If you’ve been following us for a while, you probably know that we have our emergency fund stashed away at the online bank Marcus by Goldman Sachs. Our savings have been there since it was formerly known as GE Bank.

Why, you ask?

Well, that’s because it has always had the highest interest rate, ease of money transfer and is a known brand (aka not creepy).

Since your emergency fund just sits in your account waiting for you to not use it, why not make the most amount of money from it while also keeping it safe from the fluctuating stock market?

Let’s look at some details about the Marcus by Goldman Sachs Savings Account to see why it could be the best option for you as well:

Details

Interest Rate (APY)

As of 04 Jan 2019, the Marcus online savings account interest rate is:

2.25%

If you still have your savings in a traditional bank’s savings account, don’t tell me because I will shake you! They are literally paying you nothing while THEY make money off of YOUR money.

How Interest is Calculated

You will start to earn interest on the day that they receive your $1 minimum deposit. Interest is compounded daily and credited to your account monthly.

FDIC Insured?

Yes, the funds deposited in Marcus savings accounts are insured up to the maximum allowed by law.

Withdrawal/Transfer Limits

There is a limit of 6 withdrawals/transfers in a monthly statement period. There is an outgoing transfer limit of $125,000 per transfer when initiated online.

If you need to withdraw more, call them.

Minimum Balance Requirements

No minimum deposit to open an account. There is only a $1 minimum to earn stated APY. If you don’t fund your account within 60 days of opening it, they may close it.

Transaction Fees?

None.

How to Deposit Money

• Transfer funds between your Marcus online savings account and a linked external bank account.
• Make direct deposit payments (online savings accounts only). You can deposit all or part of your payroll or Social Security directly into your Marcus Online Savings Account.
• Send a domestic wire transfer from another bank.
• Send a check by US mail

How to Withdraw Money

• Transfer funds between your Marcus savings accounts and a linked external bank account. Funds are available immediately or in 1-3 days (depends on your bank).
• Wire Transfer

How to Access Account

• Online
• 24/7 Automated Phone System
• Live Person

Final Thoughts

There is no mobile app or in-person location for this bank. It lacks the “conveince factor” that some people prefer. In our opinion, that’s actually great because it keeps you from constantly checking your bank account balance all of the time.

The Marcus online high-yield savings account is a great place to store your emergency fund. Check it out if you’ve been looking for a new place to put your savings. Read: How much should I have in my emergency fund?

Want to sign up?

Head over to Marcus.com to give your money a new home!

For additional questions, check out their Frequently Asked Question’s.

Stay wealthy friends!