Banking Savings & Money Market Accounts

Marcus Online Savings Account Review [2024]: Excellent for Savings but Won’t Replace Your Primary Bank

Put your savings to work for you with a Marcus Online Savings account. Consider the pros and alternatives below.

Updated Dec. 2, 2024
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Marcus

Marcus

OUR VIEW

Gone are the days when your savings account paid a mere pittance and you were just happy to keep your money “safe” in the bank. Instead, you can opt for a high-yield savings account (HYSA) like the Marcus Online Savings account through Goldman Sachs to supercharge your savings.

There's a lot to like about this savings account including a strong reputation, nice app, and a high APY. But, Marcus isn't a great option to replace your primary bank because it's lacking a checking account and daily banking features.

If you're just looking for a place to park your savings and watch it grow, Marcus is worth a look.

Pros

Earn a competitive 4.10% (as of 11/18/24) APY on your savings balance
Fee-free account with no minimum deposit
Convenient and quick access to funds

Cons

Other online banks may pay higher rates on savings
Your other bank or institution may charge fees for transfers
No ATM access
How we evaluate products

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.

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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
  • No limit to the number of monthly withdrawals or transfers
  • Online outgoing ACH transfer limit of $125,000 (as of May 2024)
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 0.43% (as of 11/18/24).
  • 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 4.10% (as of 12/6/24) APY 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 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 4.00% APY on savings and 0.50% (as of 12/3/24) 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
  • 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 4.55% APY5. However, your APY for any balance under $5,000 is only 0.25% (as of 11/13/24), so I would steer clear unless you can meet the minimum to qualify for the higher rate.

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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 4.46% APY12from a top-rated U.S. bank with $70B+ in assets13
  • Enjoy 24/7 online access to your account and funds
  • Interest is compounded daily and posted to your account monthly
  • No fees,14$500 minimum deposit, $0.01 minimum balance to earn APY
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Author Details

Ben Walker, CEPF, CFEI®

Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.

Author Details

Kate Underwood

Kate Underwood is a professional writer who spent fifteen years as a high school English and French teacher before writing about personal finance. Her specialties include investing, retirement planning, loans, and credit card rewards. Her work can be found on numerous publications, including Business Insider and ConsumerAffairs. She lives in Kentucky with her husband, two kids, and way too many pets.