What little cash you may have might be better off in asavings account.
Instead of potentially losing money, it only gains money through interest.
But not all savings accounts have the same features or offers.
Here’s a breakdown between two leaders:AllyandMarcus by Goldman Sachs.
*As of May 3, 2020
Keep in mind that annual percentage yields – or APYs – fluctuate.
Variable interest rates tend to drop when theFederal Reserve cuts rates.
Neither Ally nor Marcus charge monthly maintenance fees, which some regular banks do.
Ahigh-yield savingsaccount is a savings account that earns more interest than a regular savings account.
For example, as of May 2020, aWells Fargo savings accountis earning 0.01% interest.
Read more:The best robo-advisors in 2020
What does Ally offer?
Ally is a leader in online banking because it was one of the first online-only banks to exist.
That way, it’s possible for you to manage multiple accounts within one website.
Read more:The best cash back credit cards in 2020
What does Marcus offer?
Marcus doesn’t have any fees whatsoever but says that your third-party bank may charge fees for certain activities.
Marcus by Goldman Sachsoffers not only high-yield savings but also CDs and loans.
Ally vs. Marcus: Which one is right for you?
The savings account you choose comes down to what you’re looking for out of a particular company.
For example, you’ve got the option to make IRA contributions directly from your savings account.
This might be the determining factor in your decision.
We also misstated Marcus' current APY.
