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Dustin Cohn, our head of Brand Marketing for the Consumer and Investment Management Division, explains the story behind Marcus’ latest ad campaign.
Change is in the air.
But one thing we’ve continuously seen since we launched Marcus is just how hard it is for people to change banks – even when the numbers show you could earn significantly more in interest with an online bank versus with a traditional bank.
Millions of Americans are not earning as much as they could in interest because they have a traditional savings account. So why don’t more people make the jump to online?
There are likely many reasons for it, but here’s one:
According to a survey we conducted in March and April1, of those who have considered opening an online savings account, 30% didn’t pull the trigger because they thought it’d be too hard to open an account.
But the reality? It takes just minutes to open a Marcus Online Savings Account.
So we wanted to bring attention to this missed savings opportunity in a big way – and not just big in theory.
We decided to go billboard big. Think: billboards placed outside some of the largest banks in four states2 (plus Washington D.C.).
See what we mean by change being in the air?
Our campaign messaging on those billboards is clear: consumers can earn more interest in one month with an Online Savings Account from Marcus than in a year with the savings accounts offered by the largest banks3.
If you feel a “I’m-as-mad-as-hell-and-I’m-not-going-to-take-this-anymore!” moment coming on, just go with it. (It’ll probably feel good.)
Needless to say, this is a campaign we hope will spark conversation and ultimately lead to change – to Americans taking action. After all, 72% of people we recently surveyed listed ‘rates’ as one of the most important features when considering savings accounts4.
But again, we know that change doesn’t come easy for many.
People are creatures of comfort. We get it. It’s likely a reason why more than 1 in 4 people we surveyed still have the first savings account they ever opened.
So to those who are still earning little in interest at the largest banks, we challenge you to explore your options. Compare interest rates on multiple online savings accounts. And realize that there are banks out there like ours who want you to earn more interest on your savings account.
Collectively, Americans could be earning over $25 billion more in additional interest each year by taking advantage of savings accounts with better interest rates5, like our Online Savings Account.
1US “Shoppers” Survey conducted by Marcus by Goldman Sachs among 1,252 Americans in March and April 2019.
2California, Illinois, Massachusetts, Pennsylvania
3Calculation (1) assumes a minimum balance of $25 and (2) is based on the Annual Percentage Yield (APY) of a Marcus by Goldman Sachs Online Savings Account and the APYs of consumer savings accounts offered by the 3 largest U.S. commercial banks and savings institutions, measured by total domestic deposits, as reported by the FDIC on 6/30/2018. Rates obtained by Informa Research Services and reflect rates offered at these banks in New York for accounts with a minimum balance of $2,500. Rates may vary by state. Calculation does not include money market accounts, does not account for bonus, special or promotional APYs and assumes all funds remain on deposit with no additional deposits. All rates as of 8/6/2019 and may change at any time. Informa data obtained from the various financial institutions it tracks and accuracy can’t be guaranteed.
4Banking Survey was conducted by Marcus by Goldman Sachs® in August 2019 among 1,053 Americans consumers who have bank accounts with both traditional banks and with online banks.
5Savings calculation is based on the difference between the rate on a Marcus Online Savings Account and the National Average for savings accounts, multiplied by the total amount deposited in US savings accounts as of Q2 2019. Amount of total deposits as of Q1 2019 provided by SNL Financial LC. National average for savings accounts provided by Informa Research Services. Rates as of Sept. 17, 2019 and may change at any time.
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.