As the holidays approach, it becomes essential to seek ways to make the most of your holiday savings. A recent Gallup poll indicates that Americans are set to spend around $1,012 this season, an increase from last year's $975. One effective strategy is to deposit your money in a high-yield account, where the balance earns more interest and grows faster. Now, Marygold & Co. presents a new cash account offering an attractive 6% APY.

Discover the Benefits of Marygold & Co.'s Cash Account

Financial Technology at Your Fingertips

Marygold & Co. is a renowned financial technology (fintech) company that has developed a mobile app dedicated to helping users manage their finances efficiently. This app offers a wide range of features like fee-free banking, investing, budgeting, and spending tools. It provides a seamless experience for users to handle their financial matters on the go.

With the app, users can easily organize their funds into different categories based on their savings goals using "money pools". They can also set personalized daily, weekly, and monthly spending limits to stay within their budgets. Additionally, the savings hub allows customers to view their savings goals and progress in one place, while the investment calculator provides pre-made portfolios tailored to meet their risk tolerance and investment objectives.

Unbeatable Interest Rates with the New Cash Account

This week, Marygold & Co. launched a cash account specifically designed to assist customers in boosting their holiday savings. Account holders can earn up to 6% APY on their balance, which is more than 13 times the national average rate for traditional savings accounts. It's a great opportunity to grow your money quickly.

The new cash account offered by Marygold & Co. is a cash management account (CMA), not a traditional savings account. CMAs combine the features of checking and savings accounts, including interest earnings, bill pay, debit cards, and online transfers. They are typically offered by brokerage and investment firms rather than banks and provide more competitive interest rates and higher FDIC insurance limits. There are no minimum balance requirements or early withdrawal penalties, making it accessible to both new and existing customers.

Key Factors to Consider Before Opening an Account

When considering opening any new account, whether it's a savings account, cash management account, or other types of bank accounts, several major factors need to be taken into account.

The annual percentage rate (APY) is crucial as it represents the annual return on your account balance considering compound interest. A higher APY gives your money more potential to grow over time. However, it's important to note that savings APYs are generally variable and can change due to various factors. So, while a competitive APY may attract you to a specific account, make sure it remains a good fit even after the interest rate fluctuations.

Account fees can also have an impact on your savings. Review the fee structure carefully and understand how to avoid incurring fees. Additionally, check the minimum deposit and balance requirements. The financial institution may require you to deposit a certain amount to open the account and earn the highest advertised rate or avoid fees. Ensure that you can meet these requirements easily.

Finally, don't forget to check the deposit insurance. Bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and credit union accounts by the National Credit Union Association, up to $250,000. Make sure you're banking with a federally insured institution to protect your money. Most investments, on the other hand, are not insured at all.

Download the app here and start maximizing your holiday savings with Marygold & Co.'s new cash account.