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Marcus by Goldman Sachs Online Savings Account Review: Big Interest and Few Fees

Review Updated
Kailey Hagen
Author: Kailey Hagen
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Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Cole Tretheway
Reviewer: Cole Tretheway
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Cole Tretheway

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

Ratings Methodology
Rates as of Dec 20, 2024

Marcus by Goldman Sachs Online Savings Account

Goldman Sachs Bank USA. Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. 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
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. 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
4.10%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • Unlimited number of external transfers (up to daily transaction limits)
  • 24/7 customer support
  • FDIC insured
  • Same-day ACH transfers up to $100,000
  • Free wire transfers
  • No ATM access
  • No branch access; online only
  • Maximum account limit of $1,000,000

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.

Compare savings rates

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. 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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

We tried it: Our team's firsthand experience

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.

Here's Johnnie's review:

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.

Full Marcus by Goldman Sachs Online Savings Account review

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 4.10% $0
Data source: Marcus by Goldman Sachs.

Marcus Online Savings Account offers a 4.10% 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.

Fees

The Marcus Online Savings Account charges no fees.

Minimum balance

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.

Withdrawal limit

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.

Mobile app

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.

How to access your money

The Marcus Online Savings Account gives you the following ways to fund your account and withdraw money as needed.

Deposit options

You can deposit funds in any of these ways:

  • Electronic funds transfer
  • Direct deposit
  • Wire transfer
  • Mailed check

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.

Withdrawal options

You can move funds out of your Marcus by Goldman Sachs Online Savings Account in either of these ways:

  • Electronic transfer
  • Wire transfer

What the Marcus by Goldman Sachs Online Savings Account platform looks like:

Screenshot of Marcus By Goldman Sachs Online Savings Account platform

Marcus By Goldman Sachs Online Savings Account platform. Image source: Johnnie Weathersby III

Online user reviews

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.

Top perks

Competitive APY: As mentioned above, the 4.10% 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.

What could be improved

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 Marcus by Goldman Sachs Online Savings Account is right for you if:

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.

Keep reading about Marcus by Goldman Sachs

Our savings account methodology

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:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • 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.