Marcus by Goldman Sachs is a fee-free, high-yield account that’s ideal for separating your savings from everything else

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Marcus by Goldman Sachs is a solid high-yield savings account with no monthly fees or balance requirement and a competitive APY.

Marcus recently debuted a mobile app to check your balance and schedule transfers on-the-go, but it doesn’t allow mobile check deposit yet.

With limited options for withdrawing and depositing money, it’s best for separating savings for a specific goal or purpose from the rest of your money.

See Business Insider’s picks for the best high-yield savings accounts »

Goldman Sachs may be a dominant force in the investment world, but its high-yield savings account appeals to more than just Wall-Street types.

Marcus by Goldman Sachs earns 1.70% APY on your cash, with no initial deposit or minimum balance requirements. There are also no monthly maintenance or service fees.

If you don’t have a high-yield savings account, you’re missing out on a huge opportunity to grow your money with little effort and no risk. There are dozens of banks, fintechs, and financial companies that offer high-yield savings accounts. The ones worth your time help you earn at least 15 to 20 times more on your money than a traditional savings account.

Financial planners recommend storing money for emergencies and short-term goals in high-yield savings accounts because it’s more accessible than money invested in the market, but it still grows while it’s sitting there.

Marcus is good for keeping savings separate

A Marcus savings account is ideal for storing money you want to keep separate from your other cash and that you don’t need immediate access to. The account doesn’t come with ATM access and Goldman Sachs doesn’t operate a checking account, so the most common way to withdraw money is through external bank transfers, which can take a few days. Like most savings accounts, there’s a limit of six transfers per month.

Goldman Sachs recently debuted an iOS mobile app for Marcus that allows you to check your balance, schedule transfers, and make loan payments on-the-go, but it doesn’t support mobile check deposit yet. The current options for funding your high-yield savings account are external bank transfers, domestic wire transfers, payroll direct deposit, or mailing a paper check.

While fans of Marcus laud its savings calculator and easy-to-use interface, the account lacks goal-setting features, like Ally Bank’s “bucketing” that helps savers create sub-accounts.

Choose a bank account based on more than the interest rate

As with any bank account, it’s important to consider the APY with a grain of salt. Interest rates on high-yield savings accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve.

It’s nearly impossible to predict with certainty which way rates will go, but you can bet they’re going to change one way or another. When you’re choosing an account to store your cash, make sure it meets your other needs first.

If you have at least $500 to deposit and want to lock in a higher rate on your money, Marcus also offers some of the best CD rates.