Marcus by Goldman Sachs - Online Savings Account at 4.40% APY

Here's another personal finance tip to follow all the other credit card sign on bonus posts, current bank savings interest rates are at its all time high again. Many online banks are offering over 4% interest compared to big brick and mortar banks that give only 0.25%.  Don't let your money depreciate with inflation!

Two of my favorite online banks right now are Ally and Marcus by Goldman Sachs. Currently Marcus by Goldman Sachs is offering a 4.40% APY. And if you're new to the bank, you can use my referral link to give you an extra 1% for 3 months, that's 5.40% APY.  Marcus is an online savings account so you will not be able to withdraw cash from it. Best paired with another bank like Ally that provides you with a debit card so you can withdraw funds.  You will still be able to withdraw by transferring money electronically from Marcus to any other bank institution. 

I personally feel like Marcus is a good place to put your emergency funds. This is the little nest of funds where you need for maybe 6 months of expenses and you wouldn't touch. It gives you one of the highest interest rate so your money works a little extra harder for you.  I also like that any transfer you initiate from Marcus, they start appearing in your account the same day for you to earn interest. Unlike most banks even like Ally who withhold funds from your account for an extra day before appearing on your available balances. 

Let me know in comments if you've been rate hopping to get the best interest rates possible. 

Love,

Melissa

Disclosure of Material Connection: Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only review products or services I use personally and believe will add value to my readers. Additional info can be found here.