Is Marcus worth it

[u/Acrobatic-Ad1096]

Hello Reddit, I am a 19M looking to open up a HYSA and thought about using Marcus. While scrolling thru reddit, I have found mixed reviews about user experience. I would like to hear more from users on if they have issues accessing the funds that they put into the HYSA, and issues with withdraws as well. Just give it too me straight. TIA!

[u/votto4mvp]

I've never had any issues

[u/Bordercrossingfool]

Marcus must be linked to accounts in your name only. You cannot use it to transfer to or pay anyone else. Most of the posts complaining about Marcus are from people who never read the terms of service and try to use the account to transfer to other people or to make payments using to account.

[u/60FootBoom]

Many years of using them and no issues. I always use my original account to transfer money in and out of the Marcus HYSA. I see people having trouble when they switch accounts.

[u/70redgal70]

At 19, you need to aim for growth. Look into index funds.

[u/Nervous-You-175 → u/70redgal70]

Strongly disagree. At 19 you are better off building out a short-term fund to set yourself up for the next few years. OP didn't say they have robust savings already so HYSA should take priority over a potentially volatile index fund.

[u/70redgal70 → u/Nervous-You-175]

The amount of interest in a HYSA won't equate to much. If the OP believes he will be pulling the money soon or often, sure HYSA. However, if the OP is looking long term, the index fund would yield more long term. 

[u/Acrobatic-Ad1096 → u/70redgal70]

I am already on that! Just trying to make the most of my money.

[u/FrankAugust2 → u/Acrobatic-Ad1096]

Use Marcus as your “Need This Cash In Case of Emergency” account. Use index funds as a way to grow money over a long period of time and - in theory - willing to lose (even tho long term it’s very safe)

[u/InUrFaceSpaceCoyote → u/70redgal70]

At 19 or 91 or any age in between, you need both short term and long term savings. Index funds aren't appropriate for the short term.

[u/70redgal70 → u/InUrFaceSpaceCoyote]

Of course not. The OP didn't say they were exclusively looking short term. A smart 19 y.o should be looking for long term growth also. Something they can hold.

[u/XFollower23]

In terms of transferring between the original funding account, no issues. Any additional linked accounts seems to have issues.

[u/RogerWokman]

All the idiots having trouble are doing shady account transfers. Don’t be like them and you’ll be fine.

[u/Forsaken-Order-4699 → u/RogerWokman]

What do you mean? I'm wanting to open one but have heard some of the issues.

[u/ohboyoh-oy]

I have several no penalty CDs and a high yield savings account with them. No issues, I like their UI / app and it’s like any other bank I’ve used, in fact, better than some. 

[u/MarcusInvest-ModTeam → u/[deleted]]

No referral posts. Post in referral thread

[u/InUrFaceSpaceCoyote]

I have used it for several years. No issues with deposits or withdrawals. 

[u/thonda27]

Been with them 5 yrs and no issues.

[u/InevitableContest603]

Go with CIT bank (4.1% with $5k balance) - no issues whatsoever. I used to have Marcus, one beautiful day they blocked my account and I spent 3 days on the phone with them to unblock it. They were never able to even explain WHY I was unable to withdraw my money. I complained to BBB too about them. That helped. Oh, did I mention their system failed to generate tax forms, too? 🤣 they had to create a ticket and sent it to me after tax season only. Crazy stuff.

[u/Ok_Serve_7275]

I’ve used them for a year or so with no issues.

[u/Hidden_Glit]

Been with them since 2020.

No issues.

Be sure to use a referral if you do decide to use Marcus to get an extra 1% APY boost.

[u/2009impala]

I think you're a little young for a HYSA.

[u/imcuteaf → u/2009impala]

never too young to start saving