Marcus by Goldman Sachs Review | Pros, Cons, Interest I've Earned
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- Опубликовано: 19 ноя 2022
- Marcus by Goldman Sachs HYS Account: www.marcus.com/share/LEI-VSR-...
Earn 1.0% higher than the stated APY for 3 months (currently will be 5.4%)
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Earn 1.0% higher than the stated APY for 3 months (currently will be 4.0%)
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This was so helpful! I was researching Marcus and didn’t know about the multiple saving ‘buckets’, I thought only Ally had that feature so super nice to know that!
Thank you Leila!!! I've been waiting for this video and it is much appreciated!! I've been wanting to sign up but there's not a whole lot of youtube reviews.
Thank you! I used your referral link to open a HYSA with Marcus and got 4% for 3 months.
Thank you Leila!!! Signed up with your link!
thanks for being transparent and so helpful 💕💕
I just turned 20 a few months ago! im building my credit and since i dont pay rent im putting a percentage of my funds into a high yeild for a few buckets/emergecny funds!
I already have a high interest savings for an emergency but I love that they have the bucket option so I could see opening a second with them for other savings.
I only have one account, obviously the higher the balance, the higher the interest.
I totally agree with you about the app and website. Marcus can definitely make some improvements
I just signed up yesterday for an account with them for my second job. Now I know that I could create separate buckets I will transfer money instead of keeping cash.
Hi Leila, just opened my account with your link. Yay to high yield saving account rather than having it sit at Wells Fargo for nothing😀
The 6 withdrawal limit was a federal limit that was paused due to the pandemic (to let people access their savings easier). Its unsure if it’ll be reinstated. Because its federal it’ll apply to all FDIC regulated banks
It is currently reinstated at most banks.
Used your link Leila! Thank you for the video!
Hi Leila used your referral for Marcus! :) Thank you I been watching you since 2020 and you def inspire my content creation journey but also feels like I have a buddy on my financial freedom journey. We are about the same age, make around the same salary (from w-2) and have student loans and pivoted to a whole other industry LOL so I love your channel! Thanks for the direct knowledge but also indirect support
That's awesome!! Thank you!! ❤️❤️
When you were trying to explain why traditional banks are unable to offer these higher rates, I think the terminology you were looking for is that "brick and mortar banks have higher overhead costs". You're welcome. 😘 I have accounts with Ally but the current rates at Marcus are even higher and I may make the switch. Although I've been quite happy with Ally for over a decade. For just a bit more inconvenience, these days you can have accounts at more than one institution and earn more money! I sort of love the game.
The longer J Pow keeps raising rates, the higher these savings accounts will go! Great for savers👍🏻
Great video! I just used your referral link to open up my account!
Thanks so much for posting this video, and the referral link! I was evaluating which bank to use, and I wanted a review from a first person perspective.
Thanks for watching!
Just used your link. Thank you!
Thank you so much for making this video. We are currently searching for the best HYS so this was very helpful and informative.
Glad it was helpful!
@2:18 I work at a bank - Reg. D is suspended indefinitely. The Federal Reserve has stated it “does not have plans to re-impose transfer limits.”
so helpful! I used your referral code :)
Thank you! Your video was so helpful!
Great video. MGS member three years. Jumped on high yield CDs also.
Thanks! The rates are awesome these days 😎
just signed up through your link. You helped me make the decision, thank you! 😊
Hi Leila, I’m wondering if I can get a bank statement with the HYSA? For example, when applying to Canada immigration, they ask for a proof of funds. Do you think I can get one with Marcus?
Definitely a great video and will be sharing with all my friends
Do they have a customer support call center? If so, is it staffed onshore U.S. or offshore? Thanks for the informative video.
Just opened my account with your link! Thank you so much ♥
Thank you!!
I have a credit union and my savings is in Ally, they also have buckets and they have the roundup feature and surprise savings which will monitor your linked checking account and make transfers when it determines you can afford to save more(I don't use this feature, though, too scary)
I am with ally. But been hearing news that they are heavy in auto loans that are near default. I am not near the fdic limit, but honestly, don't need the headache of thinking about it and having any potential withdrawal issues.
Great helpful video thanks a lot!
Thanks for this video. I used your link.
Thank you so much!!
Hey Leila!! Huge fan of your channel and you’re the reason I signed up with Marcus! I just have one pressing question that I can’t seem to find an answer to anywhere on their site or the internet:
I got paid via direct deposit from my employer last Wednesday (Feb 23) and i have 25% of my paycheck set to Marcus savings. However, it’s been a week (now Wednesday again March 1) and that money STILL isn’t in my savings account. I checked my pay stub and it has the 75%/25% breakdown for my checking and savings so I know my employer did nothing wrong on their end. I called Marcus and they said it takes 1-3 business days. But it’s been 7!
Is this a common occurrence for employee direct deposit? Does it just take longer in the beginning when you just opened your account? I’m kinda worried cause I it just feels like that money from my paycheck has just ….. disappeared into the void and I have no idea 😅 I’m thinking of cancelling the direct deposit and just manually transferring the money into Marcus myself. Thank you so much for all your help and your wonderful content!
Thank you!!
Has the money shown up yet?? If not definitely double check the account number you gave to your employer just in case.
Personally I don't have any direct deposit set to go to my Marcus account, I have automatic monthly transfers and I do manual transfers. However, Marcus does support direct deposit.
I would definitely reach out to Marcus again if you still haven't seen it so they can figure out the problem. I'm sorry you're having some trouble!!
Hey Lelia, I just used your referral code. Thank you for sharing your journey with us=)
Thank you for using it! Hope you like Marcus!
11:20 I see a Pixel there? Good choice 💯💯
Thank you for the link! Just used it to open a new Marcus account; going to move a chunk of money from Chase savings that is currently making squat. With the bonus from your link my APR will be 4.75% for the next three months!
👏🏻👏🏻👏🏻 love it!
@PersonalFinancewithLeila hey when it sets 5.5 percent does that mean you're getting 5.5 percent monthly or over the year you'll get 5.5
Leila thanks for sharing the link for the referral bonus. I got the extra 1% for 3 months. I appreciate it! 😎
Yay! Thanks Ryan, enjoy that high rate!
😉 love Marcus app it’s a super easy to use at least on a iPhone.
How high tech does it look I can’t seem to find anything
Thank you for the video. Do you know compounding frequency of interest? Is it daily or monthly?
It compounds daily!
very informative, this is definitely the way to go! 🐑
Just opened my savings account with them. Thanks Leila 👏🏼😃
Você é brasileira ? Are you Brazilian girl ??
I’m going to use your link! 😊yay!
Thank you Rachel!
Please answer.. I want to open an account for my 13 year old. Do I open the account for myself and then add an account?
I have been thinking about opening a account. I putting it on my Employee paycheck so weekly money can go in. Then I can transfer money I am saving into it. Should I be thinking this way?
Federal Reserve Regulation D is the 6 withdraw limits rule, and in April 2020 they loosened that rule. ...... Never affected deposits.
Great information
just used your referral code, thanks for the video!
Awesome, thank you!
Hi Leila. I opened a savings account with Marcus a couple hours ago. This video is very informative. Thank you very much. BTW also team android lol.
Yay thank you for sharing! And yes to Android! The app does work fine now by the way
I will consider them👍🏾
I opened an account. Thank you!
They have to implement 2FA.
Thanks for the video, great information. I do not think you have to apologize for being android user; so do I.👍
Thanks for watching!
Just used your referral link! 5.30% for 3 months 🎉🎉🎉
Yay!! 🤑
Hello,
Do you know how often Marcus compounds for the High Yield Savings Account? It doesn't say on their website.
It's compounded daily and paid out monthly!
Does the bank send you a form 1099-INT to report to the IRS the interest income or sign up bonuses received?
Yes they do
Have you ever had any issues withdrawing fund to the extenal linked account? Like BOA for instance?
No I've never had a problem! I've withdrawn $20K at one time before and many times at smaller amounts
looking at a Marcus 10 month cd 5.05%. Whats your thoughts on Marcus? Trustworthy?
How do you creat buckets within your savings account? I’ve tried doing this but it prompts me to open a new savings account each time instead of creating a bucket
That's exactly how! Each bucket has to be a new account. They will all be under one login and on the same dashboard though
Do you have to set up direct deposit to maintain the APY rate? I saw that require with SoFi’s savings acct and was curious :)
Nope! The rate applies no matter your balance or how much you deposit. I've never had direct deposit into my Marcus account
@@PersonalFinancewithLeila Tysm! Also, just saw you on CNBC’s channel. Inspiring :)
It's great too though I wish they had 24/7 instant transfers on weekends too. The Android app works great so I'd try again if I was you.
I'll have to try the app again!
Marcus on the iPhone iOS is awesome
Hello, my question is what is the process of transferring $ from your external checking to your Marcus savings? What does it look like to set-up the transfer?
You'll have to connect your external account to Marcus (just 1x) and then within Marcus you can select where you want the money to come from, how much, how often, and when! It's super simple!
Hi I saw you on CNBC Live it, I'm currently 25 turning 26 you live in Decatur, Georgia I currently live in Adairsville, Georgia lived most of time in Georgia in Cobb County, Georgia with or more closer to my parents that currently live in Atlanta (I'm originally from North Carolina) moved here ten years ago, I'm looking to move to the suburbs of Atlanta with my friend, get a house and start a business and Im curious any kind of advice you could give me I would greatly appreciate it
I don't recommend using banking apps on phones. But you do you. But I did like the video. Thanks for sharing.
why dont you recommend using banking apps on phone ?
@@RT-Vane Primarily as a matter of security. My banking activity is about 10 min a month because most things are automated. I setup alerts via email. As your portfolio increases to 100K+ it's a good idea to reduce exposure to threats.
is there any restrictions for 3% like needing a direct deposit or minimum balance to get the full 3%
nope! No minimum balances. Any amount will have 3%
Thanks! Just made an account!
Awesome! 🙌🏻
Thanks, used your referral link but it didn't apply when I applied. Had to call in an give them your referral code. They got it sorted it out quickly though
Oh no I'm sorry to hear that, but so glad it worked out!!
This was helpful and we both just got an extra %1 for 3 months
🎉🎉 thank you! Marcus just raised their rate again, so even better!
@@PersonalFinancewithLeila I saw! so happy I stumbled onto your page... now to find 4 referrals a year lol
Is there any way to avoid the backup withholding fee on Marcus? We just signed up and are reviewing our first statement. We were surprised by it.
I've honestly never even seen or heard of this with Marcus!
Thank you
So it's safe to use? Not going to loose all your green? Easy to move $$ over from a bank?
I've used Marcus since 2018! I move money on a weekly basis and have never had any issues!
Does BofA charge you to transfer money into your Goldman Sachs account? For instance, my job sends a direct deposit into my checking account. Would there be a fee to transfer it to my HYSA?
Nope! That's how I do it to. The bulk of my transfers are from BofA to Marcus. No fees when you initiate the transfer FROM Marcus
Can you pull the $ you make off of interest and transfer it into your checking acct?
Yes of course! However, it's best to leave it in there because then your money will grow even more!
Does marcus charge for withdrawal? How does that work? For instance, I want to start putting my money into a High Yield Savings Account and in about 3 years I want to take it out for a downpayment on a house.
Nope no charge! You can open your account and put any amount in and keep adding to it! Then you can withdraw that whole (or partial) amount when needed, no fees!
It's a great place to park your money while saving for a down payment!
Is there a recommended minimum to start Goldman Sachs? Or should I just open it and just have money go over each month?
Any amount!!
Does it have sub savings accounts for different goals?
Yes! I have probably 10-11 with them for various savings goals
Marcus savings is up to 3.30% now.
Is it monthly or annually
@@POMAH_MOHISH Monthly. They just upped it to 3.50%.
@@kokolovitch56 so of of 1000 dollars I would make around 330 in 1 year?
@@POMAH_MOHISH I'm not an accountant.
@@POMAH_MOHISH you’d be getting 35$ a year
Hey, would you still recommend Marcus now that we’re entering 2024? Would you say it’ll be worth it to open an HYSA if I’m starting with an amount as small as $500? Also, do you have a referral code?
Yes, yes, and my link is always in the description box!
Just opened an account and used your referral.
🙌🏻 yay! Thanks Michael!
Tried to use your link, it says error and to have you re send it. Can you comment the link again or see if there is a new one?
Thanks for letting me know!: www.marcus.com/share/LEI-VSR-SXB6
Can a Brazilian with only one ITIN number open this type of account ???
Have you seen the recent story about cutbacks at Goldman Sachs and Marcus, I am seriously considering moving to one of the following: CapitalOne 360, DIscover, or American Express.
May I ask why? How will their cutbacks affect a savings account with them? Are you thinking they will lower their APR?
@@zerorayne4782 I never had a problem with them, my concern was more about if the cutbacks affected things like customer service, investing in keeping their bank systems up to date with good security protocols, etc. I ended up moving to Capital One 360 and are happy with them, but my experience with Marcus was also positive.
@@orangemountain457 awesome, thanks for the input. I decided to go with SoFi as I wanted my HYS to be linked to my checking account. A physical bank location wasn’t a necessity for me personally
@@zerorayne4782 I don't have experience with SoFi but generally I've seen positive reviews on them. Please ignore the following if it does not apply to you but two personal finance books I highly suggest to people are: The Simple Path to Wealth by JL Collins and The Bogleheads Guide to Investing 2nd edition. These are not get rich books, they just have sound personal finance information that can help a person build a solid financial foundation. I wish you lots of good luck on your financial journey.
@@orangemountain457 thanks for the book recs. Personally, I am just starting my finance journey and have little base knowledge so I will definitely check them out!
Why stay with Bank of America for checking when SoFi Bank and Alliant Credit Union offer fee-free, interest earning checking accounts?
Maybe I'll eventually switch, but for now I usually only have $200-$300 in my BOA checking account at a time and I never pay fees
I think it’s def an android thing bc I love the app & works fast for me.
Thanks for the referral! I just opened my account 😊
Awesome!! Thank you for using it!
I used your referral. It has been a great savings account. Easy transfers and great interest rates. 🙂
Hello, everyone I’m new to investing what are the steps to this process of opening up a savings account online since there’s no in person transactions
Just a heads up that a high yield savings account is not investing! It's just an online savings account that you can move money on and out of freely
You can open an account by clicking the link in my description (or a Google search) and sign up for their high yields savings account. They'll ask for info and prompt you through all the necessary screens!
How do you have an affiliate link if you don't mind me the transparency?
It's just a referral link! On my Account I see 'Refer a friend' in the menu! I believe it's available to anyone because my sister has referred people as well
Hi! Do you have marcus CD? If so, hows your exp with there CD. Tnx
I've never had one, but if you're fine with your money tied up for the selected time, you could earn a bit more in interest. The savings rate on their HYS account is at 4.15% though which is pretty decent but of course not a locked in rate. You can also get 1% higher for 3 months with my link, but it depends on what you're looking for!
I believe i used your link two months ago. Got my first real payment today of 56 dollars!! Cant wait to see this build over time 😄 cheers to that boosted APY for using the link
Yay!! Thanks Ryan! It's so exciting getting that interest paid out and seeing it increase over time!
My updated earnings since the last post was $803.89. I am SO glad this video randomly popped up in my RUclips feed @@PersonalFinancewithLeila
Does it cost money to transfer money to the savings account from your checking account?
Especially if you do it monthly, wouldn’t that get expensive?
Nope! I transfer many, many times throughout the month and have never paid fees
@@PersonalFinancewithLeila so it’s automatic transfers, instead of outgoing/ingoing transfers? Just making sure, I’m just learning this stuff. Thanks for the reply!
My wealth front cash saving account 5% APR
You do have to pay taxes on the gains right?
That's correct!
Is interest distributed monthly?
Yes, compounded daily and paid monthly!
Do you have any experience with larger transfers? Like $10k+? If so, how long did that take?
I transferred ~$11k out and it took 1 business day (to SoFi), they just called me and confirmed it was me who initiated the transfer since it was a newly linked external account.
If you add your bank as an external account it will appear that same day and be available to you in 3-5 business days.
I made a transfer of 15k and I received it the next day in my BOA account
Hello just checking if you still have this savings account with Marcus and how it’s is ?
I do! The rate is now 4.3% (or 5.3% for 3 months with my link) and I still love it!
Hi, can you open an account with Marcus even though you live outside US? Not an US citizen? Thank you
I believe Marcus can only be used/opened in the US!
Did Bank of America charge you a fee for transferring funds to Marcus account ?
No.
Thanks for asking that, because I'm thinking of opening a Marcus account, but before I do I need to check on my bank's fees for making those transfers. I might not have thought of it if I didn't see your question.
@@fog8969 my bank doesn’t . Been going great so far with Marcus
Am sorry that you still bank with BOA. I shut down my accounts with them years ago.
Up 4.92% now
Marcus by Goldman Sachs savings account is awesome... They're giving 4.75 APR
WHAT A FANTASTIC IDEA! Thank you for reviewing. I personally have used Capital One since April. I think they and Marcus may be in competition with one another because usually it's a matter of days when one "one ups" the other! LOL #AndroidGirlsRock
can somebody clear up some math for me. If an account has apy of 3%. And I deposited just $100.00 and the interest was given back monthly, shouldn’t that be $3.00 that month? Is there something I’m not understanding? Your figures seem low.
It would actually be a bit over $3 earned throughout the whole year. The interest is compounded daily, but when looking at APY, you divide the rate by 12 (months in the year) and multiply that figure by how much you have saved. It's a bit more complicated math because the interest compounds daily, but if you have $1,000 earning 5%, you'll earn a bit over $4 in interest for the month.
@@PersonalFinancewithLeila wait so at 3% at $100.00 that's $3 in a year, not in a month? (about 25 cents an month?)