Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Marcus Bank (Member FDIC) offers a much better savings account rate than you'll find at a traditional bank. With fewer overhead costs than brick-and-mortar banks, online banks can pass savings on to customers through higher rates and lower fees.
The best online banks (Marcus included) offer low or zero fees and APYs well above the average savings rate.
What is the Marcus Savings Account?
Marcus is an online bank that offers a high-yield savings account through Wall Street titan Goldman Sachs.
There is no monthly service fee or any minimum deposit requirements, and you can earn the rate on any account balance of up to $1 million. Just remember that FDIC insurance only protects up to $250,000 per depositor, per account type.
Marcus Savings Account Review
Marcus High Yield Online Savings Account
Marcus, FDIC Insured
Insider’s Rating
4.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.40%
Minimum Opening Deposit
$0
Pros
- Competitive APY
- Easy-to-use mobile app
- No required initial deposit or minimum account balance
- No monthly service fee
- Can make same-day transfers of up to $100,000 to/from banks
Cons
- No digital check deposit
- No physical branch locations
- Maximum balance limit of $1 million
Product Details
- No fees and no minimum deposit
- Link other bank accounts for incoming and outgoing transfers
- US-based contact center open 7 days a week
- FDIC insured
The Marcus High Yield Online Savings Account is a great free high-yield savings account. You can open an account with $0 upfront, and there aren't any minimum balance requirements to avoid fees or pay interest.
If you want to have a checking and savings account at the same bank, other options may be a better fit. Many popular banks have checking accounts, but Marcus doesn't.
Marcus Savings Account Key Features and Benefits
Current Marcus Savings Rate and How It Compares
The Marcus High Yield Online Savings Account pays a competitive 4.40% APY, which is significantly higher than the average savings account interest rate.
Marcus offers a savings account rate that's similar to other online national brands, like Ally and Discover. That said, smaller financial institutions have 5% interest on savings accounts.
Marcus Savings Account Monthly Maintenance Fees
You'll like Marcus if you're looking to avoid monthly service fees. The Marcus High Yield Online Savings Account has no monthly service fee and no minimum balance requirements to earn interest.
Marcus Savings Account Online and Mobile Banking Access
Marcus has a solid mobile app with 4.9 out of 5 stars in the Apple store based on 200,000 customer ratings, and 4.4 out of 5 stars in the Google Play store based on nearly 12,000 customer reviews.
Marcus Savings Account Customer Service and Support
You can speak with a representative by phone or through live chat 24/7. The live chat feature is only available through the web, though.
We also use Better Business Bureau ratings and overall ethics of a company to determine our overall bank product rating. The BBB gave Marcus by Goldman Sachs an A+ rating. A strong BBB score indicates a company responds effectively to customer complaints, is transparent about company practices, and is honest in its advertising. Marcus hasn't had any public scandals.
Opening a Marcus Savings Account
Marcus Savings Account Eligibility Requirements
You're eligible to get the Marcus High Yield Online Savings Account if you're at least 18 years old live in the United States.
Step-by-Step Guide to Opening a Marcus Savings Account
The Marcus High Yield Online Savings Account can be opened online, but not at any physical locations. You can get an individual or joint bank account.
When you're opening an account, the bank must verify your identity. You'll need to provide your date of birth, Social Security number, or taxpayer identification number.
Marcus Savings Initial Deposit Requirements
While the Marcus High Yield Online Savings Account has a $0 minimum opening deposit, you'll still need to add money to the account within the first 60 days or it may be closed.
To deposit money into a Marcus High Yield Online Savings Account, you can transfer funds from an external bank account, make a direct deposit, or send a check by mail.
The Marcus High Yield Online Savings Account has maximum deposit limits. You can only maintain up to $1 million in a savings account.
Managing Your Marcus Savings Account
Tips for Maximizing Savings at Marcus
Interest on the Marcus High Yield Online Savings Account is compounded daily. Other savings accounts might compound interest monthly or quarterly, so this Marcus can be beneficial for growing your savings.
If you want to calculate your potential earnings on a savings account, use a compound interest calculator. However, bear in mind that the Marcus High Yield Online Savings Account has a variable interest rate. When a savings account has a variable interest rate, the APY can fluctuate at any time.
If you don't need immediate access to your money, you might prefer a Marcus CD over the Marcus High Yield Online Savings Account. Marcus CD rates are mostly fixed, so you'll be able to get the same rate for the entire term length. The one exception is the Marcus Bump-Up CD, which takes things up a notch and lets you request a one-time rate increase if Marcus CD rates rise while your account is open.
Understanding Marcus Fees and Charges
The Marcus Deposit Account Agreement doesn't list any fees. Marcus also doesn't limit the number of free withdrawals you can make from a savings account.
At other banks, you might be limited to six free withdrawal per month, and then you'll have to pay a fee for each transaction that surpasses the free limit.
Marcus Savings Rates Pros and Cons
| Pros | Cons |
|
|
Marcus Savings Account FAQs
What types of savings accounts does Marcus by Goldman Sachs offer?
Marcus offers a high-yield savings account, traditional CDs, bump-up CDs, and a no-penalty CD. Marcus does not offer a money market account.
Are there any fees associated with Marcus' savings accounts?
No. The Marcus savings account does not have any associated fees.
How competitive are Marcus by Goldman Sachs' interest rates?
Marcus by Goldman Sachs offers a savings interest rate that's more competitive than average. There are some smaller financial institutions with even higher savings rates right now, but Marcus is still competitive with other popular online banks like Ally or Discover.
Who is eligible to open a Marcus savings account?
Anyone over the age of 18 who lives in the U.S. is eligible to open a Marcus savings account.
How can I maximize my savings with a Marcus account?
To maximize your savings with a Marcus account, think about your timeline, goal, and accessibility needs to see if a Marcus high-yield savings account or CD is a better fit.
How Marcus Savings Rates Compare
Marcus Online Savings vs. Ally Savings
With a 4.20% APY, the Ally Savings Account pays slightly less than the Marcus savings account. But the difference is so small that choosing an Ally savings account might only mean earning a few dollars less per year, depending on your account balance.
Interest compounds daily on both accounts, and there are no monthly bank maintenance fees, minimum deposit requirements, or excess transaction fees (some banks charge a per-transaction fee of about $10 if you make more than six withdrawals per month). You can access your funds at either bank via ACH transfer, wire transfer, telephone transfer, and check requests, and customer service is available 24/7.
One notable difference is that Marcus doesn't offer mobile check deposits. With Ally, you can deposit checks using the bank's mobile app and your smartphone's camera or by scanning and uploading your checks through online banking — with a limit of $50,000 per day or $250,000 every 30 calendar days (a generous limit compared to many competitors).
Both banks offer some of the best CD rates, but only Ally offers checking accounts and money market accounts.
Ultimately, you can't go wrong with either bank if earning a competitive APY is your primary concern. However, if you want mobile check deposit or the option to have more account types under one roof, Ally is the clear winner.
Ally Bank Review
Marcus Online Savings vs. Synchrony High-Yield Savings
Marcus and Synchrony savings rates and fees are similar. The Synchrony High Yield Savings Account pays a 4.75% APY, which is a little higher than what Marcus pays. Interest compounds daily on both accounts, and neither has monthly service fees, excess transaction fees, or minimum deposits to open an account.
Where the two banks differ is how you manage the account. The Synchrony account comes with an ATM card (a perk not offered by many savings accounts) and robust mobile banking tools, including mobile check deposits. Marcus doesn't offer an ATM card or mobile check deposit, so you have to transfer funds to an external bank account to withdraw cash.
You may prefer Marcus if you want flexible transfer limits. Otherwise, Synchrony comes out ahead with a slightly higher APY and more ways to access your cash.
Synchrony Bank Review
Is the Marcus Savings Account Right for You?
The best high-yield savings accounts have competitive rates and low fees, and Marcus is no exception: You can earn a 4.40% APY and pay zero fees, allowing you to keep more money in your pocket. There are no opening deposits or minimum balance requirements, so the account is ideal for new savers. At the same time, flexible same-day transfer limits could be a plus if your banking needs involve transferring up to $100,000 at a time to and from other banks.
Still, consider looking elsewhere if you prefer higher returns (some online banks are paying up to 6.17% APY right now), an ATM card, or the convenience of mobile check deposit.
Why You Should Trust Us: How We Reviewed Marcus Online Savings
We rated the Marcus Online Savings Account using Business Insider's bank account methodology, using a scale of 0 to 5 stars. We consider minimum deposits, monthly service fees, interest rates, customer support, mobile apps, and ethics for savings accounts.
Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
