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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
Amex High Yield Savings
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 4.15% APY compared to American Express High Yield Savings at 3.90%.
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.
Amex High Yield Savings
High Interest Rate
No Minimum Deposit or Monthly Balance
No Maintenance Fees
No Account Minimums
Ease of Use
Same Day Transfers
Access to 24/7 Support
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.
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.
There are no minimum deposit requirements for opening a Marcus Savings Account, and no need to maintain a minimum balance.
Marcus Savings Account facilitates same-day transfers to other banks for up to $100,000.
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.
Open your account with as little as just one dollar. Earn the high APY regardless of your balance and access your money during emergencies.
Speak to a member of the American Express team at any time.
No monthly maintenance fees or waiver criteria to eat into your savings.
Open your account in minutes and link multiple accounts for quick money transfers.
Where They Can Improve?
Amex High Yield Savings
No In-Person Support
No Mobile Check Deposit
No Mobile Deposits
No ATM Access
No Checking Account
Slow Processing Times
Marcus is an online-only bank, which means that customers who prefer physical branches may need to look for alternatives.
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.
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.
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.
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.
There is no option for in-person support with American Express, although they have 24/7 phone support.
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:
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.
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.