Marcus Online Savings Account Review: Good Choice for High-Yield Return

Goldman Sachs takes on consumer banking with a strong online savings account contender.
Last updated Sep 28, 2020 | By Robin Kavanagh
Marcus Online Savings Account Review

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High-yield savings accounts offer you a great way to easily and quickly build a stash of cash for just about any reason you can think of. Want to take a dream vacation? Buy a house? Start a business? Have a safety net? Or just looking to improve your financial well-being? A high-yield savings account can help you achieve any of those goals.

Goldman Sachs, one of the leading global investment banks, has entered the personal finance arena with its high-yield Marcus Online Savings Account. Like many online competitors, savings accounts through Marcus by Goldman Sachs offer an APY (annual percentage yield) well above those at traditional banks, no minimum balance or deposit, and no fees.

A high-interest online savings account is a good option for those interested in online banking and looking to gain a significant return on their savings.


  • High APY compounded daily
  • No minimum balance requirement or opening deposit
  • No monthly maintenance fees associated with the account
  • Easy transfer of funds between linked accounts
  • FDIC insured


  • Not the highest APY available
  • No ATM card or mobile app
  • Online bank — can't go to a local brand
  • No mobile check deposit — have to mail in physical check deposits

Marcus Benefits

  • No minimum deposit
  • No transaction fees
  • Easy online access

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Best features of the Marcus Online Savings Account

When it comes to choosing a savings account, you want one that will offer you the most bang for your buck. Here’s a closer look at some of the top benefits a Marcus Online Savings Account delivers.

High APY

As of April 23, 2020, Marcus savings accounts offer 1.55% APY compounded daily. This savings rate places it among the top high-yield online savings accounts around. Though some competitors, such as HSBC and UFB Direct, offer rates as high as 1.75% (also as of April 2020), the Marcus Online Savings Account can help you earn a significant return on the money you save. It’s important to note that you do need a minimum balance of $1 in your account to earn APY.

No minimum deposit

You don’t have to make a deposit to open a Marcus Account, nor is there a minimum amount of money for deposits you make at any other time. You can also set up recurring transfers and deposits from linked deposit accounts. This combination makes saving easy because you can make it work with just about any budget. Whether that’s a few dollars every week or a larger deposit every month or so, you’ll be able to save money in a way that fits your lifestyle.

No monthly fees

Your Goldman Sachs Marcus Online Savings Account won’t deduct money for maintenance or service fees. The account is free. This is a great feature for a savings account, as the money you deposit stays in your account and is allowed to grow, rather than being paid to the bank.

No transfer fees

Since the main way you deposit and withdraw money from a Marcus savings account is through electronic and wire transfers, having no transfer fees is a big plus. Though you’re still bound by the federal limits on the number of transactions allowed per month, you won’t be charged a fee from Goldman Sachs for transferring money in or out of your account. Other banks involved in the transfer of money may charge fees, however, so make sure to investigate whether these fees apply to your linked accounts.

FDIC insured

Marcus Online Savings Accounts are FDIC insured. According to Marcus, this means “$250,000 in all your individual accounts combined, $250,000 per owner in all your jointly-owned accounts, and $250,000 in all the accounts where you are a named beneficiary” with Goldman Sachs is protected by the Federal Deposit Insurance Corporation (FDIC).

The FDIC is an independent federal agency that protects consumers’ deposits in insured financial institutions against loss should the institution fail. Looking for the best savings accounts with FDIC insurance is a good idea, as it offers additional reassurance that your money will be kept safe.

Marcus Online Savings Account vs. traditional savings accounts

Marcus Online Savings Account Traditional
APY 1.55% as of April 23, 2020 Average of 0.09% APY as of April 23, 2020
Minimum balance None; however, if a deposit is not made within 60 days of opening the account, it may be closed Some require no balance; some require hundreds or thousands of dollars to avoid service charges
Monthly fees None Varies
Options for funding the account Transfer of funds between a linked account, domestic wire transfer, direct deposit, or check deposit sent by mail Direct deposit, linked account transfer, cash, check, money order deposit, or wire transfer
Options for withdrawing from the account Transfer money from your savings account to a linked external account, request money from your savings account through another bank or third party, initiate a wire transfer, or request a check Electronic transfer, in-person withdrawal slip, or wire transfer
Early withdrawal penalty None Varies
Monthly transaction limit Six withdrawals or transfers per month, per federal law Six withdrawals or transfers per month, per federal law
Branch locations available? Savings accounts are only managed online, via phone, or through the mail Usually, though this may be limited with regional banks
Mobile app available? No Sometimes

Marcus Online Savings Accounts are the clear winner in many categories. The APY is several times higher than the national average. There are no fees, service charges, or minimum balances or deposits. Transfers and transactions are also free. These are all huge pluses when shopping for a savings account.

However, account accessibility is somewhat limited, with no ATM card or mobile app available. The preferred method of money access is through electronic transfer via the Marcus website and over the phone. Though Marcus savings accounts offer 24/7 automated phone access to various account functions, customer service available by phone has limited hours, seven days a week. For those who prefer being able to manage their accounts through a local branch, this account does not deliver.

How to open a Marcus by Goldman Sachs Savings Account

You can open a Marcus savings account at or by calling 1-855-730-SAVE. Generally, you’ll have three simple steps to complete:

  1. Start an application by phone or online.
  2. Provide your information. This will include name, date of birth, address, Social Security number or individual tax ID, and employment information. The address must be in the U.S. or part of a U.S. territory, military base, or embassy. You’ll also be asked to read and agree to several documents that describe terms, conditions, and legal information.
  3. Connect an external bank account. This will be an existing savings or checking account from which you want to transfer money into your Marcus savings account. You can provide the routing and account number or use a login option to connect and verify your account.

Bottom line: Is the Marcus Online Savings Account safe?

Goldman Sachs has been a powerhouse player in the financial industry for 150 years but has gained a tarnished reputation since the financial crisis of 2009. Personal finance products, such as the Marcus Online Savings Account, Marcus high-yield CD, and Marcus personal loan, are a new area for a firm that has long specialized in investment banking.

With that said, for those looking to save less than $250,000 in an individual savings account, Marcus is a pretty safe option. Goldman Sachs Bank USA is FDIC insured, which protects deposits $250,000 per account category. This provides some peace of mind for customers, as their money is secured while earning interest in a Marcus Online Savings Account.

Marcus Benefits

  • No minimum deposit
  • No transaction fees
  • Easy online access