Collectively, Americans could be earning over $25 billion more in additional interest each year by taking advantage of savings accounts with better interest rates, like a Marcus Online Savings Account. Our calculation looked at the rate for a Marcus Online Savings Account and the national average for savings accounts1, and applied the difference to the total amount of money that Americans have deposited in savings accounts2. It underscores a low level of awareness among consumers when it comes to their savings options. According to a survey by Marcus by Goldman Sachs3, 60% of Americans with savings accounts dont know the APY on their savings account, and more than half of Americans with savings accounts (56%) opened theirs without exploring other options.
Americans are missing out on the chance to maximize their savings. By not exploring better savings account options, they are essentially stuffing money under their mattresses instead of switching to a bank partner that helps them increase the value of their hard-earned money, said Marcos Rosenberg, Head of U.S. Deposits at Marcus. At Marcus, we offer an APY of 2.05%4 on our Online Savings Account, which is 4X the national average, and were committed to helping our customers make their money work as hard as it can.
Marcus Online Savings Accounts are now available on Marcus personal finance app Clarity Money, giving existing and future Clarity Money customers the chance to earn 4X the national average APY. Marcus Online Savings Accounts have no transaction fees, can be opened in a matter of minutes and have no minimum deposit to open (customers opening accounts through Clarity Money will be prompted to set up a recurring deposit at a frequency of their choosing, which can be cancelled at any time).
Unlike Marcus, many banks are offering interest rates that start with a zero, and consumers arent aware of how much theyre missing by keeping their hard-earned savings in an account with such a low return, said Dustin Cohn, Head of Brand Management and Marketing Communications for Marcus by Goldman Sachs. To bring to life how much more Americans can be making with a higher APY, we took to the streets of New York for a campaign highlighting peoples reactions when they hear what they could be earning with Marcus.
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The new campaign, which launched today, sheds light on this low level of awareness by testing consumers knowledge of their savings rates. For more information and to learn about how much more you could save by switching to Marcus, please visit www.marcus.com/us/en/savings/man-on-the-street
About Marcus by Goldman Sachs
Marcus by Goldman Sachs offers products and tools designed to help people achieve financial well-being. Marcus offers a high-yield online savings account and certificates of deposit in a variety of terms and no-fee, fixed-rate unsecured personal loans, including home improvement loans. All Marcus loans and savings products are provided by Goldman Sachs Bank USA, Member FDIC, and benefit from Goldman Sachs and its 149-year history of financial expertise, risk management and customer service. For more information please visit www.marcus.com.
About Clarity Money
Clarity Money is a personal finance mobile app that acts as your financial champion. By combining artificial intelligence and machine learning, Clarity Money delivers actionable insights to help consumers take control of their financial lives. The app displays your financial picture by analyzing accounts and spending patterns, identifying and helping to cancel unwanted subscriptions, and allowing users to check their free credit score. Launched in 2017 by venture capitalist and serial entrepreneur Adam Dell, Clarity Money became part of Marcus by Goldman Sachs in April 2018. The free app can be downloaded in the App Store, Google Play Store and is available at app.claritymoney.com.
1 The National Average is based on the APY average for high-yield savings accounts with a minimum balance of at least $2,500 offered by the top 50 US banks (ranked by total deposit) as reported by Informa Research Services, www.informars.com. Informa has obtained the data from the various financial institutions that it tracks and its accuracy cannot be guaranteed. All APYs subject to change. National Average rate effective as of 10/16/2018. 2 Source: SNL Financial LC., 2Q 2018 Report. 3 Financial Literacy Survey was conducted by Marcus by Goldman Sachs in March 2018 among 1,053 Americans who have savings accounts. 4 Annual Percentage Yield (APY) may change at any time, before or after account is opened. APY as of October 30, 2018. $1 minimum to earn stated APY. A maximum of six withdrawals or transfers per monthly statement period are allowed. Maximum balance limits apply.