Marcus Online Savings Account Review [2024]: Higher-Than-Average APY and No Hidden Fees

Marcus Online Savings offers easy accessibility, no hidden fees, and high-yield savings returns. But is it the right account for you?
Updated Jan. 5, 2024
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Marcus Online Savings Account Review

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Marcus Online Savings Account by Goldman Sachs is a high-yield savings account, which means it’s designed to earn more interest than traditional savings accounts. This account earns an annual percentage yield (APY) of 4.40% (as of Oct. 3, 2023). This is helpful if you want to put your funds in a secure location and earn money on it.

In addition, the Marcus Online Savings Account follows the trend of other popular online bank accounts by eliminating costly fees and giving you easy online and mobile access to its features.

In this Marcus Online Savings Account review, you’ll learn about the account’s benefits and drawbacks, as well as any associated fees. This should help you decide whether opening this online savings account suits your financial needs.

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In this Marcus Online Savings Account review

Key takeaways

  • Marcus Online Savings Account offers an APY of 4.40% (as of Oct. 3, 2023).
  • This high-yield savings account has no minimum balance requirement or hidden fees. It charges a $0 monthly maintenance fee.
  • The Marcus Online Savings Account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
  • The account doesn’t offer ATM access or mobile check deposit. To access funds, money must be transferred from the Marcus account to a linked external bank account.

Marcus Online Savings Account overview

Pros Cons
  • Earns an APY of 4.40% (as of Oct. 3, 2023)5
  • Has no monthly maintenance or service fee
  • Doesn’t require a minimum deposit
  • Offers FDIC insurance
  • Doesn’t offer ATM access
  • Doesn’t allow mobile check deposits

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 4.40% (as of Oct. 3, 2023) APY and has no monthly service fees and no minimum deposit requirement. Other account fees are:

Overdraft fee $0
Stop payment fee $0
ACH transfers $0
Incoming wire $0
Outgoing wire $0

You can use and access your Marcus Online Savings Account online or through the Marcus app. The app is available for Apple devices via the App Store and for Android devices via Google Play.

People looking to grow their savings and reach their financial goals faster can benefit from the Marcus Online Savings Account. However, you should keep in mind that the account doesn’t accept mobile check deposits and doesn’t offer ATM access.

The Marcus Online Savings Account is available for U.S. citizens and permanent residents who are at least 18 years old and have a valid Social Security number. Customers can open an account in minutes online or in the Marcus app.

Marcus Online Savings Account basics

Annual percentage yield (APY) 4.40% (as of Oct. 3, 2023)
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 June 20, 2023)
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 4.40% (as of Oct. 3, 2023) APY compounded daily on your account balance. This is a much higher rate than the traditional savings rate of 0.47% (as of Feb. 8, 2024).
  • No minimum deposit requirement: You don’t need to deposit a minimum balance when opening your account or hold a minimum balance to keep your account open. However, your account could be closed if you don’t deposit anything within 60 days of opening your account. Your account could also be closed if you don’t maintain a positive balance for 60 days.
  • No hidden fees: Marcus’ account terms claim no service charges or fees associated with Marcus accounts, which is common for many online savings accounts. But keep in mind that even if fees aren’t coming from Marcus’ end, you might still be charged a fee from a bank account linked to your Marcus Online Savings Account. For example, if you’re transferring money from another bank account to a Marcus account, the other financial institution might charge you a transfer fee.
  • FDIC-insured: Marcus Online Savings Accounts are FDIC-insured for up to $250,000.
  • Unlimited transfers: Federal Regulation D typically limits withdrawals from savings accounts to six per month, but recent changes have altered this amount. You currently get unlimited monthly withdrawals and transfers with a Marcus Online Savings Account. You also get same-day transfers up to $100,000 (as of June 20, 2023).

What the Marcus Online Savings Account could improve

  • No ATM access: Marcus doesn’t offer a debit card or ATM card for Marcus Online Savings Accounts. You have to transfer money from your Marcus account to a linked external bank account if you want to access your funds.
  • 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 the Marcus Online Savings Account best for?

The Marcus Online Savings Account can serve several groups of people and provide valuable benefits. 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.
  • 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.
  • Have no need for ATM access or mobile check deposits: Since the Marcus Online Savings Account doesn’t offer ATM access or mobile check deposit functionality, it is more suitable for individuals who don’t frequently rely on these features.

Compare the Marcus Online Savings Account vs. a traditional savings account

Marcus makes it easy for you to earn a higher interest rate than the national average with its online savings account. In addition, you don’t have to worry about transfer fees, monthly maintenance fees, or minimum balance fees with Marcus. But these and other fees could cut into your savings with traditional savings accounts.

Since many of the best savings accounts are competing for your business, why would you sell yourself short on a traditional account that won’t pay off in the long term? For example, consider this table to see how a $5,000 initial deposit into both a traditional savings account and a hypothetical high-yield savings account will play out years down the line.

Traditional savings account with 0.47% APY Example savings account with 3.00% APY
Initial balance $5,000 $5,000
After 1 year $5,023.50 $5,150
After 3 years $5,070.83 $5,463.64
After 10 years $5,240.03 $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. If you want a higher APY and fewer fees than what’s traditionally available, the Marcus Online Savings Account could be the right fit for you.

How to open a Marcus Online Savings Account

You can open a Marcus Online Savings Account by visiting, through the Marcus mobile app (available on both iOS and Android devices), or by calling 1-855-730-SAVE (1-855-730-7283). You’ll typically be required to follow these three simple steps during the application process:

  1. Start the application over the phone, online, or through the Marcus app. If you don’t already have a Marcus account, you’ll be asked to provide your email address and create a password for your new account.
  2. Provide your personal information. This includes your full name, date of birth, address, phone number, Social Security number or individual taxpayer identification number (ITIN), and employment status. You may also be asked to provide a copy of your driver’s license or other identifying documents.
  3. Connect another bank account and make a deposit into your Marcus Online Savings Account. You’re not required to have a minimum opening balance, but if you don’t fund your new account within 60 days, it could be closed.

How to withdraw money from a Marcus Online Savings Account

Marcus Online Savings Accounts provide these three options for withdrawing money from your account:

  • ACH transfer: Initiate an ACH transfer from your Marcus Online Savings Account or from an external bank account linked to your Marcus account. Marcus does same-day ACH transfers of $100,000 or less through Marcus as long as you initiate the transfer by noon EST on a business day.
  • Wire transfer: Marcus Online Savings Accounts work with both incoming and outgoing wire transfers. Wire transfers initiated online from your Marcus account are limited to $10,000 total per statement period.
  • Check: Request a check to withdraw your funds by calling 1-855-730-SAVE (1-855-730-7283).

Marcus Online Savings Accounts don’t provide any ATM access, though you get unlimited monthly transfers and withdrawals (as of June 29, 2022). Since it’s an online banking account, all Marcus Savings Account features are available online or through the Marcus app. There are no physical branches that you can visit in person.

Marcus Online Savings Account customer service

Marcus is online-only, so you won’t have access to customer support at in-person branches. However, you can reach a customer service representative by calling 1-855-730-SAVE (1-855-730-7283) from Monday to Friday between the hours of 8 a.m. to 10 p.m. EST. Saturday and Sunday hours are 9 a.m. to 7 p.m. EST.

If you want to use the online chat function, log into your online account and click on the “Chat” button. The hours for online chat are the same as the hours for calling in. If you don’t see the chat button, you might not be logged into your account or all the chat representatives could be busy or unavailable.

Alternatives to the Marcus Online Savings Account

If the Marcus account isn't a good fit for you, consider these other options.

  • Aspiration Spend & Save Account: With this account you can earn cash back on debit card purchases and also feel good about your impact on the planet. For more details, check out our Aspiration Spend & Save review.6
  • Chime® Savings Account: By banking through Chime,7 you can improve your cash flow by getting your paycheck up to two days earlier with direct deposit.8 You can also take advantage of their savings tools to help you grow your money faster.9 For more info, check out our Chime review.

Chime® Checking7 - No Fees + Early Paydays1011

Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.

Open Account

FAQs about the Marcus Online Savings Account

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. This means you aren’t able to visit an in-person branch to deposit cash into your account. 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. But keep in mind that any external account you link to a Marcus Online Savings Account may have its own fees. If you initiate a transfer from another bank account to your Marcus account, the other bank could charge you a transfer fee.

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’re going through the application process for a Marcus Online Savings account, you’ll be able to choose whether you want to add a joint account owner or not.

Marcus Online Savings Account: 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 4.40% (as of Oct. 3, 2023) APY, no hidden fees, and accessibility through an online account or the Marcus app.

But keep in mind that Marcus doesn’t have a checking account option for a debit card or ATM access. Also, you won’t have in-person customer service since Marcus accounts are online-only. If these features are important to you, you may want to consider opening an account with a different bank or credit union. If they aren’t an issue, the Marcus Online Savings Account could make sense for you.

Customers Bank High Yield Savings Account Benefits

  • Incredible 5.11% APY1 to boost your savings
  • Interest is compounded daily and posted to your account monthly
  • Enjoy 24/7 online access to your account and funds
  • FDIC insured, no fees, $1 minimum deposit

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is a Senior Credit Cards Writer at FinanceBuzz. 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,, Yahoo! Finance, and Fox Business.
Yahia Barakah, CEPF Yahia Barakah, CEPF, is a Senior Editor at FinanceBuzz and has created finance-focused content since 2011. As a Certified Educator of Personal Finance, he has a background in institutional investment and asset management, as well as a deep passion for financial literacy.

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