Are You Just Storing Money at Your Bank? Marcus by Goldman Sachs® Survey of Americans with Savings Accounts Reveals How Cons...
April 26 2018 - 10:24AM
Business Wire
According to the survey, 48% of consumers with
savings accounts would spend the most time researching the best
deal for a flight or hotel while only 28% would spend the most time
researching savings account options.
April is National Financial Literacy Month and the perfect time
for Americans to gain a better understanding of how to make their
money work as hard as it possibly can. A recent survey by Marcus by
Goldman Sachs® revealed that a whopping 60% of consumers with
savings accounts don’t know their account APY (annual percentage
yield) and more than half (52%) do not know how much money they
earned in interest from their savings accounts last year.
Knowing the APY and earnings from interest on a savings account
can help maximize one’s financial future, but a rising number of
Americans with savings accounts aren’t taking full advantage of the
information available to them with more than half (56%) opening
their savings accounts without exploring other savings account
options. “Many people aren’t exploring their options when it comes
to saving accounts, which could lead to having interest rates that
are near zero,” said Dustin Cohn, Head of Brand & Marketing
Communications for Marcus by Goldman Sachs. “It’s almost like just
storing money at a bank instead of earning a competitive interest
rate that can make their money work harder.”
More than one-third of Americans with savings accounts (38%)
chose to open a savings account with their current banks so they
could do all their banking in one place, compared to only 12% who
did so because the interest rate was better than other options. On
top of that, nearly three-quarters of Americans with savings
accounts (74%) said it would be accurate to describe their bank as
a place that stores their money vs. 22% of them who say it is
accurate to describe their bank as a place that makes them
money.
This month, Marcus released a new campaign that sheds light on
how traditional savings accounts offer such low interest rates, and
that the banks are essentially just storing consumers’ money.
Unlike those accounts, Marcus offers our Online Savings Account
with a 1.60% APY rate that is 4X the National Average*. In addition
to the competitive rate, this account has no minimum opening
deposit, no transaction fees, and no monthly maintenance fee.
Marcus.com also offers a high-yield savings calculator that
consumers can use to calculate how much interest they could earn on
their savings and compare it with the National Average.
For more information please
visit https://www.marcus.com/us/en/savings.
*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 deposits) 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 are subject to
change.
Our rate effective as of March 1, 2018National Average rate
effective as of March 1, 2018
Survey Methodology
Financial Literacy Survey was conducted by Marcus by Goldman
Sachs® in March 2018 among 1,053 Americans who keep money in a
savings account with their bank.
About Marcus by Goldman Sachs®
Marcus by Goldman Sachs offers products and tools designed
to help people achieve financial well-being. Marcus offers no-fee,
fixed-rate unsecured personal loans, high-yield online savings
accounts and certificates of deposit in a variety of terms as well
as home improvement loans. Marcus is supported by the Goldman Sachs
Group, Inc. (NYSE:GS) and its 148-year history of financial
expertise, risk management and customer service.
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version on businesswire.com: https://www.businesswire.com/news/home/20180426006056/en/
Media:Goldman SachsAndrew Williams, 212-902-5400orZeno
GroupCathleen Koo, 212-299-8984
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