Most links in our content provide compensation to Slickdeals. Applying for and maintaining consumer credit accounts is an important financial decision, with lasting consequences, and requires thought, planning and comparison shopping for the offer that best suits your personal situation. That's why we offer useful tools to evaluate these offers to meet your personal objectives. Be sure to verify all terms and conditions of any credit card before applying.

Marcus by Goldman Sachs Savings Review: Earn a 2.15% APY

This online-only savings account offers a high APY and no minimum deposit requirement.

Advertiser Disclosure: Most products in our articles are from partners who may provide us with compensation. However, opinions expressed here are author's alone, not those of any bank, credit card issuer, airline or hotel chain. This page may include information about American Express products currently unavailable on Slickdeals. American Express is not a partner of Slickdeals.

If you have an emergency fund, a down payment fund or other short-term savings, a good high-yield savings account can keep your money safe and also reward you with a high interest rate. 

These savings accounts often offer annual percentage yields (APYs) several times higher than the national average, which the FDIC pegs at 0.17%. Marcus by Goldman Sachs® is one bank that offers such a high yield, currently offering an impressive 2.15% APY. 

Here’s what you need to know about the Marcus by Goldman Sachs Online Savings Account, as well as its other savings products, and how they stack up against other options. 

Marcus by Goldman Sachs Online Savings

Marcus by Goldman Sachs screenshots and bank background
Slickdeals/Marcus by Goldman Sachs

Marcus by Goldman Sachs is an online bank, which means that it doesn’t have any brick-and-mortar branches. However, that means the bank has fewer overhead costs and can afford to provide a higher yield on your deposits.

Features

The Marcus Online Savings account is FDIC-insured for up to $250,000. The account offers a high APY on your deposits, with no minimum deposit requirement or monthly fees.

Generous Annual Percentage Yield

This Marcus account offers 2.15% APY on your deposits, making it one of the top high-yield savings accounts on the market. The interest you earn is compounded daily and added to your account on a monthly basis, which is standard for most high-yield savings accounts. 

And unlike some other high-yield savings options, your APY won’t go down as your balance grows. There is, however, a general deposit limit of $1 million per account and $3 million per customer. 

Remember, though, that like all bank accounts, the interest you earn is considered taxable income, and you’ll receive a 1099-INT form each year, which you can use to report your earnings.

Referral Bonus

If you refer a friend who opens a Marcus account, both you and the new customer will receive a yield that’s 1.00% higher than the stated APY for three months. 

No Monthly Fees or Deposit Requirements

It’s fairly common for high-yield savings accounts to have no monthly fees, and the Marcus Online Savings account is no different. Additionally, there’s no minimum deposit requirement when you open the account, and your balance doesn’t need to meet a requirement to start earning interest. 

There doesn’t appear to be an overdraft fee associated with the account, but if your account remains negative for 60 days, Goldman Sachs may close it.

Funding Your Account

Unlike other bank accounts, the Marcus account doesn’t offer check deposits via the mobile app. However, there are four other ways you can fund your account, including:

  • ACH transfers, with the option for same-day transfers of $100,000 or less, depending on when you submit your request. 
  • Direct deposit from your employer.
  • Mail a check (cash deposits are not allowed).
  • Send a domestic wire transfer from your primary checking account.

Accessing Your Funds

Unfortunately, you won’t receive a debit or ATM card with your savings account. However, you can access the funds in your online bank account in the following ways:

  • ACH transfers initiated with Marcus or your other bank account.
  • Wire transfer initiated through customer service.
  • Have a check sent to you.

Additionally, Marcus by Goldman Sachs doesn’t limit your withdrawals to six per month as many other banks do. You can make as many withdrawals as you’d like without worrying about an extra fee. 

Customer Service

The Marcus customer service team is available 24/7, so you don’t have to worry about being left high and dry outside of business hours with your Online Savings Account. You can reach customer service by calling 1-855-730-7283 or through a live chat function in your online account (not available in the Marcus app).

Other Financial Products

Goldman Sachs offers a handful of other financial products. One notable absence is a checking account, which you can’t get alongside your Online Savings account with the bank.

With that said, here’s what else you might consider for long-term savings, borrowing or investing.

High-Yield Certificate of Deposit

With a high-yield CD from Goldman Sachs, you’ll get some of the best CD rates on the market. The bank offers maturities ranging from six months to six years:

Marcus by Goldman Sachs CD Rates

CD TermAPY
7-month No-Penalty CD0.45%
11-month No-Penalty CD0.35%
13-month No-Penalty CD3.05%
6-month CD3.25%
9-month CD3.30%
12-month CD4.00%
18-month CD4.15%
2-year CD4.25%
3-year CD4.00%
4-year CD4.00%
5-year CD3.80%
6-year CD3.70%
Annual percentage yields (APY) are accurate at time of writing and may change without notice before a CD account is opened and funded.

What’s more, Goldman Sachs offers a 10-day rate guarantee, which means that if the yield increases within 10 days of opening your account, you’ll get the higher rate. 

There is, however, a $500 minimum balance when you open the account. The account is insured by the FDIC.

No-Penalty Certificate of Deposit

With the Goldman Sachs No-Penalty CD, you can withdraw your money at any time without incurring a penalty. For that, however, you’ll be offered a lower rate. You can choose between a 7-, 11- or 13-month term, and APYs range from 0.35% to 2.20%. To maximize your CD rates, it’s best to go with the 13-month option.

The only limitation is that you have to wait at least seven days after funding the account to access your money. As with the high-yield CD, the minimum deposit requirement is $500. The account is insured by the FDIC.

Rate Bump Certificate of Deposit

This specialized CD allows you to take advantage of increasing interest rates, even after you open your account. If Goldman Sachs raises the interest rate on the account, you can bump your APY up to the new rate once during your term.

The Rate Bump CD has a 20-month maturity and a 2.50% APY. There is a penalty if you withdraw your money before the account matures, and there’s a $500 minimum balance. The account is insured by the FDIC.

Borrowing

Goldman Sachs Bank USA offers no-fee personal loans from $3,500 to $40,000, which you can use for debt consolidation or home improvements. The bank also offers a Buy Now, Pay Later service called Marcus Pay®, which allows you to make point-of-sale purchases from $300 to $10,000, and pay them off over six, 12 or 18 months with interest.

Marcus by Goldman Sachs

  • Loan Amount: $3,500 – $40,000
  • APR Range: 6.99% – 24.99%
  • Loan Terms: 3 – 6 years
  • Credit Score: 660 or higher

Personal loans offered through Marcus by Goldman Sachs come with unique features, such as no fees, rewards for on-time payments, rate discounts, and the ability to change your due date.

Pros
  • No fees
  • On-time payment reward lets you skip a monthly payment
  • Autopay rate discount
  • Can change loan due dates
Cons
  • No physical locations
  • Can take up to three days to disburse loan funds

Personal loans from Marcus feature no fees, and eligible applicants can borrow up to $40,000. APRs are competitive, ranging from 6.99% to 24.99%, and repayment terms range from 36 to 72 months.

These personal loans come with some notably unique features. Those who make consistent on-time payments are rewarded with the ability to skip a month. If you make 12 consecutive monthly payments, you can skip a payment for one month without interest won’t accrue during that time. Marcus will simply extend your loan term by a month. Borrowers can also benefit from an autopay discount that will apply a 0.25% APR reduction when enrolled.

To get approved for a Marcus personal loan, you’ll likely need a credit score of at least 660. 

Investments

With Marcus Invest, you can take advantage of investment portfolios built by the experts at Goldman Sachs. The robo-advisor platform uses algorithms to manage your portfolio for a light 0.25% annual fee. 

Marcus by Goldman Sachs Online Savings Account Pros and Cons

Marcus by Goldman Sachs apps on phones
Marcus by Goldman Sachs

This savings account offers solid value, but there are some notable drawbacks to keep in mind if you’re thinking about opening one.

Pros

  • High yield: The 2.15% annual percentage yield is much higher than the national average, giving you more value for your short-term savings.
  • Same-day transfers: Your ability to access your money is relatively limited, so being able to transfer up to $100,000 to another account on the same day is an incredibly valuable feature. 
  • No fees or minimums: You don’t have to maintain a certain balance to earn interest or to avoid monthly fees, and you also don’t have to worry about your interest rate being cut with a higher balance.

Cons

  • Limited access to funds: Goldman Sachs Bank USA doesn’t have an ATM network, so you can’t access your money that way. 
  • No checking account: If you’re only looking for an online savings account, this isn’t an issue. But if you like the idea of having your checking and savings account with the same bank, you won’t be able to do that.
  • No cash deposits: You can’t deposit cash via ATMs or even through the mail. What’s more, you also can’t deposit checks through the mobile app as a way to fund your account.

How the Marcus Online Savings Account Stacks Up

There are a lot of high-yield savings accounts out there, so it’s important to shop around and compare all of your options before settling. Here are some other banks to consider, along with their pros and cons.

UFB Direct® High Rate Savings

Offer Details

Secure application on issuer’s website.

APY: Up to 3.91%
Monthly Fees: None
Minimum Opening Balance: None
Features:
No maintenance fees or minimum monthly balances
Bank from everywhere with mobile app and SMS banking
Free ATM card
FDIC insured

UFB Direct is a division of Axos® Bank, which offers a much higher rate on their high-yield savings account.

Pros

  • Provides an excellent APY
  • No monthly fee or minimum deposit requirement
  • ATM access

Cons

  • No checking account

CIT Bank® Savings Connect

Secure application on issuer’s website.


CIT Bank Savings Connect
APY: 3.60% APY
Monthly Fees: None
Minimum Opening Balance: $100
Features:
APY is 15x the national average
Daily compounding interest
FDIC insured

A division of First-Citizens Bank & Trust, CIT Bank offers savings and checking options, as well as home loans.

Pros

  • Offers an impressive APY
  • No monthly fee
  • Offers a checking account

Cons

  • Requires a $100 minimum deposit
  • No free ATM network, though it does offer fee reimbursements

Is the Marcus Online Savings Account Right for You?

The online high-yield savings account offers a decent interest rate, but it’s not the best on the market. So, if you’re looking to maximize your savings, it’s crucial that you take the time to shop around and compare multiple accounts to determine the right one for you.

The account does skip the fees and doesn’t have a minimum balance requirement, but those aren’t unique to high-yield savings accounts, and you can find those features among other options as well.

One feature that does set Goldman Sachs apart from the competition is the ability to make same-day transfers from your external accounts. Because this is one of the only ways to fund your account, it’s a great benefit, particularly if you need to transfer money out of savings for an emergency or other immediate need.

Additionally, 24/7 access to customer service isn’t a standard benefit among all banks, even the online-only ones.

With that said, the account likely isn’t a good fit for someone who prefers to have in-person service or who wants to maintain their checking and savings accounts with the same financial institution.

And if you use cash often and want the option to deposit cash into your savings account or withdraw cash from your account with an ATM, the Marcus account can’t help you with either of those options. 

The Bottom Line

Finding the right savings account for your short-term funds can take time. While some accounts may offer high yields, they may not provide a lot of the same features you’re looking for.

The Marcus Online Savings Account may be such an account for some consumers, so it’s important to research and compare multiple options before you make a decision.

The most important thing is that you determine which high-yield savings account is the right one for you based on its features, fees, balance minimums, customer service and other financial products.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ben Luthi
Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.

Take this 1-minute survey to help improve your site experience

Related Links

Related Posts