THIS IS WILD!😱 Wealthfront vs Marcus by Goldman Sachs HYSA. Which is BETTER? Best High Yield Savings
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- Опубліковано 29 чер 2024
- Comparison between Wealthfront vs Marcus by Goldman Sachs High Yield Savings Account (HYSA) 2024. Sign up with Marcus by Goldman Sachs and earn an ADDITIONAL 1% APY: www.alexisidro.com/Marcus
A few notes:
Today we compare Wealthfront and Marcus by Goldman Sachs High Yield Savings accounts (HYSA), and which gives the best benefits, and this is coming from someone who's used both of these organizations in the past. We go over the interest rate, maintenance fees, minimum deposits, and overall, which is better in my personal opinion and experience. Al of this with the hopes of helping you make better decisions for yourself, and improve your personal finance (remember, I'm not a financial advisor).
Links:
MARCUS (Get 1% Additional for 3 months): www.alexisidro.com/Marcus
SoFi (Get up to $325): www.alexisidro.com/SoFi
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Times:
0:00 Preview
0:21 My personally crafted HYSA requirements/targets
1:11 Best Marcus and Wealthfront features (and warning)
9:19 Which is for YOU?
12:19 Which would I recommend to my mom? :)
13:05 A gift for you: free money (seriously)
Additional links:
Linkedin: / alexisidro
Website: alexisidro.com
New to the channel? Welcome!
My name is Alex and in 2018, my wife and I found ourselves DEEP in 215,000 USD of BAD debt including car loans, personal loans, student loans, credit cards and more.
We felt like we were falling behind, scared, stuck, frustrated, and could not move on with our lives to start our family.
Most importantly we did not live in peace, as the debt was holding us back and keeping us up at night.
We decided that enough was enough; we got on a plan and we hustled hard.
It took us three years of focus, discipline, and HUSTLE to make it happen.
I know how painful it is to feel stuck, burdened by debt, and also what it does to us psychologically, affecting our confidence and self esteem.
That's why I am now sharing the mindset (most important), strategies, and lessons we learned to help professionals CRUSH DEBT, become confident, take control of their money, and build the life they deserve.
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DISCLAIMER:
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make. Also, some of the links here are affiliates and should you use them, they support the channel and me making free content :)
Hello everyone! If you're a parent, beginner in personal finance, who's working to get your finances in order and need help with your financial planning, so you can build your wealth, and achieve financial security, stability, and freedom, message me on IG @thealexisidro (I'm currently doing research and would love to know how I could help you/challenges you are dealing with, and in exchange for your input, I will answer any questions you have). instagram.com/thealexisidro/
Wouldn't recommend SOFI if you do not direct deposit or not deposit 5k a month. Other wise they will only give 1.2% APY.
This was very interesting, I’ve been looking at both these accounts and deciding. Thank you
Glad it helps! Which one do you like better and why?
Great video ! Debating between wealth front and Marcus ....
Glad it helps! Which did you choose?
Hello, You mentioned that if GS dissapears than one can transfer the money out. But how do you go about it, if you can't access your money?
Great question. Essentially, you'll get your money back through the new acquiring bank (if the bank that failed is bought by another one) or a check from the FDIC withing two business days of the failure.
Here's what Bankrate suggests will happen:
"In most bank failures, you don’t have to do anything to get your money back. You can use your account as you did previously, but it will be at a new bank. If you have direct deposits routed to your account, the FDIC will reroute them to the acquiring bank. You can also continue to use your existing checks for a short period of time, but the acquiring bank will contact you with information about new checks.
What if the FDIC struggles in its matchmaking efforts and fails to find an acquiring bank? Then the FDIC gets out its checkbook.
“If the FDIC was unable to find an acquirer for the failed bank’s deposits, the FDIC conducts a deposit payoff,” Williams-Young says. A deposit payoff means you’ll get paid directly via check by the FDIC, according to the total amount of deposits you had that were insured.
How long will it take to get your money? While the FDIC says that each bank failure is a unique situation, it works to pay back depositors as soon as possible - typically within two business days of the failure."
I set up an account few weeks ago where I had to use linked bank I’m already with and can only transfer in and out of only one account can be linked in in UK
When you get a Wealth Front account is this a savings account and checking? Do they send you a card. I'm thinking about getting it just to put money a side. I'm new to it not sure how it works.
Hello! Yes, they call them cash accounts. You'll get an ATM card, if you don't get it, you can order one once you sign up!
Only savings wich is what I was looking for since I already have Amex and Charles Schawb as 2 checking accounts.
You get one account called a Cash Account but you can create categories within that account for emergency savings, travel, etc.
I don't think they send you a card automatically.
Going with Wealthfront
Great! Let me know how you like it. Do you have any other questions I can help answer?
When I invest om the west coast into Marcus it takes like 5to8 hrs for my stuff to deposit in my savings
Yes, it takes a couple of hours. I've experienced the same. Usually 4-5 hours for me on the East Coast.
Do you have any recommendations for a joint HYSA? I want to start saving with my partner but haven’t found any good options SOFI was the only one I found but don’t want to do direct deposit for that offer
For sure! Let me ask, what are you looking for in a bank other than high interest?
@@alexisidro Honestly just looking for a savings account. We both already have our own separate bank accounts we were just looking for a joint savings bank account
Gotcha. Other than SoFi and Marcus, look into CIT, Capital One 360, Discover, Ally. Those are safe options out there. They don't have the highest interest rates, but they're well established with reputable track records. There are others of course, but these are the ones that come to mind.
Have you had any issues trying to withdraw from wealthfront or them locking your account like people been commenting of wealthfront facebook page??
I have Marcus. However, here's what a Wealthfront client recently shared (you can also look through the comments. It's here in the comment section):
"My Wealthfront experience:
-Difficulty opening an account
-No telephone number listed on website or app
-Main contact is via email, which can take them 24hrs or longer to respond
-Could not link to Vanguard account
-Difficulty closing account (they cancelled my account closure attempts twice)
-Answered phone each time I called, but employee sounded as if he was working from home. He also did not have professional communication skills
-hands off approach due to low # of employees (under 300)
-transfers can take days"
@@alexisidro a note on the transfers taking days, I've had WF for a week and my transfers earn interest the next day. However they do take a few days to become available.
Nope
I understand you personally go with Marcus but anyone listening would probably lean wealthfront. The only feature with Marcus that sounds like an advantage is same day transfers.
That's fair! Everyone goes with what's best for them. Simply sharing my experience.
Wealthfront for me.
Marcus is the way unless you want hassle
@@NeppV No hassle at all with Wealthfront, my transfers are there the next day bud.
I agree
I have wealthfront savings and have a visa debit with the savings
How are you liking Wealthfront?
What news specifically have you heard about Marcus shutting down?
Their investment department is now being run by Betterment. Their loans department was running into some issues as well. They were going to end some of their services, but HYSAs were not involved.
With higher APY, Wealthfront is a no-brainer!
Good incentive for sure! What other options are you considering?
@@alexisidro If they’re funds to save for future purchases or emergencies, it just makes sense to do a higher yielder. I can see how it also benefits those who want to invest. It’s also a perk that we get a debit card to physically withdraw the money if need be. And their phone app UI is not too bad either; it’s very informative!
I had Amex because of their name or reputation but those reasons alone don’t give me back money I want for my savings. Marcus’s future is uncertain so why bank with one who you don’t know what their future holds?
Great points! Best of luck with Wealthfront. Let me know how you like it
Abslolutely
I use Wealthfront and has been a year now it’s user friendly platform and gets competitive interest rate. Highly recommended.
I chose Wealthfront
Let me know how it goes for you! Thanks for sharing. What made you want to go with them other than the high APY?
For their Investment options and ATM Access.@@alexisidro
It's going good so far, I chose it for the investing capabilities. I'm also looking into Fidelity. I hear good things about Fidelity.@@alexisidro
I have both and like both. Going to max out Marcus and put the rest in Wealthfront.
Sounds good! Curious, what do you mean by maxing out Marcus?
@@alexisidro Marcus is FDIC insured up to $250K. So, I'm going to put the whole $250K in there, then put the rest in Wealthfront since it's FDIC insured up to $8M. I don't have anywhere near the amounts, but this is my plan.
Good choice@@cjack202003
I need a referral link . Can someone help me out
For Marcus or Wealthfront?
I think Marcus is the best option in the market. I’m with them since 2016 and I would never go back to JPM, BOA and TD…..