Marcus by Goldman Sachs Online Savings Account Review: Big Interest and Few Fees
Review
Updated
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Our quick take: The Marcus by Goldman Sachs Online Savings Account has few fees, a competitive savings APY, is easy to use and offers significant customer support. However, as an online-only bank, it may not be right for people who prefer branch access.
Marcus by Goldman Sachs Online Savings Account
Marcus by Goldman Sachs Online Savings Account has a laundry list of features like a top-tier APY, no minimum balance hassle, FDIC insurance, and unlimited withdrawals. All the benefits of this premier account make it one of our favorites. Keep in mind Marcus is online-only with no ATMs or branches. If direct deposit is your game plan, then Marcus may be a great way to kickstart your savings.
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.
Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our Senior Data Analysts, Johnnie Weathersby III, uses the Marcus Online Savings Account himself.
I love the competitive rates at Marcus, and it updates the return account holders see on a regular basis. Transfers to and from Marcus are pretty simple and help you avoid wire transfer fees that you may experience with other banks. The referral benefits are great for existing account holders, which can be a pretty sweet deal if you want to help your family and friends out, too.
The Marcus Online Savings Account can help grow your money with a competitive annual percentage rate (APY), but it's not perfect for everyone. With that in mind, let's take a look at its strengths and weaknesses.
| Account | APY | Minimum Deposit |
|---|---|---|
| Marcus by Goldman Sachs Online Savings Account | 3.90% | $0 |
Marcus Online Savings Account offers a 3.90% APY, which is much higher than what you'll find at most brick-and-mortar banks and even some online banks. This places the Marcus savings rate among some of the best high-yield savings accounts we've seen.
The Marcus Online Savings Account charges no fees.
Marcus Online Savings Account requires no minimum balance to earn interest. However, the bank may close your account if your balance remains $0 for a 60-day period.
There is no limit to the number of withdrawals or transfers you can make. Marcus will process transfers of $100,000 or less. That said, you can only make electronic or wire withdrawals. You can't withdraw money from an ATM.
The mobile app combines the Marcus by Goldman Sachs Online Savings Account with any other Marcus accounts you may have opened. It's a neat way to view all your money in one place. The app is simple to use and lets you easily view available interest and interest earned. You can transfer money via the mobile app, but you can't use the app to deposit checks. Recent reviews of the app are mixed.
The Marcus Online Savings Account gives you the following ways to fund your account and withdraw money as needed.
You can deposit funds in any of these ways:
Mailed checks, electronic transfers, direct deposits, and incoming wires are free, though you're naturally responsible for the cost of a stamp and envelope for snail mail. Notably absent are mobile check deposit capabilities, which is an important consideration as you search for your ideal savings account.
You can move funds out of your Marcus by Goldman Sachs Online Savings Account in either of these ways:
Marcus By Goldman Sachs Online Savings Account platform. Image source: Johnnie Weathersby III
User reviews for this account are mixed. The Better Business Bureau rates Marcus by Goldman Sachs A+, which means the company is very likely to address your complaints. Customer reviews for the company are 1.1 out of 5 on the BBB website, which is typical for banks. Likewise, Goldman Sachs is rated 1.8 out of 5 on Trustpilot. Again, typical for banks, though some online banks rate much higher.
Mobile reviews: The Marcus app is rated 4.9 and 4.4 (out of 5) on the Apple and Google Play stores, respectively. Recent reviews indicate it's simple and easy to navigate. Some users have difficulty logging in and complain about app slowness.
Competitive APY: As mentioned above, the 3.90% APY is much higher than what you'll find at most other banks.
No minimum balance requirement: Marcus by Goldman Sachs Online Savings Account doesn't have a minimum balance or minimum opening deposit requirement in order to earn the stated interest rate.
No monthly maintenance fee: There's also no monthly maintenance fee (or any other fees), which is a common consumer pain point for traditional bank savings accounts. However, if you link an external bank account, Marcus has no control over whether that bank charges fees for transfers.
Customer service: Marcus doesn't use an automated phone system during business hours and has U.S.-based customer support. In other words, if you call during the company's business hours, your call will be answered by a real, live person in the U.S.
FDIC insured: Marcus by Goldman Sachs Online Savings Account funds are covered by the same FDIC insurance as traditional savings accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.
Deposit options: Mobile check deposit is not an option with the Marcus by Goldman Sachs Online Savings Account. If you want to deposit a check, you'll need to either mail it or deposit it into an external account first.
ATM card access: While electronic transfers to and from the Marcus by Goldman Sachs Online Savings Account are free, there's currently no ATM card available for quick-and-easy access to your money. Some other high-yield online savings accounts offer ATM access, so if this is important to you, it might be a smart idea to compare some other savings accounts before making your decision.
$1,000,000 account maximum: You can only deposit up to $1,000,000 in your Marcus by Goldman Sachs Online Savings Account. You won't be charged for going over, but Marcus will refund transfers that exceed the limit. If you have more than $1,000,000 to deposit and you want to put it all in one place, then the Marcus by Goldman Sachs Online Savings Account may not be right for you.
Yes, the FDIC insures the Marcus by Goldman Sachs Online Savings Account for up to $250,000.
The account is right for you if you want to maximize interest and minimize fees on an easy-to-use platform. Plus, you can make large same-day transfers of up to $100,000.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
Marcus by Goldman Sachs funds are covered by FDIC insurance. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.
You can withdraw money by transferring it to an external bank account. Currently, Marcus does not offer ATM cards for its savings account.
Marcus may close your account if you don't deposit funds within 60 days of opening it. Fortunately, the account has no minimum deposit, so even throwing $0.01 in your account is enough to avoid this.
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.
