As a firm, our goal is to ensure our clients are provided with comprehensive financial guidance and to keep you informed of opportunities to improve your overall financial position.
If you're like most people, you may have a fair amount of liquid funds in your bank checking, savings, and/or money market account. As you know, we sacrifice higher potential returns on our cash reserves to insure the funds are liquid and safe.
If you're interested in looking into a higher yielding savings account for your bank cash reserves, I have listed below several options. Important considerations include Annual Percentage Yield's (APY), required minimums, and account fees. Additional factors to consider are account features such as user-facing technology/apps, ease of access to accounts, and customer-service availability.
American Express - 2.10% APY
The account currently requires no minimum balance with $0 opening deposit and account fees. The variable interest rate is compounded daily and posted to account monthly. Account checks, ATM, and debit cards are not provided.
Marcus By Goldman Sachs - 2.25% APY
The current account opening minimum balance is $1 with $0 account fee requirements. The variable interest rate is compounded daily and posted to account monthly. Account checks, ATM, and debit cards are not provided.
Discover Bank - 2.10 APY
The account currently requires no minimum balance with $0 opening deposit and account fees. The variable interest rate is compounded daily and posted to account monthly. Account checks, ATM, and debit cards are not provided.
As always, please let me know if you have any questions on this opportunity or on any other financial concerns you may have.