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Marcus Online Savings Account by Goldman Sachs is a high-yield savings account, designed to earn more interest than traditional savings accounts. This account earns an annual percentage yield (APY) of 4.10% (as of 11/18/24). Your money remains secure while earning interest upon interest.
While Marcus is a relatively young platform, founded in 2016, Goldman Sachs is a household name in banking with its earliest start in 1869. The Marcus platform follows the trend of other popular online bank accounts by eliminating costly fees and giving you easy online and mobile access to its features.
Though this savings account pays one of the highest APYs on the market, you won't be able to use it as a one-stop shop for all your banking needs, since Marcus doesn't have a checking account option.
Featured High Yield Savings Accounts
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Earn up to 4.50% APY1 <p>LevelUp Rate of 4.50% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 2/12/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.
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Earn up to 3.80% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.3 <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> FDIC Insured.4 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
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Western Alliance Bank offers a powerful 4.30% APY to help grow your money. FDIC insured, no fees,6 <p>No account activity or maintenance fees.</p> $500 minimum deposit, $0.01 minimum balance to earn APY.
Marcus Online Savings Account overview
The Marcus Online Savings Account is a high-yield savings account from Marcus by Goldman Sachs, an online-only bank that is part of the Wall Street investment bank Goldman Sachs.
The account offers a competitive interest rate of 4.10% (as of 11/18/24) APY and has no monthly service fees and no minimum deposit requirement. Now, other banks and online platforms offer high-yield savings accounts with no fees or minimum deposit, but very few can beat the APY from Marcus.
Marcus Online Savings also boasts no fees for overdraft, stop payment, ACH transfer, incoming wire, and outgoing wire.
Access to this high-yield savings account is available online or through the Marcus app, which you can get through Google Play (Android devices) or the App Store (Apple). Plus, customer service is available 24/7 if you call toll-free at 1-855-730-7283.
The Marcus Online Savings Account can benefit anyone looking to grow their savings and reach their financial goals faster. I would consider this account for my emergency fund because the money is earning interest but is accessible almost instantly.
To open an account, you must either be a U.S. citizen or permanent resident, at least 18 years old, and have a valid Social Security number.
Marcus Online Savings Account at a glance
| Annual percentage yield (APY) | 4.10% (as of 11/18/24) |
| Minimum balance requirement for APY | None |
| Minimum deposit to open account | None |
| Monthly maintenance fees | None |
| ATM access | None |
| Transactions per month |
|
| FDIC insurance | Yes, up to $250,000 |
What we like about the Marcus Online Savings Account
- High-yield online savings account: A high-yield savings account means improved returns. Receive 4.10% (as of 11/18/24) APY compounded daily on your account balance. This is a much higher rate than the traditional savings rate of 0.41% (as of 1/21/25).
- No minimum deposit requirement: You don't need to deposit or maintain a minimum balance (which is great because some banks require a minimum balance to pay the highest APY). However, your account could be closed if you don't deposit anything within 60 days of opening your account or if you don't maintain a positive balance for 60 days.
- No hidden fees: Marcus doesn't charge fees, which is common for many online savings accounts. But you should keep in mind that the external bank you use for transfers might charge fees.
- FDIC-insured: Marcus Online Savings Accounts are FDIC-insured for up to $250,000.
- Unlimited transfers: You currently get unlimited monthly withdrawals and transfers with a Marcus Online Savings Account. You also get same-day transfers up to $100,000.
Although Marcus Online Savings provides a lot of great features, there isn't a lot that makes the account stand out above its competitors. Others offer higher APYs on your savings with no minimum balance and no fees
What this account could improve
- No ATM access: Marcus doesn't offer a debit card or ATM card for Marcus Online Savings Accounts.
- No mobile check deposit: The Marcus app doesn't support mobile check deposits, which is a common feature found on many mobile banking apps. If you want to deposit a check, you have to send it in by mail.
Who is this savings account best for?
You may want to open this savings account if you:
- Want to earn a competitive rate: The account offers a higher-than-average APY compared to traditional savings accounts, making it suitable for people who want to maximize what they earn on their savings. I love this type of account because my balance goes up not only when I make a deposit, but on an ongoing basis thanks to the APY.
- Prefer online banking: The Marcus Online Savings Account provides convenient online and mobile access, making it a good fit for individuals who prefer managing their finances digitally.
- Value no hidden fees: With no minimum balance requirements, no monthly maintenance fees, no overdraft fee, and no hidden charges associated with the Marcus account, it may appeal to those who want to avoid fees.
- Want a second savings account: If you want to spread out your savings, Marcus is a good place to put some of your rainy day fund that you don't plan to use any time soon. It's a solid all-around savings option, but lacks the features needed to be your primary banking spot.
Compare vs. a traditional savings account
Marcus's online savings account makes it easy to earn a higher interest rate than the national average.
Since many of the best savings accounts are competing for your business, you can take advantage of higher rates on your balance. Check the table below to see how a $5,000 initial deposit into both a traditional savings account and a savings account with a similar APY to Marcus will play out years down the line (with no additional deposits).
| Traditional savings account with 0.45% APY | Example savings account with 3.00% APY | |
| Initial balance | $5,000 | $5,000 |
| After 1 year | $5,022.50 | $5,150 |
| After 3 years | $5,067.80 | $5,463.64 |
| After 10 years | $5,229.61 | $6,719.58 |
As you can see, the rate at which the funds build over the course of one year, three years, and 10 years is very different.
Using a Marcus Online Savings Account
You can open a Marcus Online Savings Account by visiting Marcus.com, using the Marcus mobile app (available on iOS and Android devices), or calling 1-855-730-SAVE (1-855-730-7283).
Deposits are possible in several ways:
- Transfer from a linked bank account
- Direct deposit through your employer
- Send a domestic wire transfer
- Mail a physical check
You can withdraw funds through ACH transfer, wire transfer, or request a check.
There's no ATM access, though you get unlimited monthly transfers and withdrawals. Since it's an online banking account, all Marcus Savings Account features are available online or through the Marcus app.
Alternatives for earning more on your savings
While the Marcus account has a lot to offer, you could earn even more on your savings with these alternatives:
- Synchrony Bank High Yield Savings: For an even higher APY on your savings, you can go with Synchrony Bank, which pays 4.00% APY7 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 2/4/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p> and also has no minimum balance or monthly fees. Plus, Synchrony lets you opt for an ATM card, which Marcus does not offer.
- SoFi Checking and Savings:2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> SoFi® is a powerful financial platform that provides a different option: you automatically receive a SoFi checking account upon opening a SoFi savings account. Earn up to 3.80% APY on savings and 0.50% (as of 01/24/25) APY on checking. However, you must have direct deposit or $5,000 or more in qualifying deposits during the 30-Day evaluation period to qualify for the high savings APY. SoFi is a Member, FDIC.4 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
- CIT Bank Platinum Savings: If you have $5,000 to deposit or can get there quickly, the CIT Bank high-yield savings account offers an impressive 4.30% APY8 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Feb 5, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.30% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> . However, your APY for any balance under $5,000 is only 0.25% (as of 02/05/25), so I would steer clear unless you can meet the minimum to qualify for the higher rate.
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Earn up to 3.00% APY9 <p><p>The Aspiration Save Account's Annual Percentage Yield ("APY") is variable and accurate as of 01/11/25. Rates are subject to change. To earn 1.00% APY (3.00% APY if customer is enrolled in Aspiration Plus) interest on Aspiration Save Account balances up to and including $10,000.00 in any calendar month, customer must have settled debit card transactions of $500.00 or more, monthly, on their Aspiration debit card. Debit card transactions for money transfer vendors (for example, but not limited to, CashApp, Venmo, Facebook Pay) do not qualify towards the $500.00 spend requirement. Balances over $10,000.00 will earn 0.00% APY (0.25% APY if customer is enrolled in Aspiration Plus). If the requirements are not met each month, the APY will be 0.00% APY (0.25% APY if customer is enrolled in Aspiration Plus) on Save Account regardless of balance. <a href="https://assets.ctfassets.net/ejg6grzpbbxj/2qiMJiSisziArCXc8PTC0g/aa466986a6f181fe0f9dea6c65d56cee/Aspiration_-_Deposit_Account_Agreement__February_2024_.pdf">Terms</a> & <a href="https://my.aspiration.com/faq/Spend---Save%3EAspiration-Save-Account%3EWhat-interest-rates-are-offered-for-Aspiration-Save-">FAQ</a>.</p></p> with Aspiration’s high-yield savings account and up to 6% cash back10 <p>Aspiration’s Cash Back program is subject to change at any time and without notice, including reversal of rewards for abuse, fraud, and other illicit activity. Cash Back rewards are generally credited on the first day of each calendar month. For additional Cash Back details, click cash back on purchases.</p> on over 100 climate-friendly brands. No monthly fees on standard accounts, and no minimum balance fees. FDIC insured by Coastal Community Bank.11 <p>Aspiration is not a bank. Aspiration Spend & Save accounts are checking and savings accounts offered through Coastal Community Bank, Member FDIC. Approved deposit accounts are FDIC insured up to $250,000 per depositor. For balances greater than $250,000, Coastal will Sweep the excess funds to one or more FDIC-insured depository institutions in their Sweep network (each a “Bank”) up to $250,000 per Bank. With five Banks available through the Coastal Community Bank <a href="https://assets.aspiration.com/docs/summit/Aspiration%20Funds%20Availability%20Policy.pdf?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_-12345">Insured Bank Deposit Program</a>. Deposits are FDIC-insured up to $1.25 million per depositor. This amount is subject to change at any time. Visit <a href="http://fdic.gov/">fdic.gov</a>. Aspiration’s <a href="https://www.aspiration.com/2024-sweep-program-banks">Program Banks</a> have formally committed that customer deposits will not be used for lending to oil and gas exploration, production or transportation, or coal mining.</p>
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Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.
FAQs
Is the Marcus Online Savings Account safe?
Marcus Online Savings Accounts are automatically FDIC-insured for up to $250,000, which is similar to the coverage you get from many of the best banks. In addition, Marcus accounts employ online security measures like multi-factor authentication, SSL encryption, and firewalls to keep your personal and account information safe.
How do you deposit cash into your Marcus Online Savings Account?
Marcus Online Savings Account is an online-only account with no ATM access. However, you can transfer funds into your Marcus account from an external linked bank account, make direct deposits into your account, or mail a physical check to Goldman Sachs Bank USA.
Does the Marcus Online Savings Account have fees?
The Marcus Online Savings Account advertises no fees of any kind. This means no transaction fees, monthly fees, overdraft fees, or minimum balance fees. Any external account you link to a Marcus Online Savings Account may have its own fees, though.
What types of accounts does Marcus offer?
Marcus by Goldman Sachs offers multiple financial products, including the Marcus Online Savings Account, Marcus Online Certificates of Deposit (CDs), Marcus Invest Accounts, and Marcus Personal Loans.
Savings accounts and CDs can help you save money for specific, short-term financial goals, while investment accounts are geared for long-term goals. Personal loans are helpful for getting a cash injection for big expenses, like paying off debt, making home improvements, paying for a wedding, and more.
For savers interested in CD accounts, it's important to note that Marcus offers different types of CDs. You can choose from the Marcus High-Yield CD or the Marcus No-Penalty CD. CD rates and CD terms vary based on the type of account you decide to open.
Does Marcus offer joint savings accounts?
Yes, Marcus offers joint savings accounts if you want to share an account with someone else. As you go through the application process for a Marcus Online Savings account, you can choose whether you want to add a joint account owner or not.
Bottom line
If you want to leave the fees and low earning rates of traditional bank accounts behind, the Marcus Online Savings Account is worth a look. Compared to other online banks, it competes on many levels, including its 4.10% (as of 11/18/24) APY, no hidden fees, and accessibility through an online account or the Marcus app.
That said, the APY you'll earn with Marcus Online Savings isn't quite as high as with other banks and platforms. It's an excellent savings product, but it's not the best option.
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Western Alliance Bank High-Yield Savings Premier Benefits
- Earn 4.30% APY5 <p>The annual percentage yield (APY) is accurate as of 01/24/2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.</p> from a top-rated U.S. bank with $70B+ in assets15 <p>Ranked among the top U.S. banks in 2022 and 2023 by American Banker and Bank Director.</p>
- Enjoy 24/7 online access to your account and funds
- Interest is compounded daily and posted to your account monthly
- No fees,6 <p>No account activity or maintenance fees.</p> $500 minimum deposit, $0.01 minimum balance to earn APY
- Enhanced security and FDIC insured
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