Marcus by Goldman Sachs is an online-only bank operated by investment behemoth Goldman Sachs. Marcus offers competitive savings rates on savings and certificate of deposit accounts, along with investment accounts, personal loans and credit cards. Marcus’ online high-yield savings account is ideal if your savings strategy calls for multiple savings accounts or you need to manage all of your savings and investment accounts in one place.
While Marcus doesn’t offer a checking or money market account, it has a number of products and services that make this bank worth considering as a part of an overall banking strategy. We also like that the bank’s savings account doesn’t require a minimum balance to earn interest and has no monthly fees.
Marcus by Goldman Sachs savings account rates
Marcus’ savings rate isn’t the highest around, but it’s still competitive compared with the national average and rates that other banks are offering. Plus, there’s no minimum required to open a Marcus Online Savings account, and there’s no monthly maintenance fee or minimum balance required. What’s more, the annual percentage yield applies to your entire balance.
One drawback is that this account doesn’t support mobile check or cash deposits. You can deposit money only via external bank transfers, US mail, direct deposit or domestic wire transfers. However, while there are a limited number of ways to access your cash through a Marcus savings account, there aren’t any limitations on the number of monthly transactions allowed.
Marcus by Goldman Sachs: At a glance
| Account | APY | Minimum deposit | Fees |
| Marcus Online Savings Account | 4.40% | $0 | $0 |
How does Marcus’ high-yield savings compare with other high-yielding banks?
Marcus’ online savings account earns a competitive rate, but there are other options worth considering.
| Bank | APY | Minimum deposit |
| Newtek Bank | 5.25% | $0 |
| Synchrony | 4.75% | $0 |
| SoFi | 4.60% | $0 |
| Ally | 4.25% | $0 |
Additional savings options at Marcus
In addition to Marcus’ online savings account, the bank offers several certificate of deposit options. All require a $500 minimum deposit.
- High-yield CD: CDs with competitive rates are available in terms from six months to six years.
- No-penalty CD: Marcus offers three no-penalty CDs: seven-, 11- and 13-month options. The seven- and 11-month terms offer low APYs, but the 13-month CD offers a competitive rate. You might consider a no-penalty CD if you’re worried you’ll need access to your money before your CD term ends.
- Rate bump CD: This 20-month CD lets you switch to a higher rate once if Marcus raises rates during your term.
The bottom line
The Marcus Online Savings Account offers a respectable rate on any balance. However, you can find better rates at competing banks. The account is a good secondary account to pair with your main bank or credit union if you want to open multiple savings accounts. If you have questions before opening an account, Marcus by Goldman Sachs offers 24/7 customer service assistance by calling 855-730-7283.
Dashia is a staff writer for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
