Save® Market Savings Review: Earn Returns and Reach Savings Goals

GOBankingRates Score

4.3
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Save Market Savings has created a unique way to combine the safety of a traditional FDIC insured savings account with the higher returns of investing. There is no guaranteed return on a Market Savings account, but with high APYs available on different account options, account holders could potentially earn significant returns.
  • APYs
    4.5
  • Benefits
    4.0
  • Products
    4.0
  • Customer Service
    4.8
How did we calculate this?

Pros

  • Zero risk of losses on Market Savings investments.
  • Potential to earn higher APYs than with traditional savings products.

Cons

  • No return guarantee.
  • Management fees owed on earnings.

Save Market Savings Overview

Save is a financial company referred to by its founders as a Savetech platform. Its unique FDIC-insured hybrid Market Savings account enables customers to earn market returns on savings without the risk of market investing. 

A Market Savings accountholder chooses an investment term of one, two or five years, much like a CD. The accountholder’s initial and subsequent deposits are held in a non-interest-bearing account. Save invests matched amounts in a diversified portfolio of ETFs based on the accountholder’s chosen portfolio. Any earned returns minus a 0.35% management fee goes to the account holder at the end of the account term. So while an account holder could earn a 0% APY depending on the market, they cannot lose any deposited funds.

Key Features

GOBankingRates gave Save Market Savings 4.3 out of 5 stars based on the following features.

APYs

According to Save’s Truth in Savings Disclosure, “APY is derived from the investments made by Save on behalf of the customer within Save’s portfolio of strategies over the duration of term length selected by the customer.” While Market Savings account returns are not guaranteed, Save’s APY forecasts are as follows:

Term APY Minimum Initial Deposit
1-year $1,000
2-year $5,000
5-year   $5,000

Benefits

A Market Savings account offers two significant benefits. First is the possibility of earning a higher return than putting money into traditional short-term savings products. The second is removing the risk of stock market investing.

Products

Save has a minimal product offering. In addition to the Save® Market Savings account, Save also offers the Save® Wealth card, a credit card that replaces traditional rewards with investment returns. 

Customer Service

Save offers several ways to get customer service. Market Savings customers can:

  • Log in to their account online or use the app to send a secure message.
  • Use the chat feature on the website Monday-Friday, 9 a.m. to 5 p.m. CST.
  • Call customer support at 1-844-940-7283 Monday-Friday, 9 a.m. to 5 p.m. CST.
  • Email customer support.

Use Save Market Savings for Short-Term Financial Goals

Save’s Market Savings hybrid account is a new financial product unique to the Save platform. It offers savers the opportunity to earn more toward short-term financial goals than savings products traditional financial institutions offer. 

Comparable Savings Options

Anyone considering a short-term savings product with a guaranteed return might want to stick to a traditional CD or savings account, given the current higher interest rates on these products. Here is a savings account option with an attractive bonus offer and CD options for most savings needs.

SoFi Checking and Savings

SoFi has launched a combination checking and savings account with a APY, no account fees and the opportunity to earn up to a $300 bonus for setting up direct deposit. Those who set up direct deposit have no minimum deposit requirements for earning the APY.

Synchrony Bank CDs

Synchrony Bank offers a lot of flexibility in its CD rates and terms to fit the needs of any saver. Those concerned with interest rates rising after purchasing a CD can opt for Synchrony’s Bump-Up CD, which allows for one rate hike should the product’s rate increase. Synchrony also has a no-penalty CD for those that may need access to their money before the end of the CD term. However, for the best APY, Synchrony’s traditional CD has up to a APY, depending on the term.

How To Apply for a Save Market Savings Account

Those interested in opening a Save Market Savings account can apply online. To be eligible, an applicant must be 18 years or older, have a permanent U.S. address as a U.S. citizen or permanent U.S. resident and have a valid Social Security number.

Applicants will select an account term and follow the prompts to complete the application process and fund the account.

Who the Save Market Savings Account Is Best For

The Market Savings account is best for conservative investors looking for a short-term savings vehicle that may allow them to earn more than traditional short-term options such as savings accounts, CDs or money-market accounts. It may also be a good option for investors looking to expand their portfolio with a low-fee short-term opportunity.

Final Take

A Market Savings account could be a wise option for anyone interested in parking money in a short- to medium-term savings vehicle. However, money that will not be needed in one to five years may earn more in long-term investments.

As with any investment, those considering opening a Market Savings account should carefully read the terms on the Save site to fully understand exactly how the account works, the associated fees and how early withdrawal will impact returns. 

FAQs

Here are some quick answers to popular questions about traditional savings, money market and market savings accounts.
  • Is a money market savings account a good idea?
    • A money market account can be a good idea for those who want an interest-bearing account that pays better than a traditional savings account and who need easy access to their money.
  • What is a market savings account?
    • The Save Market Savings account is a hybrid account that combines the safety of a traditional savings account with the upside of market returns.
  • What are the four types of saving accounts?
    • Four types of savings accounts include basic savings accounts, high-yield savings accounts, money market savings accounts and certificates of deposit.
  • What is the difference between a savings and a money market account?
    • The primary difference between a savings account and a money market account is that money market account holders can write checks against the account Money market accounts may have higher minimum balance requirements and often have a higher APY than traditional savings accounts.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 15, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Andrea Norris has been in the web publishing business for the past 15 years both as a content contributor and a copy editor specializing in personal finance, frugal living, home and auto topics. She writes both short and long-form content and is well-practiced in SEO keyword research and writing.
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