NEW YORK, NY – October 30, 2018 – 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 accounts, and applied the difference to the total amount of money that Americans have deposited in savings accounts. It underscores a low level of awareness among consumers when it comes to their savings options. According to a survey by Marcus by Goldman Sachs®, 60% of Americans with savings accounts don’t 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% on our Online Savings Account, which is 4X the national average, and we’re 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 aren’t aware of how much they’re 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."
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/osa-long3