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By
Jenni Sisson
Jenni Sisson
Contributor
Jenni is a personal finance editor and writer. Her favorite topics are investing, mortgages, real estate, budgeting and entrepreneurship. She also hosts the Mama’s Money Map podcast, which helps stay-at-home moms earn more, spend less and invest the rest.
When she’s not writing or editing, you can find Jenni taking her family for hikes along the Wasatch Front, sewing with her sisters or beating someone at Scrabble.
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Jennifer Calonia
Jennifer Calonia
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Jennifer, a native Angeleno, is a writer and editor with more than a decade of experience covering personal finance. Her work has been featured on Yahoo, Forbes, USA Today and other national publications. When she’s not educating readers about money-related topics, she’s writing her debut fiction novel and playing with her Shiba Inu, Katsu.
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The Marcus high-yield savings account offers an online-only experience with a competitive 4.50% APY and no fees. The Marcus app and online banking portal help customers track their deposits and earned interest over time.
As an online bank, Marcus doesn’t offer easy ways for savings account holders to deposit cash or checks. However, it does provide 24/7 phone access to customer service as well as easy, fast and free transfers between bank accounts.
Our Methodology
Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility.
Vault’s Viewpoint on Marcus
- Marcus offers a high-yield savings account with no minimum balance, no fees and a competitive APY.
- As an online bank, Marcus doesn’t offer easy access to deposit cash or checks, which may be a dealbreaker for some customers.
- This account is a good option for those who want a competitive annual percentage yield (APY) and don’t need to deposit checks or cash regularly.
Overview of a Marcus Savings Account
Marcus is the consumer-oriented banking arm of Goldman Sachs USA, an investment bank founded in New York in 1869. This division is named after the founder of the firm, Marcus Goldman.
Marcus offers online-only high-yield savings accounts that are paired with a mobile app. This gives customers access to tools and trackers that help them monitor their balances and growing interest. Marcus also offers customer service access by phone 24/7.
These savings accounts require no minimum deposit to open and no minimum balance to earn the full interest rate. The current Marcus savings interest rate is 4.50% APY.
| Savings Account | APY | Minimum Deposit | Monthly Fees |
| Marcus Online Savings Account | 4.50% | $0 | None |
Pros of a Marcus Savings Account
A Marcus high-yield savings account comes with several advantages and features. Here are a few of our favorites.
- Competitive APY: The current interest rate of 4.50% APY is over 9.5 times higher than the national average interest rate of savings accounts, according to the Federal Deposit Insurance Corporation (FDIC).
- No fees: Marcus doesn’t charge minimum balance, wire transfer or ACH transfer fees.
- No minimum deposit: You need $0 to open an account, though if you don’t fund the account in the first 60 days, Marcus may close it.
- Same-day transfers up to $100,000: Balance transfers to and from other banks are processed the same business day if initiated by 12 p.m. ET.
Cons of a Marcus Savings Account
While this account comes with many benefits, there are a few drawbacks as well.
- Higher interest rates elsewhere. While a 4.50% APY is better than most banks offer, some others have accounts with interest rates over 5.00%, so it isn’t the best high-yield savings account interest rate out there.
- No checking account offered. If you’re looking to consolidate your checking and savings account in one institution, you’ll have to look elsewhere. Marcus offers savings accounts, certificates of deposit (CDs), investment accounts and credit cards.
- No ATM or debit card access. You can only withdraw or deposit funds online, in the Marcus app or via wire transfer.
- No mobile check deposits. The Marcus app isn’t enabled for mobile check deposits at present; the only way to deposit a check into your savings account is via U.S. mail.
- No physical locations. This poses a challenge for customers wishing to deposit cash. If you have cash to deposit, you’ll need to deposit it into a separate account and transfer the money to your Marcus high-yield savings account online or via wire transfer. Note that transfers can only take place between external accounts you own; Marcus does not do third-party transfers.
How Much Can You Earn With a Marcus Savings Account?
The Marcus savings interest rate for its online account is currently 4.50% APY. Interest is compounded daily and credited to the account once a month. Incoming transfers begin accruing interest on the day the request is received.
To see how much you could earn in a Marcus high-yield savings account, let’s say you deposited $10,000 and didn’t add or withdraw any funds for a year. After 12 months, your $10,000 would have grown to a $10,450 balance. By contrast, the same deposit in a savings account with the national average interest rate of 0.46% would have grown to just $10,046, earning $404 less in interest for the year.
| Savings Account | APY | Estimated Earnings (1 year) |
| Marcus Online Savings Account | 4.50% | $450 |
How to Open a Savings Account With Marcus
To open a Marcus high-yield savings account, do the following steps.
- Click “Open an account” on Marcus’ website. You can open another account, such as a CD, at the same time by choosing an additional type from the drop-down menu.
- Fill out your personal information. This includes your birthdate, Social Security number, address, employment status, etc. (Marcus uses 128-bit encryption to protect your data.)
- Choose whether you’d like a joint account. If you want this to be a joint savings account, select that option at the bottom of the page. The joint owner should be present to complete and sign their portion of the application.
- Set up a password for your online account. You’ll also need to select a secret word to confirm your identity when calling Marcus customer service. You can create a hint to prompt you in case you forget your secret word.
- Confirm your email address. Marcus will email you a six-digit code, which you will then enter into the application to verify your email address.
- Accept the deposit account agreement and sign electronically. Click “Create Account,” and you’re done!
Alternatives to a Savings Account With Marcus
A Marcus high-yield savings account isn’t for everyone, especially if you often deposit cash or checks into your savings account. It also might not be a good fit if you want ATM access to your savings or are bent on getting the absolute highest interest rate the market offers.
Several other options offer similar features to the Marcus high-yield savings account, so here are a few comparable alternatives to consider.
Everbank Performance Savings
Another online bank, Everbank offers one of the highest interest rates out there at 5.15% APY. Like the Marcus savings account, Everbank doesn’t charge account fees. However, all of their physical branches are located in Florida.
Everbank uses the Allpoint and MoneyPass ATM networks, and some of these locations (inside Walgreens and CVS) allow cash deposits.
PNC High-Yield Savings
PNC is one of the only large banks with brick-and-mortar locations to offer a high-yield savings account. It offers a higher rate than Marcus at 4.65% APY, but these accounts are only available in certain markets. PNC Bank also offers personal checking accounts, credit cards and other financial products so you can manage all of your accounts at one bank.
However, PNC only has physical locations in 28 states and Washington, D.C., so cash deposits and face-to-face customer service may still be out of reach for many customers. PNC doesn’t reimburse fees for using external ATMs.
SoFi High-Yield Savings
Like Marcus, SoFi offers a high-yield savings account, but it must be paired with a SoFi checking account. SoFi’s interest rate is slightly higher than the Marcus savings interest rate at 4.60% APY. However, customers must make direct deposits of $5,000 or more monthly to qualify for this interest rate.
SoFi doesn’t charge any account fees. You can deposit cash into your SoFi account using the Green Dot network, but there is a fee for doing so.
Frequently Asked Questions
What’s the Downside of a Savings Account With Marcus by Goldman Sachs?
The major downsides of a Marcus savings account include the inability to deal with cash or checks and its lack of physical locations. Marcus operates entirely online, and it doesn’t use an ATM network for debit withdrawals or cash deposits. The only way to deposit a check is by U.S. mail.
If you need any in-person banking services, you’ll need to open a different account, as Marcus doesn’t have any physical locations.
Is the Marcus Interest Rate the Highest for High-Yield Savings Accounts?
While the 4.50% APY Marcus offers is competitive, it’s not the highest available. However, some banks have minimum balance requirements to qualify for the highest rates, and they may charge fees that Marcus doesn’t.
Is Marcus by Goldman Sachs Trustworthy?
Marcus is a subsidiary of Goldman Sachs Bank USA, which is an FDIC member. This means that up to $250,000 is insured by the federal government in case the bank defaults, so your savings are safe.
Related Articles
- What Is the Average Interest Rate for Savings Accounts?
- Should I Have Multiple Savings Accounts?
- Best Savings Accounts
- Best High-Yield Savings Accounts
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
Jenni Sisson
Contributor
Jenni is a personal finance editor and writer. Her favorite topics are investing, mortgages, real estate, budgeting and entrepreneurship. She also hosts the Mama’s Money Map podcast, which helps stay-at-home moms earn more, spend less and invest the rest.
When she’s not writing or editing, you can find Jenni taking her family for hikes along the Wasatch Front, sewing with her sisters or beating someone at Scrabble.
Read more articles by Jenni Sisson
