Marcus Online Savings Account Review [2021]: 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?
Last updated Jul 18, 2021 | By Ben Walker
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 is helpful if you want to park your funds in a secure location and earn money for your goals at the same time. If you’re saving up for a house, vacation, or other expense, the increased savings from this account can help you get there.

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 will help you decide whether opening this online savings account would suit your financial needs.

In this Marcus Online Savings Account review:

Marcus Online Savings Account basics

Annual percentage yield (APY) 0.50% (as of July 18, 2021)
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 July 18, 2021)
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 0.50% APY (as of July 18, 2021) compounded daily on your account balance. This is much higher than the traditional savings rate of 0.06% (as of July 18, 2021).
  • No minimum deposit: 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 July 18, 2021)

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.

Compare earnings with 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 Marcus Online Savings Account will play out years down the line.

Traditional savings account

0.06% APY (as of July 18, 2021)

Marcus Online Savings Account

0.50% APY (as of July 18, 2021)

Starting balance $5,000 $5,000
After one year $5,003 $5,025.06
After three years $5,009.01 $5,075.56
After 10 years $5,030.09 $5,256.35

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. In fact, the interest you earn after 10 years with a traditional savings account’s 0.06% APY (as of July 18, 2021) is less than what you’d earn in one year with a Marcus Online Savings Account’s 0.50% APY (as of July 18, 2021).

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 to 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 July 18, 2021). 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.

Other Marcus Online Savings Account fees

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

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.

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.

The 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 0.50% APY (as of July 18, 2021), 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.

Disclaimer: All rates and fees are accurate as of July 18, 2021.

  • Earn cash back rewards - up to 10% - when you spend with your debit card
  • Get $150 bonus when you spend $1000 in the first 60 days
  • Up to 1.00% APY interest (up to 25 times higher than Big Banks)
  • Unlimited fee-free withdrawals at 55,000+ ATMs
  • Deposits are FDIC insured

Author Details

Ben Walker Ben Walker is a credit cards and travel writer at FinanceBuzz who loves helping others achieve their travel goals through financially-sound decisions. For nearly a decade, he has been using credit card points and miles for the sole purpose of traveling the world. Ben has been featured in The Washington Post, MSN,, and