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Marcus By Goldman Sachs (REVIEW): Best High Yield Savings Account? - YouTube
Channel: Money Growth Academy
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One of the highest paying savings
accounts in the US and why you might
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consider switching today I'm going to
summarize the pros and cons of Marcus by
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Goldman Sachs one of the more popular
online banks on the list
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hi my name is Dee and welcome to the
money growth Academy where we
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demystified stock market simplify
investing and multiply your
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opportunities for financial success and
if you're not earning at least a minimum
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of a 2% rate of return on your savings
account you got to ask yourself why not
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here are at least five good reasons to
save your money in a savings account
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number one to save for a 90 day
emergency fund number to save for a car
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number 3 it meant savings like vacation
or Christmas and number 4 waiting for
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not an investment opportunity and number
5 an annual gift budget to cover
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birthdays weddings births and
anniversaries now here are four benefits
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of a savings account number one it
provides a higher level liquidity than a
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stock in the stock market number two is
ideal for planning short-term savings
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and number three it eliminates the risk
of chasing higher rates at the expense
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of exposure to higher risk and number
four the annual percentage yield earned
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is typically higher than on a checking
account you work hard for your money
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shouldn't your money work just as hard
for you saving your money and a local
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low interest paying savings account is
like sending your money on vacation
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while you work I found that most people
don't know that they actually could be
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earning more money on their savings
accounts so this is what's changed in
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the last year that has been has at least
motivated some banks to pay a higher
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rate of return on their savings accounts
than in the past I'll try to explain
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this without getting too deep and the
weeds but I think it's important you
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have a basis of understanding it's a bit
oversimplified but works well for what
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we're talking about here after 2008
banks essentially received free money
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from the feds it was called QE or
quantitative easing that meant banks had
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to pay very little of any interest on
the money they borrowed from the central
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bank's and because of that well they
didn't need as many depositor dollars
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because the central bank money was
cheaper so consequently they offer
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depositors very little in the way of
rate of return on deposits they offered
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and some still are offering low rates
like want
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of a percent two tenths or three tenths
of a percent of rate of return and you
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know when you factor in the low rates
with the inflation you actually wind up
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paying the bank to store your money as
you recall in 2018 the feds actually
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raise rates a couple of times so rates
for auto loans home mortgages and helots
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they all went up and because of the rate
increased by the feds the banks now had
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to pay a higher rate of interest for the
funds that they receive from the central
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banks these same banks not wanting to
pay the higher central bank rates needed
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to attract more depositors which some
did by offering more aggressive yields
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known as APY so the annual percentage
yield simply meaning the rate of return
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on the savings deposit to be more
competitive several banks stripped down
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to central depositor services and move
the part of their operation online this
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is allowed online banks to reduce
operational costs offer better rates on
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savings accounts and attract more
depositors as a result several these
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online banks have emerged over the last
couple of years but few people know
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about them and our video highest paid in
savings accounts 2019 we actually
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compare seven online savings accounts
and give you a brief summary of each but
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today I'm going to summarize the pros
and cons of markers by Goldman Sachs one
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of the more popular online banks on the
list so a little bit about Marcus
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Goldman Sachs number one it's an
American multinational investment bank
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and financial services company it's
headquartered in New York City it's
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founded way back in 1869 is one of the
largest investment banking enterprises
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in the entire world so in they actually
own marcus by goldman sachs now the pros
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and cons of a marcus by goldman sachs
high-yield savings account
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well well we'll start with the pros
first its FDI insured up to about
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250,000 if you're the individual if it's
a joint account 250,000 per person it
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pays 200 quarter percent on their
high-yield online savings account to get
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a sense of the impact of higher yield
savings account can have on your
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financial plan let's say you just
deposited $100 every month for 12 months
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and Bank a which pays an annual
percentage yield
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a tenth of a percent and Bank B which
pays an AP Y of two and a quarter
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percent so in Bakke a you would have one
dollar initial deposit in write and just
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to open the account one hundred dollars
per month the positive for twelve months
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as we discuss a tenth of a percent
annual percentage yield that would grow
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to one thousand two hundred and one
dollars and fifty five six and Bank B
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you had the one dollar initial
investment to open the account $100 per
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month deposit for twelve months you had
two hundred quarter percent annual
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percentage yield that grow to 1200 and
$13.48 by the end of 12 months so you
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earned an additional $12.48 for the year
remember the larger the savings to
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balance the balance the larger the
actual difference would have been so
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this was just a simple example use the
Marcus Goldman Sachs calculator that
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they have online and run your various
scenarios for that I know you could say
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well d that's not much of a difference
and I wouldn't disagree with you right
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think about it if twelve dollars dropped
out of your pocket on the way to walk
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into the store would you turn around and
pick it up yeah most likely you will so
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it does make some difference and of
course the larger the sum the more
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difference it makes and the example so
which it's just bearing savings account
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do you think is better Bank a or Bank B
now this doesn't seem like a complicated
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decision but before you answer that let
me give you a few more details about
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Marcus by Goldman Sachs you have with
Marcus by Goldman Sachs you have a
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24-hour access to your money there are
no fees no minimum deposit to open the
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savings account and it actually has a
us-based contact center which I love and
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they're very responsive you start doing
the interest on the business day they
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receive your deposit this means that
interest from your account is calculated
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every day on 365 days a year or 366 on
leap year now here are some cons or down
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sides depending on you know how you want
to look at it there are no check writing
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privileges with a Marcus account
there's no debit card access you get a
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maximum of six ACH withdrawals
month and ACH is just electronic funds
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transfer so you get it this is pretty
much the law so I don't really count
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this really as against them right cuz
it's the law anyway withdrawals will
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take between one to three days to get to
you so you want to make sure you plan
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ahead when you need that money remember
this is a savings of council if you need
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more than six withdrawals a month out of
your savings account well you might want
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to rethink it you might just want to
stick with a checking account they don't
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have a mobile app but they did just by
klarity money in April 2000 18 which is
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a very popular free mobile app that
helps consumers manage their personal
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finances kind of think net software as a
comparison if you've ever used meant
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financial software before there may be
something in the works in the future
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well let you know if we find out
anything new about that anyway you must
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find your account within 60 days if they
account opening or they close the
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account to fund the account just simply
means you need to put at least $1.00 in
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the account in 60 days or they will
close the account Marcus gives you four
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ways you can add money to your online
savings account number one you can
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transfer funds between your Marcus
savings account and your linked external
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bank account number two you can make
direct deposit payments you can deposit
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either all or part of your payroll or
social security check into your online
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savings account and I really love the
direct deposit payment option really
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because direct deposit allows you to
move your savings efforts from
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problematic to automatic you can
schedule regular and consistently weekly
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bi-weekly or monthly deposits directly
and from your paycheck into your online
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savings account for direct deposit from
your payroll check simply provide your
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employer with a goldman sachs thank you
sa routing transit number and your
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online savings account number to enable
your employer to deposit funds directly
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into your Marcus savings account you'll
want to verify the Goldman Sachs Bank
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USA robbing transit number by clicking
on a FAQ link at the bottom of their
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home page and once there scroll down and
look for online savings account FH use
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fund my online se
his account or make deposits to direct
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deposit your Social Security benefits
you would go to www.hsn gov to schedule
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your direct deposit here's a quick
demonstration on how to set that up so
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once on the website click menu near the
top of the screen then click the link
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located on the left side of the screen
online services and scroll down once on
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the online services page scroll down and
under the manage your account icon
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simply click set up your set up or
change direct deposit link once on a
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direct deposit page you will need to
click the Sign In button if you've
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already have an account or if you don't
have an account you'll need to create
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one by clicking create your account
button now be sure to review the
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instructions thoroughly and to follow
them to set up your direct deposit the
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other two ways to add money to your
Marcus by Goldman Sachs online savings
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account or well you can send a check by
u.s. mail please don't send cash they
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asked you not to do that you also need
to make the check payable in your name
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so make sure your name is is the same as
on your account you also need to endorse
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the back of any check with the words for
deposit only and include your online
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savings account account number also you
can send a domestic wire transfer from
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another bank you'll need to provide
Goldman Sachs Bank USA routing transit
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number with that and your account number
and you can check all these in that FAQ
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online at Marcus by Goldman Sachs so
Marcus Pike Goldman Sachs does not
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charge service there is no service
charge or transaction fees for transfer
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or from Marcus savings accounts however
your external bank or third party might
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actually charge you for that there's an
outgoing transfer limit of 125,000 per
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transfer where the transfers initiated
online if you need to withdraw more than
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hundred twenty-five thousand you'll have
to actually call Goldman's for that a
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high-yield online savings account is
perfect for saving for your 90 day
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emergency fund or number to save for a
car or before vacation or Christmas
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waiting for an investment opportunity
and to get an annual gift budget
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together to cover birthdays weddings
the anniversaries and all that stuff so
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savings account provide more liquidity
than a CD that's a certificate of
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deposit which locks your savings up for
as little as three months to multiple
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years a CD is sometimes referred to as a
certificate of depreciation because they
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typically pay very little interest and
what interest is paid gets eaten up by
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inflation
remember accumulating wealth is not
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about how much you make it's about how
much more you keep and where you keep it
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so if you're not earning at least two
percent on your savings account it's no
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longer a question of why but when here's
the fact if your savings account is
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paying you less than two percent it's
time for a new bank account
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look there's millions of Americans today
that are struggling to save money every
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day and the savings that they are saving
they're only earning 1/10 of a percent
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on those savings so what if I told you
you could earn 2% on your savings
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