Marcus by Goldman Sachs vs. Discover® Bank: Which Bank Is Right for You?
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Bottom line: Marcus by Goldman Sachs has higher APYs and lower minimum deposits on its CDs, while Discover® Bank ranks higher in customer service and offers a checking account with a cashback debit card.
Here's a breakdown of the accounts these two banks offer.
Marcus and Discover both offer online savings accounts with no monthly fees and no minimum opening deposits. With the Discover® Online Savings, you can earn a 3.70% APY on your savings, while Marcus offers a 3.90% rate. Although the Marcus by Goldman Sachs Online Savings Account has a higher APY, Discover gives you more ways to fund your account, including mobile deposits, which Marcus does not offer.
| Offer |
|
|
|---|---|---|
| Account |
Discover® Online Savings
On Discover Bank's Secure Website. |
|
| Rating |
Rating image, 5.00 out of 5 stars.
5.00/5
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= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | 3.70% | 3.90% |
| Min. to earn APY | $0 | $0 |
| Next Steps |
|
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
At this time, Marcus does not offer a checking account. Discover, on the other hand, has a free checking account, the Discover® Cashback Debit, with no monthly fees and no minimum or deposit requirements. The account is named after its cash back debit card, which earns 1% in cash back on up to $3,000 in monthly purchases. The account also comes with fraud protection, access to over 60,000 fee-free ATMs, and the option to get paid two days in advance.
On Discover Bank's Secure Website.
Member FDIC.
Discover® Cashback Debit
On Discover Bank's Secure Website.
On Discover Bank's Secure Website.
The Discover Cashback Debit account could be a lucrative option for those who frequently use their debit card. With cash back on eligible purchases, it's possible to earn even more than you could with a typical checking account APY without changing your habits at all. The fact that Discover has done away with many common checking account fees only adds to its appeal.
Marcus CDs have higher APYs and lower minimum balance requirements. The bank offers 10 terms, ranging from six months to six years, and requires only $500 to open an account. It also has a 10-day CD rate guarantee, which will automatically raise your rate in the first 10 days if ongoing rates go up, so long as you deposit at $500 within that same timeframe.
Discover CDs come in 12 terms, which range from three months to 10 years. The variety of term lengths could make Discover ideal for building a long and varied CD ladder, especially if you want to extend your CD rate more than six years into the future. Discover's minimum opening deposit of $0 is lower than Marcus's $500, but its APYs are generally lower, too.
APY = Annual Percentage Yield
| Offer |
|
|
|---|---|---|
| Account | Discover® Bank CD | Marcus by Goldman Sachs High Yield CD |
| 3 Mo. | 2.00% | -- |
| 6 Mo. | 3.70% | 4.20% |
| 9 Mo. | 3.80% | 4.30% |
| 1 Yr. | 4.00% | 4.25% |
| 1.5 Yr. | 3.80% | 4.10% |
| 2 Yr. | 3.80% | 4.10% |
| 30 Mo. | 3.50% | -- |
| 3 Yr. | 3.50% | 4.00% |
| 4 Yr. | 3.50% | 3.75% |
| 5 Yr. | 3.50% | 3.75% |
| 6 Yr. | -- | 3.75% |
| 7 Yr. | 3.50% | -- |
| 10 Yr. | 3.50% | -- |
| Min. Deposit | $0 | $500 |
| Early Withdrawal Penalty | Yes | Yes |
| Next Steps |
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All things considered, Marcus has stronger APYs than Discover for comparable accounts.
For one, its savings account has a slightly higher rate than Discover: 3.90% APY on the Marcus by Goldman Sachs Online Savings Account versus 3.70% for Discover. It also has stronger APYs across all its CD terms.
For example, Marcus's 9-month CD has a 4.30% APY, while Discover offers 3.80% on the same term. Likewise, Discover offers a 3.50% APY on a 5-year term, while Marcus offers 3.75%.
Discover and Marcus both ranked high on the J.D. Power 2023 U.S. Direct Banking Satisfaction Study. For savings providers, Discover ranked first in overall satisfaction among several banks, while Marcus was second. Discover also ranked second in overall satisfaction among checking account providers. Since Marcus doesn't have a checking account, it did not participate in that part of the study.
On the Better Business Business Bureau, both banks are BBB accredited and have an A+ rating. They have a poor rating on Trustpilot, with Discover getting 2 stars and Marcus having 2.7 stars. All in all, clients at both banks seem satisfied with the customer service, with neither bank ranking exceptionally above the other.
Discover has one of the most highly rated mobile apps in the banking industry. You can manage all your accounts, including credit cards and loans, within one app, plus track your spending, send or request money, and monitor your credit score. The app has 4.9 out of 5 stars on the App Store and 4.5 out of 5 stars on Google Play.
Marcus' mobile app also lets you track expenses and send or request money using Zelle. It also lets you link several external accounts to give you a more complete picture of your finances. One noticeable blemish, however, is that it doesn't let you deposit checks through the app. Instead, you have to mail them to Marcus the old-fashioned way. The app has 4.9 out of 5 stars on the App Store and 4.3 stars on Google Play.
If you want to have all your bank accounts in one place, Discover could be a better fit, as you can open a checking account and link it to your savings or CDs. Alternatively, if higher APYs are important to you, Marcus is worth considering, especially if you're interested in opening CDs.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 10, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
Marcus could be right if you want to open CDs, as its APYs are competitive across nearly all its terms.
Discover might be a good fit if you want a checking account -- even more fitting if you want a cash back debit card to go with it. It would also better suit those who want to deposit checks through their mobile apps.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
