Save Market CD Review for 2024
Are you thinking about ways to make your money work for you without taking huge risks that could result in significant losses?
Do you want to dip your toe into investing but want to start with something relatively safe?
The Market Plus program offered by Save is a great way to comfortably earn a guaranteed yield, protect your principal investment, and still enjoy the benefits of market returns.
Continue reading to learn about this program and how opening a Market Plus account can help you reach your financial goals.
Market Plus At-a-Glance
How It Works
The Market Plus program allows consumers to combine the safety of a guaranteed return with the benefits of a market upswing.
When you open an account requiring a $2,000 minimum deposit, you will earn a guaranteed annual return. In addition,
Save opens a SIPC-insured account with Apex Clearing and allocates investments on your behalf. You will earn a variable APY every year from those investments. The term for a Market Plus program is three years.
Where Are the Best CD Rates?
Many financial institutions offer CDs, and there’s heavy competition among them to offer the best rates. We’ve compiled a list of some of the best CD accounts to help you find the ones that best fit your financial goals.
Market Plus Pros and Cons
As with any banking product, there are positive and negative characteristics of the Market Plus program.
Review the pros and cons below to get a realistic understanding of what you can expect when you open this account from Save.
Pros
- Market Plus provides a guaranteed, competitive return on accounts annually.
- There is a yearly variable market-linked return earned on Market Plus accounts.
- Consumers can withdraw the annual returns on their accounts at any time with no penalties.
- Investments made by Save are SIPC-insured.
- Customers can track how their investments are performing through the Save app.
- Save has a referral program that allows customers to earn more when their friends and family members open an account.
Cons
- A high deposit of $2,000 is required to open an account.
- Although customers can withdraw their returns, they will be charged penalties and have their accounts closed if they want to get money from their principal deposit.
- The 3-year term requirement may be too long for some consumers.
Save Market CD Fees
Compare to Other CD Accounts
If you’re interested in combining saving and investing money, a Market Plus account from Save is a solid choice to help you meet your goals.
However, it may or may not be the best choice for your financial needs, so it’s essential to learn about other types of accounts to make an assessment.
Below, we compare and contrast the Save Market Plus account to those offered by other companies to show you how it measures up.
Gainbridge Annuity
Gainbridge offers multi-year guaranteed annuities. While the products offered differ from Save’s Market Plus program, they are similar in that they both provide a guaranteed return.
Both companies are for consumers who prefer to put their money into long-term investments.
The Market Plus program requires a three-year commitment, while this is the minimum for Gainbridge customers. The accounts can receive guaranteed return rates for up to 10 years.
Gainbridge and Save both have referral programs, so customers can benefit when someone successfully opens an account based on their recommendation.
The difference is that Save’s referral earnings are applied to customer accounts, while Gainbridge provides Amazon gift cards.
Both companies also have a customer service line for those who need help and a calculator on their website for customers to calculate their investment earnings.
Bask Bank High Yield Savings Accounts and CD
Bask Bank offers high-yield savings accounts and CDs, so people can choose the best product for their needs while getting a healthy return.
This is similar to Save in that the Market Plus account offers above-average rates.
Both companies have high opening deposits, though when you open a Bask Bank CD, its requirement of $1,000 is half of what customers need to open a Save account.
Also, penalties are applied when both Market Plus and Bask Bank customers withdraw from their accounts early.
Both Bask Bank and Save have phone support, though Bask Bank’s hours are longer. Both companies also offer support via email and online chat.
Both companies offer money management tools, except while Save only offers a calculator, Bask Bank has additional tools.
Forbright CD
Forbright offers CD accounts with competitive interest rates, similar to Save’s Market Plus program.
Forbright Bank’s CD offerings are noteworthy for their competitive interest rates and minimal fees.
With terms ranging from 12 to 60 months and a minimum deposit requirement of $1,000, Forbright’s CDs cater to a variety of savings goals.
While the highest rates are reserved for the 12-month term, other options are also attractive.
Early withdrawals incur penalties, aligning with typical CD policies.
Forbright’s strong commitment to sustainability is evident, with a significant portion of its portfolio dedicated to green projects.
However, the mobile app has received mixed reviews, potentially impacting users who prefer banking on the go.
Who Is Market Plus For?
The Market Plus account is for customers who want the best of both worlds with a financial product: The ability to take advantage of the guaranteed return of a CD, while maximizing their earnings through market-based investment.
This way, you can make guaranteed money on your principal investment without suffering losses due to market instability. At the same time, you can benefit when the market is thriving.
Rating the Features
When considering any banking product, you want to get a comprehensive understanding of what you’re being offered when you open an account.
Below, we discuss the features of Save’s Market Plus program so you can make an informed decision about whether or not this type of account is right for you.
Mobile App
The Market Plus app from Save allows you to keep abreast of your account information from the convenience of your phone.
Through the app, you can obtain up-to-date data about the progress of your investments and see what the gains are.
Also, you can easily review all of the recent activity on your account, so you know exactly where you stand at any given time.
Referral Program
Save allows customers to make more on their accounts when they refer their friends and family.
Current customers earn a bonus-equivalent investment notional for each referral, calculated based on how much each referred customer deposits.
This is a tiered bonus, so it can amount to an additional $2,000 if the referred customer deposits less than $5,000 and $7,000 if the deposit is $5,000 or more.
In addition, new customers who are referred can also receive the same bonus amounts based on how much money they deposit into their accounts.
Support
Save customer support is available at (254) 284-Save (7283).
Customers can speak to someone every Monday through Friday from 9:00 a.m. to 5:00 p.m. Central Standard Time, except on holidays.
During these hours, the website offers an online chat service.
Customers can also contact customer support at [email protected] or through the website, as well as send the company direct messages on LinkedIn, Facebook, Instagram, and X.
Calculator
Investment calculators are valuable tools to help you determine how much you could earn in a set period of time based on different factors. Customers who want to determine how much they could earn on their investment can use the Saves online calculator.
By entering a deposit amount on the company’s website, you can get a glimpse at how much different levels of portfolio performance will earn.
Fees
Market Plus customers are charged an administrative fee, which Save charges at the beginning of each annual term.
If consumers’ investment return exceeds the administrative fee, an advisory management fee is also charged at the end of each term year.
Safety and Security
There is a principal guarantee when you hold your money in the Market Plus account for the entire three-year term. However, if you withdraw money from the principal before the maturity date, your account will be closed, and you will be subject to penalties.
Principal deposits for Save’s Market Plus accounts are not FDIC-insured, but deposits are protected when held to term. The investment account is SIPC-insured.
Frequently Asked Questions (FAQs)
Yes, you can withdraw money from your account’s annual guaranteed return and market-linked investments before the three-year term is finished. However, if you want to withdraw money from the principal, the account will be closed, and a penalty will be assessed.
The Market Plus product is not the same as a CD, although there are some similarities. Like a CD, Market Plus accounts offer a predetermined minimum return, so there are no surprises in how much you can earn. Unlike a CD, Market Plus also allows you to reap the benefits of the investment portfolio to increase your earnings.
Yes. When the initial term of your Market Plus account is complete, you can start a new one.
