Banking Savings & Money Market Accounts

Marcus Online Savings Account Review [2025]: 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.

By Ben Walker, CEPF, CFEI®
and Kate Underwood

Edited by Yahia Barakah, CEPF

Updated May 15, 2025

Marcus Online Savings Account

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 3.65% APY¹ 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 3.65%. 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

5.0

2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 3.80% APY² SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. 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>. and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.³ 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. 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>. FDIC Insured.⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Learn More

4.8

Synchrony Bank High Yield Savings - 4.00% APY

Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.⁵ 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.

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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.

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)	3.65%
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

Who are Marcus HYSAs 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.

Who we wouldn't recommend Marcus savings accounts for

Marcus HYSAs aren't going to be a good fit for people looking to earn the highest possible returns on their savings, since its rates tend to fall just a bit short of the best APYs we see from the competition. For some of the highest APYs on savings, check out LendingClub, Western Alliance Bank, and Barclays.

4.5

Barclays Tiered Savings – Earn 4.00% APY⁶ Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 05/15/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. with no minimum deposit.

High-yield savings account. Earn 4.00% APY with no minimum deposit.

Learn More

4.9

Western Alliance Bank High-Yield Savings - 4.25% (as of 05/03/25) APY⁷ APY means Annual Percentage Yield. APY is accurate as of March 24, 2025. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.

Western Alliance Bank offers a powerful 4.25% (as of 05/03/25) APY⁷ APY means Annual Percentage Yield. APY is accurate as of March 24, 2025. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00. to help you grow your money. FDIC insured, no fees, $1 minimum deposit.

Learn More

4.8

Earn up to 4.40% APY

Earn up to 4.40% APY⁸ LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is accurate as of 05/28/2025. Standard Rate of 3.40% APY accurate as of 05/28/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.LevelUp Rate 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. 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. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.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 at the end of the first business day of the month and will be based on deposits in the previous statement cycle. when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.

Learn More

What we like about the Marcus Online Savings Account

High-yield online savings account: A high-yield savings account means improved returns. Receive 3.65% APY compounded daily on your account balance. This is a much higher rate than the traditional savings rate of 0.41% (as of 4/21/25).
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.

Alternatives to Marcus HYSAs

While the Marcus account has a lot to offer, you could earn even more on your savings with these alternatives:

SoFi Checking and Savings

SoFi®³ 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. 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>. is a powerful financial platform that offers a combined checking and savings account. SoFi Checking and Savings can earn up to 3.80% APY on savings and 0.50% (as of 01/24/25) APY on checking.² SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. 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>. However, you must enroll in SoFi Plus with eligible direct deposit or have $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 SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Visit SoFi | Read our full SoFi Checking and Savings review

American Express^® High Yield Savings

American Express and Marcus by Goldman Sachs are often compared because the two have more in common than not. The American Express High Yield Savings account is roughly equal to the Marcus HYSA when you compare the APYs, earning 3.60% APY⁹ The Annual Percentage Yield (APY) as advertised is accurate as of May 8, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.  on any balance. Neither account has monthly maintenance fees or deposit minimums,¹⁰ There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you. and both Marcus and American Express stand out from other platforms for providing 24/7 customer service.

Because the two are so similar, the better account for you between these options will likely just come down to what other bank accounts you may want to open. American Express provides checking account options, while Marcus does not, but Marcus' CDs are a little more impressive.

Visit American Express | Read our full American Express^® High Yield Savings review

Synchrony Bank High Yield Savings

For an even higher APY on your savings, you can go with Synchrony Bank High Yield Savings, which pays 4.00% APY⁵ 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. and also has no minimum balance or monthly fees. Plus, Synchrony lets you opt for an ATM card, which Marcus does not offer.

Visit Synchrony | Read our full Synchrony review

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 3.65% 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.

Reach Your Savings Goals Faster

5.0

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

Earn up to 3.80% APY² SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. 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>. and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits³ 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. 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>.
No account, overdraft, or monthly fees¹¹ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>
Get your paycheck up to two days early¹² Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Access additional FDIC insurance up to $3 million⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.