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Saving money is a crucial part of financial planning, and you want to make sure you're making the most of your savings. Two popular banks that offer high-yield savings accounts with competitive interest rates, low fees, and good customer service are American Express High Yield Savings and Marcus online Savings.
In this article, we will compare these two banks in detail to help you decide which one is best for your financial goals.
Compare Savings Rates And Deposit Requirements
Marcus Savings | Amex High Yield Savings | |
|---|---|---|
Savings Rate | 3.75% | 3.70% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
Looking at the data provided in the table, it's clear that both banks offer competitive savings rates compared to other online banks and credit unions.
The rates are quite similar: Marcus Savings offers 3.75% APY compared to American Express High Yield Savings at 3.70%.
Both banks do not have minimum deposit requirements or monthly maintenance fees, making them accessible to a wide range of customers. Unfortunately, neither bank currently offers any promotional offers for new customers.
Compare Account Features And Benefits
Both Marcus And Amex savings accounts offer high rates, no minimum, FDIC insurance, and no monthly fees. There are a couple of unique benefits for each account.
Marcus Savings | Amex High Yield Savings |
|---|---|
High Interest Rate | No Minimum Deposit or Monthly Balance |
Limited Fees | No Maintenance Fees |
No Account Minimums | Ease of Use |
Same Day Transfers | Access to 24/7 Support |
Savings Calculator | FDIC Insurance |
- High Interest Rate
Marcus Savings Account offers a high interest rate of 3.75% APY, which is four times the national average savings rate. However, it's always a good idea to compare savings account rates to see what you can get with other banks and credit unions.
- Limited Fees
There are no fees associated with opening or maintaining a Marcus Savings Account, and no transaction fees for transferring funds to or from the account.
- No Account Minimums
There are no minimum deposit requirements for opening a Marcus Savings Account, and no need to maintain a minimum balance.
- Same Day Transfers
Marcus Savings Account facilitates same-day transfers to other banks for up to $100,000.
- Savings Calculator
Marcus Savings Account provides a savings calculator tool to help customers see what they can earn by storing their emergency savings or reaching financial goals with the account.
- No Minimum Deposit or Monthly Balance
Open your account with as little as just one dollar. Earn the high APY regardless of your balance and access your money during emergencies.
- 24/7 Support
Speak to a member of the American Express team at any time.
- No Maintenance Fees
No monthly maintenance fees or waiver criteria to eat into your savings.
- Ease of Use
Open your account in minutes and link multiple accounts for quick money transfers.
Where They Can Improve?
Marcus | Amex High Yield Savings |
|---|---|
Online Only | No In-Person Support |
No Mobile Check Deposit | No Mobile Deposits |
No Promotions | No ATM Access |
No Checking Account | Slow Processing Times |
- Online Only
Marcus is an online-only bank, which means that customers who prefer physical branches may need to look for alternatives.
- No Mobile Check Deposit
Although Marcus has iOS and Android apps, they do not allow check deposits, and customers must either send in a check by mail or link their checking account to the Marcus account.
- No Checking Account
Marcus does not offer checking account options, so customers will need to link their Marcus account to a third-party bank for transactions such as deposits and withdrawals.
- No ATM Access
You won't receive an ATM or debit card with this account, so if you need physical cash, you’ll have to transfer the funds into another account and then make a withdrawal.
- No Mobile Deposits
You can't deposit funds or checks directly into your account through the app. You’ll need to use a third-party bank account to transfer funds into your new American Express savings account.
- No In-Person Support
There is no option for in-person support with American Express, although they have 24/7 phone support.
- Slow Processing Times
It can take approximately two business days for the payment to be processed and appear in your account, and a little longer when transferring funds out of your account.
Marcus And Amex: How To Open A Savings Account?
Here are the easiest ways to open Marcus and Amex bank savings accounts:
-
American Express High Yield Savings
If you’re interested in opening an American Express High Yield Savings Account, you can follow these simple steps:
Visit the American Express Website: You can find the High Yield Savings Account product page by clicking the “savings” tab on the top bar and then “High Yield Savings.”
Click “Apply Now”: Clicking this button will take you to the application page to begin the account opening process.
Enter Your Basic Details: Provide personal details like your name, email, phone number, and Social Security Number.
Complete the Application Form: You’ll need to fill out all the mandatory fields on the form.
Answer Tax Questions: Amex will ask you whether you have been notified by the IRS that you’re subject to backup withholding.
Confirm Terms: Before submitting your application, you need to read and confirm that you have accepted the account terms and conditions.
Await Confirmation: Once you’ve submitted your application, you’ll receive an email from American Express with your account details, which will allow you to log in and link accounts to set up transfers.
-
Marcus Savings Account
Here's how to Open a Marcus Savings Account in 3 Easy Steps
Click “Open an Account” button: To begin the account opening process, visit the Marcus website and click the “Open an Account” button.
Fill out the online form: Provide your name, address, and contact details on the online form. You can also link your bank account to fund your savings account, but this can be done later.
Complete the process on the app: Alternatively, you can download the Marcus app on your iOS or Android device and follow the instructions to set up your account. You'll need to provide your occupation, yearly income and social security number.
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How We Compare Savings Account: Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
