When you think of Goldman Sachs, your mind might jump to Wall Street and investment banking. While it’s true that the bank is well-known in the institutional financial services world, it also launched a consumer banking arm in 2016, with Marcus by Goldman Sachs.
Since then, the company has gotten rid of most of their products under the Marcus brand, such as personal loans. However, they have kept one product: the Marcus Online Savings Account, which offers one of the highest interest rates on the market today.
Quick Facts: Marcus Online Savings Account
- APY: 3.65% as of publishing
- Fees: No monthly fees or transfer or wire fees
- Minimum deposit: None
- Transfers: Same business day, up to $100,000
Overview of the Marcus Online Savings Account
Marcus by Goldman Sachs offers just one type of savings account: an online, high-yield savings account.
This savings account operates a little differently than some traditional savings accounts. It’s essentially a fully online bank (aside from things like a 24/7 call center), so accessing your money generally involves making transfers to and from other banks.
There are no physical bank branches or ATMs to visit, and you don’t get an ATM card or debit card to use with this savings account.
However, it has a very competitive annual percentage rate (APY) — up there among the best high-yield savings accounts, and beating the rates at many large banks. The APY with the Marcus Online Savings Account is currently 3.65%.
The account is also quick to set up and you can avoid monthly account fees or minimums that other banks may have.
Marcus also offers other personal finance products, such as certificates of deposit (CDs), investment portfolios, and credit cards.
Pros
- Competitive APY
- FDIC-insured
- No monthly fees, transfer/wire fees, or minimum balance requirements
- 24/7 customer service
Cons
- No ATMs or debit cards — funds can only be accessed via transfers
- No physical, consumer-facing branches
- Check deposits can only be made by mail
- No linked checking account
Who Should Get a Marcus Online Savings Account?
If you’re looking for a competitive interest rate and are comfortable with online/mobile banking, Marcus by Goldman Sachs could be a good choice.
However, you generally need another bank account that you can use alongside Marcus so that you can transfer money in and out of the account.
If you’re trying to set aside funds for a specific goal, like saving for a vacation or paying off debt, storing that money with Marcus — which does not have ATMs or debit cards — could help you avoid the temptation of spending that money.
READ MORE: How Many Bank Accounts Should I Have?
Who Shouldn’t Get a Marcus Online Savings Account?
If you don’t have an existing bank account, Marcus by Goldman Sachs probably isn’t the right choice for you, as you wouldn’t be able to access your funds.
It also might not be the right bank for you if you prefer to have a linked checking account and savings account with the same financial institution.
Also, if you’re someone who likes to bank in person and wants access to ATMs or a debit card, then Marcus by Goldman Sachs probably wouldn’t be right for you.
READ MORE: Checking vs. Savings Accounts: What’s the Difference?
Alternatives to a Marcus Online Savings Account
If you’re debating between a savings account from Marcus by Goldman Sachs and some other financial institutions, consider the following comparisons.
For higher APY: CIT Bank
CIT Bank currently offers a higher interest rate than Marcus by Goldman Sachs, with 3.75% on its CIT Bank Platinum Savings account.* However, to get that APY, you need a minimum balance of $5,000.
CIT Bank also offers a Savings Connect** account that offers a 3.65% APY with a lower minimum balance of just $100.
Like Marcus, these accounts do not have maintenance fees. However, CIT Bank also offers an online checking account, so it may be better if you want to connect your checking and savings with the same bank.
Read our full CIT Bank review.
* Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
CIT updates the multiplier information based on the FDIC National Rates. The FDIC publishes their rate on the third Monday of each month (always will be their effective date) and CIT updates its site by the end of that week. While the date associated with the disclosure will change, this does not always result in the multiplier changing
CIT updates its APY disclosure only when there is a rate change (increase or decrease).
For complete list of account details and fees, see our Personal Account disclosures.
** APY — Annual Percentage Yield is accurate as of November 20, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
CIT updates the multiplier information based on the FDIC National Rates. The FDIC publishes their rate on the third Monday of each month (always will be their effective date) and CIT updates its site by the end of that week. While the date associated with the disclosure will change, this does not always result in the multiplier changing
CIT updates its APY disclosure only when there is a rate change (increase or decrease).
For complete list of account details and fees, see our Personal Account disclosures
For ATM access: Wealthfront
Wealthfront is an investing platform rather than a bank, but it does offer a cash account that has a 4.15% APY. It has also partnered with Green Dot Bank to offer checking features.
With Wealthfront, there are no monthly account fees, just like with Marcus. However, Wealthfront offers ATM access, including through a network of 19,000 fee-free ATMs.
The company does charge a $10 wire transfer fee, but regular bank transfers are free from Wealthfront’s side.
For in-person banking: Capital One
The Capital One 360 Performance Savings account currently has a slightly lower interest rate than Marcus, with a 3.40% APY.
Like Marcus, it has no monthly account fees. However, where it differs is that it does allow for mobile check deposits and has some physical branches and banking cafes.
Capital One also offers a wide range of other banking products and services, such as several types of credit cards, checking accounts, and loans.
FAQs
How many withdrawals can you make from a Marcus Online Savings Account?
While many savings accounts put a limit on how many times you can withdraw money each month, there’s no limit with the Marcus by Goldman Sachs Online Savings Account. However, there is no ATM or debit card access with this account, so any withdrawals will have to be through bank transfers.
Is Marcus by Goldman Sachs safe?
Money that is deposited into the Marcus Online Savings Account is FDIC-insured, which means you’re covered for up to $250,000 should the bank fail. Marcus by Goldman Sachs says they also use multi-factor authentication, SSL encryption, and firewalls to protect your account information.
The Bottom Line
Savings accounts aren’t for your daily spending. They’re for setting aside money that you don’t want to access regularly — maybe for a specific goal or as an emergency fund. And high-yield savings accounts allow you to earn income on that money you’ve set aside, in the form of interest.
With a Marcus Online Savings Account, you can earn up to 3.65% APY, which is one of the highest interest rates available. Just keep in mind that it’s online-only with no ATM or debit card access (which may actually help you save more).
Learn With Erika
- Free Travel Secrets Workshop
- Learn how to use the fine print to book your next vacation practically for free with Erika's step-by-step system
- Free 5 Day Investing Challenge
- Learn how to get started as a beginner investor and make your first $10,000
- Free 5 Day Savings Challenge
- Discover how you can save $1,000 without penny pinching or making major life sacrifices
- Join Erika Kullberg Insiders
- Ask investing questions, share successes and participate in monthly challenges and expert workshops
