is the ticket to access additional MFF courses and opportunities for mentoring, networking, internships and hands-on projects. These are the opportunities which allow MFF Fellows to continue their journey to personal financial success.

To learn more about this exciting program, click here. 

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