Marcus Bank Review: Eye-Catching APYs and Few Fees
Review
Updated
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Marcus Bank specializes in savings accounts and CDs and offers competitive APYs (annual percentage yields). It also allows for same-day transfers to external banks, which helps make up for its lack of a checking account. Read our full Marcus Bank review to learn more about all the company has to offer.
Marcus Bank offers some eye-catching APYs and it doesn't charge monthly maintenance fees on any of its accounts. You can't withdraw funds directly, but the bank does offer same-day transfers to other banks and credit unions for maximum convenience.
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.
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Marcus Bank is a good fit for you if:
Marcus only currently offers one savings account product, but it's a pretty good one.
The Marcus by Goldman Sachs Online Savings Account offers a decent APY with no monthly maintenance fees or minimum balance requirements. This is pretty typical for online savings accounts. In fact, high APYs are a major advantage of online savings accounts when compared with brick-and-mortar savings accounts.
What helps set this savings account apart from its online competitors? It offers same-day fund transfers of $100,000 or less to and from other banks. This is great if you need money in a hurry. It's especially useful with the Marcus by Goldman Sachs Online Savings Account, because this account doesn't offer an ATM card or any other way to directly withdraw funds.
On Marcus by Goldman Sachs's Secure Website.
Member FDIC.
Sponsored Listing
Marcus by Goldman Sachs Online Savings Account
On Marcus by Goldman Sachs's Secure Website.
On Marcus by Goldman Sachs's Secure Website.
We think the Marcus by Goldman Sachs Online Savings Account is perfect for savers who want a no-frills savings account with zero fees and top-tier interest rates. $100,000 same-day transfers makes it especially enticing for big money movers. Simplicity is key: you'll struggle to find another high-yield savings account that's as straightforward as this one.
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 11, 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.
There are two types of Marcus by Goldman Sachs certificates of deposit (CDs): Marcus by Goldman Sachs High Yield CDs and Marcus by Goldman Sachs No-Penalty CDs.
Marcus by Goldman Sachs High Yield CDs are its most popular option. Terms range from 6 months to 6 years, and you only need a minimum balance of $500 to open one. These CDs lock in your rate for the entire term. However, they also come with a 10-day rate guarantee. If Marcus's CD rates increase within 10 days after you open your CD, the bank will automatically raise your rate.
APY = Annual Percentage Yield
Savers have the potential to create effective CD ladders through Marcus, as it provides competitive rates through the most common CD terms. The minimum deposit is $500 and withdrawal penalties are moderate compared with competitive banks.
| 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY | 6 Yr. APY |
|---|---|---|---|---|---|---|---|---|
| 4.20% | 4.30% | 4.25% | 4.10% | 4.10% | 4.00% | 3.75% | 3.75% | 3.75% |
Marcus Bank offers No-Penalty CDs with 7-, 11-, and 13-month terms. It has the same minimum balance requirements as the bank's High-Yield CDs ($500), but only the 13-month CD has a rate comparable to its High-Yield counterparts; APYs on the other two terms are far below today's highest-paying CDs. As the name implies, you can withdraw your savings from these CDs at any time after the first seven days without paying a penalty. Note that taking your funds out early will decrease the amount of interest you earn.
Marcus Bank currently doesn't offer any checking accounts, so it's not ideal for those who hope to manage all their money in one place. Fortunately, Marcus Bank has one of the few savings accounts that promises same-day fund transfers to other banks. With this feature, you can move money from your savings account to a checking account at another bank almost instantly.
Marcus Bank maintains an A+ rating with the Better Business Bureau and ranked second in overall satisfaction among savings providers in J.D. Power's 2023 U.S. Direct Banking Satisfaction Study℠.
It offers live, U.S.-based customer support seven days per week. If you have any questions or concerns about your account, you won't have to wait too long to get your answers.
Marcus Bank doesn't offer relationship benefits, like higher APYs or reduced fees, to customers who open multiple accounts with the bank. Brick-and-mortar banks often offer these types of benefits. However, online banks usually offer high APYs to all customers. Relationship benefits don't make as much sense for online banks, and most don't offer them.
What does that mean for you? With Marcus Bank, what you see is what you get. You don't need to open multiple accounts to get the best rates, which is great if you're only interested in one type of account.
If Marcus Bank doesn't seem like the right choice for you, here are some other banks to consider.
Ally Bank is one of the best-known online banks. This is partly because it has one of the widest selections of products. It offers a high-yield savings account, traditional and no-penalty CDs, and the less-common Raise Your Rate CDs. You can also open an interest-bearing checking account and a money market account. Its rates are pretty comparable to Marcus Bank's. In addition, there are no monthly maintenance fees or minimum balance requirements.
Capital One Bank is a great alternative for those who want the high APYs of online banks but aren't ready to sever ties with brick-and-mortar banks completely. Capital One credit cards, checking, savings, CD accounts, and loans are fairly well known. It is possible to bank entirely online with Capital One, but it also has some branch locations in select states for those who would like to get assistance in person.
Marcus Bank is good for savers who want a good APY on their savings accounts and CDs and don't need a checking account. It's also good for those who like the idea of same-day transfers, no fees, and no minimum deposits.
No, Marcus Bank does not have a checking account. Despite beta rollouts and testing of a potential checking account in early 2022, the bank has not released one to its clients, nor does it have plans to do so in the immediate future.
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.
