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High-Interest Savings Accounts at Marcus by Goldman Sachs Reach New High

Marcus by Goldman Sachs, the no-fuss, all-online platform that offers high-interest savings accounts and CDs with a variety of maturity dates, is now offering savings accounts at 3.75%.

That’s quite a boost, since Marcus recently raised the rate to 3.5%, and was offering 2.75%, then 3%, not that many months ago. Those rates were high at the time.

Why the rise?

“The Federal Reserve raises or lowers the federal funds rate to help maintain a stable US economy,” says Goldman Sachs. “When the Fed raises or lowers its rate, banks tend to increase or decrease the rates they offer on deposit accounts like savings accounts. Goldman Sachs pays close attention to the Federal Reserve and other key developments in the economy. We put our expertise to work to determine the right rates for our customers.”

Marcus is also offering high CD rates: 4.5% for 12 months, and 4.75% for 18 months, which are comparable to some brokered CD rates offered by Fidelity: 4.8% at 18 months. (Unlike bank CDs, brokered CDs are tradable before maturity, like stocks and bonds.)

One key difference between parking your money in a savings account vs. a CD: There’s no penalty when you withdraw from your savings account, but when you cash in a bank CD before maturity, you pay a fee. (The cash-in process is fast, easy and all online.) Marcus’s no-penalty 13-month CDs are currently at $3.85, barely worth the bother unless you consider the following: Savings rates are not locked-in like CD rates.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.