Marcus by Goldman Sacs & Mass Affluents

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High Yield Saving Accounts Comparison, Part 1

Out of the examined banks, HSBC Direct Savings has the highest Annual Percentage Yield (APY) at 2.30%. Marcus by Goldman Sachs is the only bank that does not have a relevant mobile app. Details of the analyzed high yield savings accounts are provided in the attached spreadsheet.

Marcus by Goldman Sachs

  • The high yield savings account has no fees and no minimum deposit, and it has an APY of 2.25%.


  • Ally's high yield savings account can only be accessed online and it has an APY of 2.20%.

HSBC Direct Savings

  • The HSBC Direct Savings account is an online-only high yield savings account with 2.30% APY, no monthly maintenance fees and a $1 minimum balance for account opening.

SoFi Money

  • The Sofi Money high yield savings account has an APY of 2.25%. It has no account fees and offers free ATM Visa transactions.

Discover Bank

  • Discover's Online Savings Account has an APY of 2.10%, no minimum opening deposit is required, and there is no monthly fee.
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High Yield Saving Accounts Comparison, Part 2

Vio Bank's high-yield savings account stands out with the highest APY of 2.52%. The high-yield savings option of Citibank, Capital One, Synchrony, Barclays Bank, and Vio Bank have common features such as no or minimal maintenance charge and no minimum balance. On the attached spreadsheet in rows 3-6, columns H-L, the requested information can be found.

1. Citi

  • Citi® Accelerate Savings is the high-yield savings account of Citibank and offers an APY of 2.36%. Account holders can bank from anywhere online, there are no limits on earning, and no minimum deposits. The account is insured by Federal Deposit Insurance Corporation (FDIC) and there are options to earn higher interest as the savings grow.
  • Citibank asks for a $4.50 monthly service fees which can be waived by maintaining an average monthly balance of $500. There is also a non-Citibank ATM withdrawal fee of $2.50.
  • Citi® Accelerate Savings is only available "to accounts opened by customers with a residential address in one of the following states: AL, AK, AZ, AR, CO, DE, GA, HI, ID, IN, IA, KS, KY, LA, OK, ME, MA, MI, MN, MO, MS, MT, NE, NH, NM, NC, ND, OH, OR, PA, RI, SC, SD, TN, UT, VT, WA, WV, WI and WY and the following territories, possessions and military addresses of AA, AE, AP, AS, GU, MP, PR and VI."
  • Though Citibank's Accelerate Savings provides a decent APY compared to the national average, many banks like CIBC Bank USA, CIT Bank, MySavingsDirect, TAB Bank, and Vio Bank come out on top of it.
  • An advantage is that Citibank does not require a minimum balance to earn the APY.
  • Also, with 700 branches around the U.S., Citibank also provides a myriad of banking services in conjunction with its Accelerate Savings Account.

2. Capital One

  • Capital One's 360 Money Market® account provides the customers with an APY of 2.00% for a balance of more than $10,000 and 0.85% for a balance of less than $10,000.
  • There are no charges nor any minimum balance criteria.
  • According to available information, Capital One's 360 Money Market® account is focused on individuals living in the USA of all ages and genders.
  • Even though many banks provide high yield savings options, Capital One's 360 Money Market® account stacks better because it has no minimum balance requirements and no fees or charges.
  • Only a few other banks like Ally or Marcus by Goldman Sachs provide such high AYP on even lower minimum balances.

3. Synchrony

  • Recognized as a NerdWallet Best Savings Account, Synchrony's High Yield Savings account offers an APY of 2.25%.
  • There is no minimum balance requirement and no fee or charges.
  • The high-yield savings account of Synchrony is for all U.S. citizens who are eligible for banking.
  • Customers get a debit card to avail themselves of ATM facilities free of charge at Synchrony and its partner ATMs. In case an ATM charges a fee, Synchrony reimburses $5 for such ATM transactions to the bank account.

4. Barclays Bank

  • Barclay Bank's high-yield savings account provides the customer with an APY of 2.20%. There is no minimum balance, no maintenance charges, and no maximum balance. The interest is compounded daily.
  • This high-yield savings account is for U.S. citizens, who are looking for a high yielding but low balance savings option.
  • Unlike high-yield savings account options of other banks, Barclay Bank does not have a maximum balance cap.
  • The APY provided by Barclays is 22 times the national average.

5. Vio Bank

  • Vio Bank's high-yield savings account offers an APY of 2.52%. There are no maintenance charges, however, there is a minimum balance of $100. The account is FDIC insured.
  • The high-yield savings account of Vio Bank is available to all U.S. citizens or residents of age 18 or older who have a social security number.
  • Vio Bank's high yield savings account offers one of the highest APYs among the competition. Besides, Vio Bank does a continuous evaluation of its competitors to ensure it provides one of the best APY rates.
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Mass Affluent Demographic Profile

Among the mass affluent population of the US, 41% are currently aged between 55-75, 37% are currently aged between 40-54, and 9% are currently aged between 25-39.


  • While there was no publicly available report on the exact break-up of the sexes percentage-wise, according to Retail Dive, the mass affluent are more often married people that identify as men.
  • According to financial industry experts, an individual included in the demographics of mass affluent is "defined as an individual or household who had $100,000 to $1,000,000 in liquid assets to invest."
  • Specifically, a person must make at least 1.5 times the median household income of their region.
  • At a national average, a person must make at least $93,000 a year, given that the median household income in the US is $62,000 as of 2019.
  • MDG Advertising classified 'affluents' as those having at least $100,000 in annual income. Based on this definition, a poll by Ipsos Affluent Intelligence Group found that "90% of affluent seniors age 72+ identify as non-Hispanic white."
  • In the same poll, "14% of affluent Millennials identify as Hispanic, 12% as Asian, and 7% as black."
  • According to a study done by Nielsen, mass affluents work in finance, business and management careers, or own their own business.
  • The majority of the mass affluent population was found to be "couples who own their own homes."
  • 72% of this group was found to have a college degree. Nearly a quarter of respondents have "an advanced degree, such as an MA or PhD [sic]."


To find demographic information on the mass affluent group in the US, the research team consulted reports prepared by globally reputed agencies that prepare wide-scale surveys and consumer reports. We also looked into reports published by credible and reputable investment firms in the US. We also searched market research reports published on the mass affluent population published by credible research firms and financial periodicals. We sought out articles written by experts in the space, as well as academic studies on this segment that were published in both academic circles and financial or social outlets.

From all the sources combined above, we could find all the demographic information requested, aside from specific information on the gender identification of the mass affluent population. For example, in this case, we could only find qualitative information that suggests the mass affluent population predominantly identifies as men.

For other parameters such as employment and location, information was older than two years. However, since it was found that this information is still being quoted in recent sources as the most recent information available, this data was included.
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Mass Affluent Psychographic Profile

The mass affluent group in the United States is considered to be family oriented and tend to be careful with their financial expenditures. There are different priorities of the mass affluent millennials and younger generations as they are more likely to use digital media for purchasing services and products and spend more on immersive experiences such as traveling and education and less in luxury accessories than previous generations.

Buyer's Habits

  • According to Customer Communication Group, the priorities among the mass affluents in the U.S. include excellent customer service, personalization, convenience and flexibility, and digital technology.
  • 80% of the mass affluent group consider the bank's reputation to be very important when choosing a banking institution regardless of the channel.
  • A survey by Simmons Research states that the mass affluent group is as likely as the non-affluent group to wait for special offers or bargains in the US.
  • In addition, the mass affluent group is as likely as the non-affluent group to hold out and buy things they want until they go on sale.
  • Moreover, nearly half of mass affluent Americans are worried about their financial status.


  • MDG Advertising states that 36% of affluents with an average income of $125,000 or more consider themselves to be luxury travelers.
  • Also, 28% of mass affluent Americans find it difficult to meet household expenses and 36% use credit cards to pay for extra expenses they need.
  • Aside from the household expenses, the mass affluent Americans' top expenditures include 20% of transportation (cars, boats, etc), 14% home and garden, 10% personal insurance, 9% travel, 7% computers and electronics, 6% on apparel accessories and 6% on education expenses, among others.
  • The two areas where mass affluent Americans tend to spend more is travel and education.
  • Mass affluents spend an average of $6,743 or more per year on educational expenses.
  • Moreover, affluents purchase luxury goods/services once a year or less and 21% say they never purchase luxury goods/services.


  • The mass affluent group is considered to be most active digital bankers using alternative payment methods such as PayPal and checkouts by Amazon and Google among others even though, 71% of the mass affluent group don't trust mobile banking platforms.
  • 75% of the mass affluent group research about products or services they are interested in before purchase.


  • The mass affluents do not inherit their wealth but rather save them for the future.
  • The mass affluents value education and tend to share education loans with their children.
  • The majority of mass affluents are married, family oriented, and worry about their finances because they don't consider themselves as affluents and they are careful with their spending. Although sometimes they spend more on traveling and education.

Psychographics Based On Age

  • According to Customer Communication Group, the mass affluents can be segregated by age as follows: 41% of them are Boomers, 37% are Gen Xers, and 9% are millennials. Gen Z consider themselves to be too young to be on the list.
  • 93% of mass affluent millennial and 73% of boomers own a smartphone when compared to 71% of the overall U.S. adult population.
  • In addition, 42% of wealthy millennials and 38% of wealthy boomers own a tablet when compared to 33% of average adults in the US.
  • Moreover, millennials and older generations are more likely to use mobile banking while Gen Zers are more likely to bank using a mobile app.
  • 84% of mass affluent boomers and 79% of mass affluent millennials “value a knowledgeable financial broker or adviser whom they trust” when making financial decisions.
  • Business Insider stated that the mass affluents are spending their money differently than they used to. Millennials and Gen Zers spend more on immersive experiences, are less likely to be loyal to a brand, and exclusivity and personalization are more important to them as it was for previous generations.

From Part 01
  • "Our award-winning savings account provides a high yield that’s 4X the National Average (try our Calculator), is easy to set up and offers convenient 24/7 account access – all backed by the financial expertise of Goldman Sachs."
  • "Like Ally, Discover Bank offers a single checking, savings and money market account. Checking and savings are fee-free, but the money market account requires $2,500 to open--and an average daily balance of at least that amount to sidestep a $10 monthly fee."
  • "Branding is only part of the equation, of course. One of the other advantages of branches is having a person readily available when you have questions. To that end, Marcus is taking its customer service via call centers very seriously. He promises that customers are connected with a person based here in the U.S. within 30 seconds."
From Part 03
  • "According to the Digital Enablement for Retail Banking survey fielded by Nielsen, Baby Boomers make up 41% of the Mass Affluent market, while Millennials make up only 9%. "
  • "By generation, Baby Boomers (41 percent) and Gen Xers (37 percent) make up the majority of this group, while millennials comprise just 9 percent."
  • "There are many definitions of the affluent consumer segment, but most define the mass affluent as having over $100,000 in household income and $250,000 or more in assets."
  • "Affluents generally skew male, older and are more likely to be married. They are not only highly educated and optimistic about the future, but they are both upwardly and physically mobile."
  • "Traditionally Republican, the group makes up more than 1 in 4 voters and is now more politically divided, better educated and less white and male than in the past, according to Election Day exit polls dating to the 1970s."
  • "Sometimes referred to by marketers as the “mass affluent,” the new rich make up roughly 25 million U.S. households and account for nearly 40 percent of total U.S. consumer spending."
  • "To be considered mass affluent by income, one must make at least 50% more than the median household income of your surrounding area. If you consider your surrounding area all of America, than you must earn at least $93,000 a year since the median household income is roughly $62,000 as of 2019."
  • "The financial services industry, an industry in which I’m currently consulting for, defines mass affluent as an individual or household who has $100,000 to $1,000,000 in liquid assets to invest. That is a huge spread, but it is taking into consideration people of all ages and the opportunity for growth."
  • "For example, Personal Capital focuses on clients who aggregate at least $100,000 in investable assets on their free financial Dashboard as potential wealth advisory clients. They have close to 500,000 registered Dashboard users and it would be very inefficient to call them all."
  • "The common cap is $1 million in liquid assets to invest as a definition because if you’ve got much more, then you’re obviously a millionaire and not part of the mass affluent crowd. "
  • "Based on the mass affluent definition by income and by investable assets, I believe a a net worth of between $500,000 – $5,000,000 in net worth should be considered mass affluent. It’s very hard to have investable assets of $100,000 – $1 million if you don’t have a net worth of $500,000 – $2,000,000, unless you are gutsy enough to invest your entire net worth in the markets."
  • "While older affluents are overwhelmingly white—90% of affluent seniors age 72+ identify as non-Hispanic white—the makeup of younger affluents is more mixed: 14% of affluent Millennials identify as Hispanic, 12% as Asian, and 7% as black."
  • "They work in Finance, Business and Management careers, or own their own business"
  • "The typical mass affluent consumer is a baby boomer who grew up in America’s middle class. They worked hard throughout their adult lives and did not inherit their wealth. Many are couples who own their own homes, and either don’t have any kids or are empty nesters."
  • "Mass Affluent investors, households with a net worth between $100,000 and $1 million (not including primary residence) comprise the largest percentage of Affluent households, according to our new first quarter wealth segment research. There are nearly 30 million Mass Affluent investors in the U.S., up from just over 24 million in 2007."
  • "Almost half of Mass Affluent investors have a net worth between $750,000 and $999,999, with the remainder evenly split between those with a net worth between $100,000 and $499,999 and those with between $500,000 and $749,999 (26 percent each). Just over half of these investors consider themselves to be wealthy."
  • "As with wealthier households, the Mass Affluent puts a high premium on their education, rating it second only to hard work as the primary factor in their wealth creation. All surveyed Mass Affluent investors have completed high school, while 72 percent have a college degree. Roughly one-fourth have earned an advanced degree, such as an MA or PhD."
  • "Six-in-ten Mass Affluent investors are still working, while 31 percent are retired. Two-thirds are two-income households. The largest percentage works as managers. The next most common professions among the Mass Affluent are educators and professionals (such as doctors and lawyers)."
  • "On a geographic basis, while a plurality 33% of affluents are based in the South, they are under-represented (index of 89) in that region relative to the general population. By contrast, they over-index in the Northeast (22% of the affluent population; index of 119) and the West (25% of the affluent population; index of 107)."
  • "Previous research from Nielsen has indicated that Mass Affluents – who have income-producing assets (IPAs) of between $250,000 and $1 million (excluding real estate) – are concentrated less in old-money areas and the Sunbelt, and more in and around coastal metropolises."