Marcus by Goldman Sachs Savings Account Review: High APY, No Fees

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: 4.40% 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 interest rate — up there among the best high-yield savings accounts, and beating the rates at many large banks. The annual percentage rate (APY) with the Marcus Online Savings Account is currently 4.40%, while the national average is 0.46% as of April 2024, according to the Federal Deposit Insurance Corporation (FDIC).

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.

Marcus by Goldman Sachs vs. CIT Bank

CIT Bank currently offers a higher interest rate than Marcus by Goldman Sachs, with 5.00% 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 4.65% 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.

Marcus by Goldman Sachs vs. Wealthfront

Wealthfront is an investing platform rather than a bank, but it does offer a cash account that has a 5.00% 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.

Marcus by Goldman Sachs vs. Capital One

The Capital One 360 Performance Savings account currently has a slightly lower interest rate than Marcus, with a 4.25% 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.

READ MORE: Best Capital One Credit Cards

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 4.40% 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).

Latest Articles
Broken eggs on a kitchen floor, with a person's feet in the background.

What To Do When Your Stocks Are Losing Money

View over a woman's shoulder of her laptop screen showing an investing graph.

Types of Trades: 3 Ways to Buy and Sell Stocks in Your Portfolio

Focus on a clock in the foreground with a smiling woman drinking coffee at her laptop in the background.

How Much Time Does It Really Take to Manage Your Investments?

Close-up image of a woman making a number three hand sign.

What Is Strategic Trading: 3 Key Principles

A notepad that lists out financial goals, with a calculator and coffee beside it.

Choosing the Right Savings Goals: Short-Term vs. Long-Term Financial Goals

Related Articles

How Much Should You Save a Month?

You sat down and thought carefully about your financial goals — go you! You now know what you’re working towards and how much you need

Compare To Other Cards

Best Offers From Our partners

Reward rate

Welcome bonus

Annual fee

Regular APR

Recommended credit

Author picture

I'm an award-winning lawyer and personal finance expert featured in Inc. Magazine, CNBC, the Today Show, Business Insider and more. My mission is to make personal finance accessible for everyone. As the largest financial influencer in the world, I'm connected to a community of over 20 million followers across TikTok, Instagram, YouTube, Facebook and Twitter. I'm also the host of the podcast Erika Taught Me. You might recognize me from my viral tagline, "I read the fine print so you don't have to!"

I'm a graduate of Georgetown Law, where I founded the Georgetown Law Entrepreneurship Club, and the University of Notre Dame. I discovered my passion for personal finance after realizing I was drowning in over $200,000 of student debt and needed to take action-ultimately paying off my student loans in under 2 years. I then spent years as a corporate lawyer representing Fortune 500 companies, but I quit because I realized I wanted to have an impact; I wanted to help real people and teach them that you can create a financial future for yourself.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. This in no way affects our recommendations or article content.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. This in no way affects our recommendations or article content.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. This in no way affects our recommendations or article content.