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AUTHOR: Philip Stein on 6/23/2024

I have a high-yield savings account and several CDs at Marcus bank, owned by Wall Street powerhouse Goldman Sachs and named after one of its founders, Marcus Goldman. I originally discovered Marcus bank while perusing rankings on bankrate.com.

Marcus is an online bank and a member of FDIC. All accounts are insured up to $250,000. Marcus charges no monthly fees. There is no minimum balance to open a high-yield savings account, but a minimum balance of $500 is required to open a CD. Interest is compounded daily and reported monthly. In fact, you begin earning interest as soon as your deposit is received.

The yields on my accounts are competitive with the offerings from other banks. For example, as of this writing, both American Express and Capital One offer high-yield savings accounts with an APY of 4.25%. Currently, my Marcus high-yield savings account sports an APY of 4.40%.

One drawback: Marcus doesn’t offer checking accounts. You can link your Marcus account to an external bank account to move your money via electronic funds transfer. I linked my Marcus account to my Capital One checking account. I’ve also linked TreasuryDirect to my Marcus savings account to purchase or redeem T-bills.

Other potential drawbacks: Marcus does not participate in the Zelle network nor does it have an ATM network. I depend on my Capital One checking account for these features.

Because Marcus is not a full service bank, it’s usefulness is limited to anyone wanting to take advantage of its savings products.

I’ve found the Marcus web site to have a professional, uncluttered appearance which makes it easy to navigate.

If you’re looking for savings products with good yields, you may want to consider Marcus. For more information, simply point your browser at marcus.com.

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