Imagine a world where your savings can grow at a high rate of 4.40% each year. This is what Marcus by Goldman Sachs offers. They are a top financial service company that helps you make the most of your money.
Starting with Marcus is easy, needing only $5 and no fees for account management. This makes growing your money simple and easy. As Marcus moves to work with Betterment, a leading robo-advisor, you get a smooth transition. This means you get the best of both worlds.
Marcus has great savings accounts with a high return and flexible CDs. They also offer socially responsible investing and even cryptocurrency through Betterment. This makes Marcus a versatile choice for different financial goals.
Key Takeaways
- Marcus offers a high-yield savings account with a competitive 4.40% APY.
- Low account minimum of $5 and no account management fees make Marcus investment accounts accessible.
- Seamless transition to Betterment’s robo-advisor platform, providing a range of investment options.
- Explore socially responsible investing and cryptocurrency opportunities through the Marcus-Betterment integration.
- Enjoy top-notch customer service and a user-friendly mobile app experience.
Unlock High-Yield Savings with Marcus
Discover the power of high-yield savings with the Marcus by Goldman Sachs Online Savings Account. This account offers a highly competitive annual percentage yield (APY) of 4. It beats many others in the high-yield savings account field. Plus, there are no monthly fees, so you can keep more of your money.
The Marcus online savings account has daily compounding and monthly interest payments. This boosts the growth of your savings. It’s a secure and easy way to increase your financial stability. This makes it a great choice for building a strong financial base.
Competitive APY and No Fees
With the Marcus Online Savings Account, you get a top APY of 4.50% as of July 2024. This great rate, along with no monthly fees, makes it a top pick in high-yield savings. You can start earning interest with just $1 in your account. There are no minimum deposit requirements to open or keep the account.
| High-Yield Savings Account Options | APY | Fees |
|---|---|---|
| Marcus Online Savings Account | 4.50% | No Fees |
| Newtek Bank Savings Account | 5.25% | No Fees |
| Synchrony Bank Savings Account | 4.75% | No Fees |
| SoFi Savings Account | 4.60% | No Fees |
| Ally Bank Savings Account | 4.35% | No Fees |
Unlock your financial potential and start growing your savings today with the Marcus Online Savings Account. Enjoy the benefits of a highly competitive APY and the ease of no monthly fees or minimum balance requirements.
Navigate the World of Marcus CDs
Marcus by Goldman Sachs provides a wide range of Certificate of Deposit (CD) options. These CDs have terms from 6 months to 6 years. This lets investors create a customized CD ladder for better fixed-income returns.
Flexible Terms and Rate Guarantees
Marcus CDs stand out with their 10-day CD rate guarantee. If rates go up in the first 10 days, your rate will too, if you deposit at least $500. This gives investors peace of mind, knowing they have competitive CD terms and rate guarantees.
Also, Marcus CDs only need a $500 minimum deposit. This makes them easier for more people to invest in. With flexible terms and rate guarantees, customers can strategically plan their CD ladder for better returns.
| CD Term | APY Range |
|---|---|
| 6 months | 3.90% – 4.50% |
| 1 year | 4.00% – 4.80% |
| 2 years | 4.10% – 4.95% |
| 3 years | 4.20% – 5.05% |
| 4 years | 4.30% – 5.10% |
| 5 years | 4.45% – 5.15% |
| 6 years | 4.50% – 5.15% |
Marcus CDs are a great choice for investors wanting to diversify and boost their fixed-income returns. They offer flexible terms and strong rate guarantees.
Seamless Transition: Marcus Accounts Moving to Betterment
Goldman Sachs is moving its digital investment platform, Marcus Invest, to Betterment. This change will happen around June 29, 2024. Customers’ assets will move to Betterment without any loss.
If you don’t want your marcus investment account to move to Betterment, you can opt out by June 20, 2024. You can choose to get cash, or move your money to another place.
This deal is a big win for Betterment in the digital investing world. They promise a smooth move for Marcus Invest customers. They want to make sure customers keep enjoying their investing journey.
“This transaction will allow us to better serve our customers and provide them with an enhanced digital investing experience,” said a spokesperson from Betterment.
Customers can still get to their old account documents until December 31, 2025. This makes the account transfer process complete for everyone.
Goldman Sachs is making this move to focus more on Marcus Deposits. By working with Betterment, they aim to make things easier for customers. This helps Goldman Sachs streamline its operations too.
marcus investment account Advantages
As Marcus investment accounts move to Betterment, customers keep enjoying the main benefits they liked at first. These include low costs and access to varied portfolios. Betterment’s yearly advisory fee of 0.25% matches Marcus Invest’s old fee, making the switch smooth for current users.
Betterment focuses on global diversification with low-cost ETFs. This strategy gives marcus investment account users broad market exposure and smart asset allocation. It helps manage risk and could improve long-term returns through diversified portfolios.
Low Costs and Diversified Portfolios
Betterment also offers low costs, thanks to its passive, index-based ETFs. These funds are cheaper than actively managed ones. This means diversified portfolios at lower costs for customers.
Switching from marcus investment account to Betterment, customers get to pick from different portfolios. Options include the Core portfolio and socially responsible investing (SRI) strategies. This customization meets various financial goals and preferences, adding to the marcus investment account benefits.
“The transition to Betterment allows us to continue delivering the low-cost, diversified investment solutions that our customers have come to expect from Marcus Invest.”
| Metric | Value |
|---|---|
| Institutions Monitored | 154 of the country’s largest financial institutions |
| Products Studied | A total of 688 checking, saving, CDs, and money-market accounts |
| Rates Tracked | 719 accounts with annual percentage yield (APY) variations |
| Professionals Consulted | 10 financial advisors and industry experts for consultation |
Betterment’s Core Portfolio Strategy
Betterment’s Core portfolio strategy is a top choice for investors. It offers a globally spread, low-cost way to invest. This portfolio puts money into various asset classes. These include U.S. and international stocks, bonds, and real estate. This mix helps ensure broad market exposure and the best portfolio diversification.
By using exchange-traded funds (ETFs), Betterment makes investing affordable and efficient. This portfolio strategy meets the needs of many investors. It’s perfect for those moving from the Marcus Invest platform.
| Portfolio Strategy | Asset Classes Included | Key Characteristics |
|---|---|---|
| Betterment’s Core Portfolio |
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Betterment’s strategy focuses on diversification for long-term growth and protection against inflation. It’s a great choice for those looking for a full and efficient investment plan.
Socially Responsible Investing Options
At Marcus Invest, we know more people want to invest with a conscience. That’s why we let you match your investments with your values. Our options include the Broad Impact, Climate Impact, and Social Impact portfolios.
Broad Impact Portfolio
The Broad Impact portfolio focuses on companies that care about the planet, people, and good governance. It looks for businesses that are sustainable, ethical, and socially responsible.
Climate Impact Portfolio
For those worried about climate change, the Climate Impact portfolio is perfect. It invests in companies working on renewable energy and reducing global warming’s effects. This way, you help create a greener future.
Social Impact Portfolio
The Social Impact portfolio is for investors who care about social issues like diversity and inclusion. It puts money into companies that improve their communities and tackle big social problems.
Marcus Invest gives you the chance to make a real difference with your money. Whether you’re focused on the environment, society, or governance, we have the right options for you. Invest with a clear purpose and make a positive change.
| Portfolio | Focus | Minimum Investment | Annual Management Fee |
|---|---|---|---|
| Broad Impact | Environmental, Social, and Governance (ESG) factors | $1,000 | 0.35% |
| Climate Impact | Climate change solutions and renewable energy | $1,000 | 0.35% |
| Social Impact | Diversity, equity, and inclusion | $1,000 | 0.35% |
Learn how you can invest with a purpose and leave a lasting mark. Explore Marcus Invest’s socially responsible investing options today.
Tax Implications: Taxable and Tax-Advantaged Accounts
When Marcus Invest accounts move to Betterment, there won’t be much tax trouble right away. The move will happen without immediate tax issues. But, changing the investment strategy might lead to taxable gains as Betterment adjusts the portfolio.
For accounts like IRAs, there won’t be any tax worries. But, for taxable accounts, Betterment aims to reduce taxes. They use methods like dividends and transfers to lessen tax impacts. It’s wise for customers to talk to financial or tax experts to see how this affects them.
Remember, the interest from savings accounts and CDs is seen as taxable income. This income can be taxed between 10% to 37%, based on how much you earn. Those with higher incomes might also face an extra 3.8% tax on their investments.
But, accounts like Traditional IRAs and 401(k)s offer tax breaks. The interest in these accounts isn’t taxed until you take money out in retirement. Roth IRAs, HSAs, and 529 plans offer more tax benefits, letting the interest grow without tax.
It’s key to know the rules for reporting savings account interest. Banks give out Form 1099-INT for interest over $10. This form must be included on your tax return, usually on Schedule B if the interest is more than $1,500.
Knowing about the tax effects of your investments helps you make better choices. Working with advisors can help you plan your investments to keep taxes low.
Crypto Investing with Betterment
As Marcus Invest accounts move to Betterment, customers will get to use Betterment’s crypto investing tools. Betterment has three managed crypto portfolios in its taxable accounts. This lets customers take part in the digital asset class’ growth as part of a well-rounded investment plan.
Betterment’s crypto portfolios put money into major cryptocurrencies. This gives customers a chance to see how the cryptocurrency market does well. They also get to use Betterment’s expert management and ways to reduce risk. This mix helps investors check out crypto investing without losing the key ideas of spreading out investments and building wealth over time.
| Betterment Crypto Portfolios | Asset Allocation |
|---|---|
| Crypto Portfolio | 15% Bitcoin, 15% Ethereum, 70% Other Major Cryptocurrencies |
| Crypto Aggressive Portfolio | 25% Bitcoin, 25% Ethereum, 50% Other Major Cryptocurrencies |
| Crypto Conservative Portfolio | 10% Bitcoin, 10% Ethereum, 80% Other Major Cryptocurrencies |
Betterment’s betterment crypto portfolios in taxable accounts make it easy for investors to get into crypto investing. They do this without giving up on the key ideas of spreading out investments and managing risk. These ideas are what have shaped Betterment’s investing approach.
“Betterment’s crypto portfolios offer our customers a thoughtful and prudent way to explore the potential of digital assets as part of their overall investment strategy.”
Customer Service and Support
At Betterment, we are dedicated to giving our clients top-notch customer service and support. This includes those moving from the Marcus Invest platform. Our licensed concierge team is ready to help with any questions or issues you have. They can guide you through our platform’s features and services.
We also offer a lot of online resources to help our customers. These include educational content, tools, and insights for making smart investment choices. No matter your experience level, our online materials aim to support you at every step.
When you move your Marcus Invest account to Betterment, we suggest talking to your financial advisor too. They can show you how Betterment fits with your financial goals and investment plans. With our customer service, online resources, and your advisor’s advice, you can be sure you’re making the best investment choices with Betterment.
Concierge Team and Online Resources
Our concierge team is here to answer any questions or address concerns about your account. They can help you with everything from using our platform to understanding your investment options to managing your portfolio. Our team offers personalized support and guidance.
Betterment also has a wide range of online resources to keep you informed and empowered. You’ll find educational articles, videos, tools, and calculators. These resources aim to help you make smart decisions about your financial future.
| Service | Description |
|---|---|
| Concierge Team | Dedicated team of licensed professionals to assist with account-related inquiries and navigation |
| Online Resources | Comprehensive suite of educational content, tools, and insights to support informed decision-making |
| Financial Advisor Guidance | Opportunity to consult with your financial advisor to align Betterment’s offerings with your broader financial goals |
“At Betterment, our commitment to exceptional customer service is unwavering. We are here to support you every step of the way as you navigate your financial journey.”
Marcus vs. Discover: A Comprehensive Comparison
When looking at high-yield savings and CDs, Marcus by Goldman Sachs and Discover Bank stand out. They both offer great features and rates. Let’s compare their account options, APYs, and customer satisfaction ratings side by side.
Account Options and APYs
Marcus has a higher APY of 4.40% for its Online Savings Account compared to Discover’s 4.25%. But, Discover’s checking account, the Discover Cashback Debit, gives 1% cash back on up to $3,000 in monthly purchases. This isn’t something Marcus offers.
For CDs, Marcus’ Goldman Sachs High Yield CDs have a top APY of 5.00% on a 9-month term. Discover’s CDs have lower rates but need a higher $2,500 minimum opening deposit, unlike Marcus’ $500.
Customer Satisfaction
Both banks are highly rated by leading organizations. In the 2023 U.S. Direct Banking Satisfaction Study by J.D. Power, Discover was first in overall satisfaction for savings providers and second for checking account providers. Marcus was second for savings providers.
On the Better Business Bureau (BBB), both Marcus and Discover have an A+ rating. This shows their strong focus on customer satisfaction.
In summary, Marcus and Discover both offer competitive APYs, various account options, and high-quality customer service. The choice between them depends on personal preferences and financial goals.
Mobile App Experiences
Customers love the mobile apps from Marcus and Betterment. The Discover app lets users manage their accounts like credit cards and loans in one place. It has gotten amazing reviews, scoring 4.9 out of 5 on the App Store and 4.5 out of 5 on Google Play.
The Marcus mobile app is easy to use, helping customers keep track of expenses and move money with Zelle. It doesn’t offer mobile check deposits yet, but it’s still highly rated. It has 4.9 out of 5 stars on the App Store and 4.3 stars on Google Play.
| Mobile App | App Store Rating | Google Play Rating |
|---|---|---|
| Discover | 4.9/5 | 4.5/5 |
| Marcus | 4.9/5 | 4.3/5 |
| Betterment | 4.7/5 | 4.4/5 |
The Betterment mobile app is also a hit, with a 4.7 out of 5 rating on the App Store and 4.4 out of 5 on Google Play. Users like its easy design and how well it works with Betterment’s investment services.
In summary, Marcus and Betterment‘s mobile apps are a big hit with customers. They offer easy access to financial accounts and services from anywhere.
Choosing the Right Investment Partner
Choosing the right investment partner is key when managing your money. It’s important whether you’re starting or looking to improve your portfolio. Knowing your financial goals and investment preferences helps find the best match.
For those who want all their banking in one spot, Discover might be the way to go. It offers a range of services like checking and savings accounts. If you’re focused on high APYs, Marcus could be better, especially for CDs with good rates.
Evaluate Your Financial Goals and Preferences
When picking an investment partner, think about your financial goals. Do you want a safe, conservative approach or are you okay with more risk for bigger returns? Do you like personalized advice or an automated system?
Talking to a financial advisor can help you choose the right investment platform. By looking at your needs and likes, you can pick a partner that meets your financial goals.
“The right investment partner will depend on your specific financial objectives, risk tolerance, and the features and services that align best with your needs.”
| Feature | Marcus | Betterment |
|---|---|---|
| Minimum Initial Investment | $0 | $0 |
| Advisory Fee | 0.25% | 0.25% – 0.40% |
| Unique Investment Strategies | 3 (Core, Impact, Smart Beta) | 2 (Socially Responsible, Smart Beta) |
| Potential Portfolios | 50 | 30 |
| Customer Support | Phone-based, Mon-Fri 9am-6:30pm EST | Phone, email, and chat, Mon-Fri 9am-6pm EST |
Explore High-Yield Savings Account Alternatives
While Marcus and Betterment have great high-yield savings options, there are more to look at. SoFi Checking and Savings offers up to 4.60% APY and a $300 bonus with direct deposits. Citizens Access® Savings gives a 4.50% APY with no need to keep a certain amount. The UFB Portfolio Savings Account has a top APY of 5.15%, but you’ll need to check it often to get the best rate.
It’s key to compare different high-yield savings accounts to get the most from your money. Look at their features, fees, and APYs. This way, you can pick the one that meets your financial goals best.
| Account | APY | Minimum Balance | Fees |
|---|---|---|---|
| SoFi Checking and Savings | 4.60% | None | None |
| Citizens Access® Savings | 4.50% | None | None |
| UFB Portfolio Savings Account | 5.15% | Varies | None |
These high-yield savings account alternatives might have more to offer, like bonuses or special benefits. Looking into these can help you find the best match for your money needs and boost your savings.
“Comparing the features, fees, and APYs of various high-yield savings accounts can help you make an informed decision and maximize the returns on your liquid savings.”
Conclusion: Unlock Financial Growth with Marcus and Betterment
Marcus by Goldman Sachs and Betterment offer a wide range of investment options. They help customers grow their money and reach their financial goals. With Marcus, you get great interest rates on savings accounts and CDs. Betterment provides different investment strategies, including socially responsible and crypto investing.
Moving your Marcus Invest account to Betterment is easy and keeps your service running smoothly. This lets you use all the features and support you need. By thinking about what you want from your investments, you can pick the right partner. Marcus and Betterment have the tools and knowledge to help you unlock financial growth and improve your financial future.
To start growing your money, visit SHOP NOW! and check out what Marcus and Betterment offer. Take the first step towards your financial goals with these reliable partners.
FAQ
What are the key features and benefits of the Marcus by Goldman Sachs Online Savings Account?
The Marcus Online Savings Account has a top APY of 4.40%, compounded daily and paid monthly. It has no monthly fees. This makes it a great way to grow your savings safely and easily.
What are the CD (Certificate of Deposit) options available from Marcus by Goldman Sachs?
Marcus offers CDs with terms from 6 months to 6 years. They come with a 10-day CD rate guarantee and a low 0 minimum deposit.
What is happening with the transition of Marcus Invest accounts to Betterment?
Marcus Invest is ending its investment services. It will move its accounts to Betterment, a top robo-advisor. Customers can choose not to move by June 20, 2024.
What are the key advantages of the Marcus investment account after the transition to Betterment?
After moving to Betterment, Marcus accounts will still have low costs and diverse portfolios. Customers can choose from Betterment’s Core portfolio or socially responsible investing.
Can Marcus Invest customers invest in crypto through Betterment?
Yes, after switching to Betterment, customers can invest in crypto through Betterment’s managed crypto portfolios in taxable accounts.
How does the customer service and support experience compare between Marcus and Betterment?
Betterment aims to offer outstanding customer service and support. They have a licensed concierge team and many online resources to help customers.
How do Marcus and Discover compare in terms of account options, APYs, and customer satisfaction?
Marcus has a slightly higher APY of 4.40% than Discover’s 4.25%. Both banks are highly rated by J.D. Power and the Better Business Bureau for customer satisfaction.
What are some alternative high-yield savings account options to consider besides Marcus and Betterment?
Consider checking out SoFi Checking and Savings, Citizens Access® Savings, or the UFB Portfolio Savings Account. They all offer competitive APYs.