It’s rare to find traditional banks that offer high-yield interest on savings accounts. Typically, you’ll see something between .01% and .05%. For most people, that number might as well be zero.
These days your best options are online savings accounts, like Marcus by Goldman Sachs.
I have been using a Marcus account since March 2018 to park a large portion of my savings. At the time of me making my account, the interest rate was 1.5% APY — it has gone up to 1.7% as of May 2018. The interest is paid out at the end of each month. Just like a traditional bank account, Marcus is FDIC insured, which means the US government will cover up to $250,000 in all accounts if the bank goes under.
The process of creating and accessing the account is fairly simple and easy. It takes less than 10 minutes to open an account and all you need is your personal information and checking off on a few agreement forms. These are no deposit requirements or sign up fees.
To deposit money into your account you have two options: option one is to transfer funds from another Bank, which you have online access to, once that account has been verified you can deposit any amount of money into the account and the account will be instantly credited, but it will take up to 2-5 business days for the transfer to be verified.
Option two is to send a check via mail to a Goldman Sachs Bank PO box. I’m unsure of how long it takes to process the funds via this option because I have not personally tried this option. However, I assume it will take 7-10 business days after the check has been mailed.
When it comes time to withdraw your funds, it’s a simple process. All you’ll need to do is to submit and confirm a withdrawal request to a linked external bank account, which typically takes around two business days to process.
Overall, I find that a Marcus Savings account is a relatively secure place to park my money and earn a high-interest rate.
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