Boost Holiday Savings with This Fintech App Offering 6% APY
With the holidays just around the corner, many Americans are looking for ways to maximize their savings.
“Americans plan to spend an estimated $1,012 this holiday season — up from $975 last year,” according to a recent Gallup poll. Fortunately, innovative financial tools can help you make the most of your money during this time.
One such tool is a new cash account from Marygold & Co., a fintech company focused on simplifying personal finance. Their mobile app empowers users to manage their money efficiently through features like fee-free banking, investing, budgeting, and spending tracking.
What sets Marygold & Co. apart is their new high-yield cash account, boasting a remarkable 6% APY— over 13 times the national average for traditional savings accounts. This could be a game-changer for individuals looking to see their savings grow faster.
"This account is available to new and existing Marygold & Co. customers," the company announced. "There are no minimum balance requirements or early withdrawal penalties."
Beyond the impressive interest rate, Marygold & Co.’s app offers a suite of helpful money management tools. Users can utilize "money pools" to organize funds for specific goals, such as holiday shopping. Personalized daily, weekly, and monthly spending limits help users stay on track with their budgets.
Other benefits include:
- Savings hub: View your savings goals and track your progress in one place.
- Investment calculator: Explore pre-made portfolios curated based on your risk tolerance and investment goals.
Ready to take control of your finances and maximize your holiday savings? Download the Marygold & Co. app here.
It’s important to note that this new account offered by Marygold & Co. is categorized as a cash management account (CMA), not a traditional savings account. CMAs typically combine features of checking and savings accounts, often offering competitive interest rates, higher FDIC insurance limits, and no withdrawal limits – making them an attractive alternative to traditional bank accounts.
Before opening any new account, it’s crucial to consider key factors like:
- Annual Percentage Rate (APY): While a high APY is enticing, remember that savings APYs are variable and subject to change. Evaluate the overall fit of the account beyond the current interest rate.
- Fees: Review the fee structure to ensure you’re not incurring unnecessary costs that could erode your returns.
- Minimum deposit and balance requirements: Are you able to meet any minimums required to open and maintain the account?
- Deposit insurance: Verify that your funds are protected by federal deposit insurance. Bank accounts are typically insured by the FDIC, while credit unions are insured by the National Credit Union Administration (NCUA).
Remember, the downfall of financial institutions like Synapse highlights the importance of understanding the safety net for your funds.
Several factors make Marygold & Co.’s cash management account a compelling option for maximizing your holiday savings. Their user-friendly app, combined with their impressive APY and lack of restrictive fees, makes managing your money during the holiday season more accessible than ever before.
