Looking into starting a HYSA as my current savings account is only 0.02% APY. Seeing a lot of positive things about Marcus and AMEX, so considering those (unless there are better options). I am not too familiar with HYSAs but I know priority is security and reliability – I don't need fast transfers because I plan on leaving a set amount in the account. Want to see if you guys have any reccs as to which one I should open an account with.
HYSA: Marcus vs AMEX
byu/Similar-Raspberry930 inpersonalfinance
Posted by Similar-Raspberry930
5 Comments
Had AmEx for about 12 years. Their rates were never the absolute highest, but tracked close enough with the market that it didn’t matter.
I left for Wealthfront a few years ago for better functionality and closer proximity to my investments + rates that are slightly higher.
I have Marcus, app is simple to use. They do same day transfers if done early (before like 2pm) you should get it by the end of the day. They have also been competive with other banks rates usually matching other popular ones
I have both and love them, used both for about 7 years no issues Marcus higher rate and the app and UI is solid. Amex is nice and great customer service, good UI and app.
There’s lots of great HYSA options out there. Marcus and AMEX are both great (as are Ally, Capital One Savings, Wealthfront, and more). You can’t really go wrong with any of the, all legit banks with good security, access, track records. And don’t worry about chasing tiny APY bumps, rarely worth your time chasing pennies like that.
> I don’t need fast transfers because I plan on leaving a set amount in the account.
In that case, you might want to consider also just holding your long-term savings in an existing investment account, just keeping the money in a cash-equivalent fund.
Lots of good options out there. For example, one popular fund is SGOV, which tracks short term treasurey bonds and is currently yielding ~3.5% APY. It’s a good option for folks in high tax states like NY or CA, since it’s state-tax exempt.
I have Amex. I chose them because the rates were decent (never the best), and I already had a relationship with them. I’d rather have slightly lower returns and one less account to think about, since I already have credit through them. If you feel the same, check banks you already work with for their HYSA availability and rates. I know Discover and Capitol One have decent ones as well.