The Marcus by Goldman Sachs Online Savings Account draws in customers with its lack of fees, high APY, and same-day transfers of certain high amounts. But for some, the inability to deposit checks remotely could be a dealbreaker. Read on for complete details about Marcus' savings rate and what else this savings account has to offer.
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Ratings Methodology
Rates asof Apr 17, 2024
Marcus by Goldman Sachs Online Savings Account
Open Account for Marcus by Goldman Sachs Online Savings Account
Goldman Sachs Bank USA.Sponsored Listing
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Open Account for Marcus by Goldman Sachs Online Savings Account
APY
4.50%
Min. To Earn APY
$0
- Competitive APY
- No maintenance fees
- No minimum balance requirements
No ATM card access
The Marcus by Goldman Sachs Online Savings Account has proven that it's a competitive online savings account with a competitive annual percentage yield (APY), no fees, and no minimum balance requirements.
Read Full Review
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits! | Open Account for SoFi Checking and Savings |
Open Account for CIT Platinum Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.05% APY for balances of $5,000 or more Rate info5.05% APY for balances of $5,000 or more; otherwise, 0.25% APYMin. to earn: $100 to open account, $5,000 for max APY | N/A | Open Account for CIT Platinum Savings |
Open Account for Barclays Online Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.35% Min. to earn: $0 | New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply. | Open Account for Barclays Online Savings |
Marcus savings account interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Marcus by Goldman Sachs Online Savings Account | 4.50% | $0 |
Marcus by Goldman Sachs Online Savings Account offers a 4.50% APY, which is much higher than what you'll find at most brick-and-mortar banks and even some online banks. This places the Marcus savings rate among some of the best high-yield savings accounts we've seen.
Full Marcus by Goldman Sachs Online Savings Account review
The Marcus by Goldman Sachs Online Savings Account can help grow your money with a competitive annual percentage rate (APY), but it's not perfect for everyone. With that in mind, let's take a look at its strengths and weaknesses.
Top perks
Competitive APY: As mentioned above, the 4.40% APY is much higher than what you'll find at most other banks.
No minimum balance requirement: Marcus by Goldman Sachs Online Savings Account doesn't have a minimum balance or minimum opening deposit requirement in order to earn the stated interest rate.
No monthly maintenance fee: There's also no monthly maintenance fee (or any other fees ), which is a common consumer pain point when it comes to traditional bank savings accounts. However, if you link an external bank account, Marcus has no control over whether that bank charges fees for transfers.
Customer service: Marcus doesn't use an automated phone system during business hours and has U.S.-based customer support. In other words, if you call during the company's business hours, your call will be answered by a real, live person in the U.S.
FDIC insured: Marcus by Goldman Sachs Online Savings Account funds are covered by the same FDIC insurance as traditional savings accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.
What could be improved
Deposit options: Mobile deposit is not an option with the Marcus by Goldman Sachs Online Savings Account. If you want to deposit a check, you'll need to either mail it or deposit it into an external account first.
ATM card access: While electronic transfers to and from the Marcus by Goldman Sachs Online Savings Account are free, there's currently no ATM card available for quick-and-easy access to your money. Some other high-yield online savings accounts offer ATM access, so if this is important to you, it might be a smart idea to compare some other savings accounts before making your decision.
How to access your money
The Marcus by Goldman Sachs Online Savings Account gives you the following ways to fund your account and withdraw money as needed.
Deposit options
You can deposit funds in any of these ways:
- Electronic funds transfer
- Direct deposit
- Wire transfer
- Mailed check
Mailed checks, electronic transfers, direct deposits, and incoming wires are free, though you're naturally responsible for the cost of a stamp and envelope for snail mail. Notably absent are mobile check deposit capabilities, which is an important consideration as you search for your ideal savings account.
Withdrawal options
You can move funds out of your Marcus by Goldman Sachs Online Savings Account in either of these ways:
- Electronic transfer
- Wire transfer
We tried it: Our team's firsthand experience
Here at The Ascent, we pride ourselves as real users of most of the products across our site. One of our Senior Data Analysts, Johnnie Weathersby III, uses the Marcus by Goldman Sachs Online Savings Account himself. Here's Johnnie's firsthand experience:
"I love the competitive rates at Marcus, and it updates the return account holders see on a regular basis. Transfers to and from Marcus are pretty simple and help you avoid wire transfer fees that you may experience with other banks. The referral benefits are great for existing account holders, which can be a pretty sweet deal if you want to help your family and friends out, too."–Johnnie Weathersby III, Senior Data Analyst/Architect here at The Motley Fool
What the Marcus by Goldman Sachs Online Savings Account platform looks like:
Marcus By Goldman Sachs Online Savings Account platform. Image source: Johnnie Weathersby III
The Marcus by Goldman Sachs Online Savings Account is right for you if:
If you'd like to minimize your fees while maximizing your interest, the Marcus by Goldman Sachs Online Savings Account could be a smart choice. But that might not be the case if you care about being able to visit a branch, deposit checks through a mobile app, or use an ATM to withdraw cash.
If those features are important to you, look at a few other options. In fact, it's always a smart idea to shop around. After all, the APYs offered by high-yield savings accounts change frequently and online banks often roll out new features and incentives.
Keep reading about Marcus by Goldman Sachs
- Marcus Bank Review
- Marcus by Goldman Sachs CD Rates
- Marcus by Goldman Sachs Personal Loans Review
- Marcus Invest Review
Our savings account methodology
At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.
FAQs
Marcus by Goldman Sachs funds are covered by FDIC insurance, which covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.
You can withdraw money by transferring it to an external bank account. Currently, Marcus does not offer ATM cards for its savings account.
Marcus may close your account if you don't deposit funds within 60 days of opening it.
Our Banking Experts
By:Kailey Hagen
Writer
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
By:Steven Porrello
Writer
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact CheckedEric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
