Marcus Savings and Marcus Insights Review: A Solid Savings Option?

Описание: Were you a Clarity Money user or are you just someone who’s curious about Marcus by Goldman Sachs? Let's take a closer look at their online savings account as well as their new Marcus Insights tool

Review: https://fioney.com/marcus-by-goldman-...
Marcus by Goldman Sachs: https://fioney.com/marcus-bonus

In the past, I’ve reviewed plenty of new and interesting online savings accounts and FinTechs. Yet, I haven’t really talked about one banking option I’ve been using for years: Marcus by Goldman Sachs. Now, with Marcus undergoing some changes including the addition of Marcus Insights, the time is right to take a closer look at this offering and what you should know about it.

The first thing to know about the Marcus savings account is that, just as its full name implies, it is indeed owned by Goldman Sachs.

Paying homage to Marcus Goldman with its moniker, Marcus by Goldman Sachs is bank’s brand meant to appeal to a wider customer base. Launched in 2016, in addition to the savings account we’ll be discussing, Marcus also offers CDs, a new roboadvisor platform, and more. Of course, as a division of Goldman Sachs, funds deposited in your Marcus savings account are FDIC insured up to 250,000 per depositor.

Next, while interest rates have suffered in recent months, Marcus has traditionally offered an above average APY

At this time, funds in your Marcus by Goldman Sachs savings account earn 0.5% APY. Although that’s a far cry from the more than 2% the account used to boast, it’s not terrible in today’s climate. Of course, I also suspect that Marcus will return to paying higher APYs whenever interest rates increase. In the meantime, if you’re looking for a higher rate, T-Mobile Money currently pasy 1% APY by default while other FinTech options are also available.


Another aspect of Marcus’s savings account that I appreciate is the ability to easily schedule automated transfers.

When I first started using Marcus, it was to set aside money for upcoming travels. Now, I continue to transfer a few dollars on a weekly basis just to have money I can tap for splurges. While several accounts offer some level of automation, Marcus’s system is among the easiest to set up, with the ability to choose weekly, every two weeks, or monthly transfers as well as what day you want this routine to start. You can also see upcoming transfers in the app and cancel them if needed.

Turning to Marcus Insights, a few features from the now-defunct Clarity Money app have made their way into the Marcus app
With Marcus Insights, you can connect external account in order to view all of your balances in one place. In additionally, doing so will give you an overview of your spending habits. In particular, one widget that was a favorite of mine from Clarity Money allows you to quickly select a frequented retailer and a timeframe to total up your spending. Although it’s a simple tool, it can be a pretty eye-opening experience. By the way, you can now get started with Marcus Insights even if you don’t want to open a savings account.

Finally, I also want to mention Marcus’s somewhat unique referral program that allows users to unlock interest bonuses on their savings

Sure plenty of apps and accounts these days offer some kind of referral program, but Marcus’s is fairly interesting. Currently, when you invite friends to open a savings account, you’ll both earn a 0.20% APY boost for three months. However, this is limited to 5 bonuses per calendar. Ultimately, 0.20% APY for 90 days probably isn’t a huge benefit unless you’re holding a lot of money, but I give Marcus props for thinking outside of the box for this bonus.

Overall, while Marcus by Goldman Sachs is a fairly straightforward savings account, I happen to enjoy using their app quite a bit, especially with the addition of Marcus Insights.

While the loss of Clarity Money is sad, the good news is that its influence can be felt in the Marcus app, which i find to have an appealing aesthetic. Meanwhile, in terms of practicality, I appreciate that Marcus makes the most of its limited features instead of throwing stuff at the wall. For those reasons, I think Marcus by Goldman Sachs is a solid option for a secondary savings account and look forward to seeing where the brand goes from here.

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