Impressive APY – you might find that the annual percentage yield (APY) offered by Marcus Online Savings Account stacks up very favorably compared to your current savings account, especially if a traditional high street bank offers it. If your priority is to make your money work harder for you, this is undoubtedly a massive boon.
No minimum deposit – with Marcus, you don’t have to spend masses of cash into your account to get going. You can open it with nothing, and then fund it with more money later down the line.
‘Real’ customer service – in a departure from today’s digital banks’ standard offerings, Goldman Sachs has ensured that Marcus has a ‘real’ customer service team, rather than an automated set of options.
No card – if you are looking for an account full of perks, including card use and travel benefits, this might not be ‘the one’ for you. That’s because Marcus is a straight Online Savings Account product with no card available at this time.
No mobile depositing – at the time of writing, you cannot make deposits into your Marcus account using your phone. You will have to link it to another external current or savings account.
Limited mobile app – if you are keen on digital banking app features such as spending notifications and savings tools that can allow you to manage your money better, it might be a good idea to look elsewhere. The Marcus app is certainly ‘simple but sweet’ and will not provide some other digital banking apps’ functionality.
If your priority is to find a savings account that offers you more for your money, Marcus can certainly fit the bill. However, be aware that it doesn’t come with many of the ‘bells and whistles’ as other digital banking products.