Marcus provides you with the high yield online savings account that you deserve. Their award-winning savings account provides a rate that is about 4X the national average, is easy to set up, and offers convenient 24/7 account access online or via the Marcus app - all backed by the financial expertise of Goldman Sachs. You can earn 0.50% APY with no fees or minimum deposit.
How you make money
Deposit your money into the high yield savings account and start earning 0.50% APY. The interest is compounded daily and credited monthly to your account. Interest is calculated using the daily balance method. This method applies a daily periodic rate to the principal and interest that has accrued in the account each day. This means that the interest from your account is calculated every day on a 365-day year/ 366-day for leap years.
How Marcus by Goldman Sachs makes money
There are no fees to use the Marcus High Yield Savings Account. As a bank, Goldman Sachs makes money through the interest they make on loans and other banking fees.
Is it safe?
Marcus savings accounts are provided by Goldman Sachs Bank USA. Goldman Sachs is the second largest investment bank in the world, based on revenue. It was founded over 150 years ago, and now manages over $2.1 trillion in assets globally.
Goldman Sachs Bank USA is an FDIC member, which means that funds deposited in Marcus savings accounts are insured up to the maximum allowed by law, which is currently $250,000 for all your individually-owned accounts combined, $250,000 per owner for all your jointly-owned accounts, and $250,000 per beneficiary for accounts with payable-on-death (POD) designations.