December 5, 2023

Marcus by Goldman Sachs High Yield Savings

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Saving up for something big? Grow your funds with Marcus Online Savings' impressive APY rate. Read on for more details.

5-point scale (the higher, the better)

Pros and Cons

  • Competitive APY
  • $0 monthly charges
  • No minimum balance
  • No physical locations
  • No mobile check deposit

Bottom Line

Great online savings account with high APY and no hidden fees

Marcus by Goldman Sachs offers a high-yield savings Account with a competitive APY and no hidden fees.

If you want to grow your funds, this might just be the right account for you. Continue reading to know what Marcus has to offer.

What Is Marcus Online Savings Account

Marcus' Online Savings Account boasts a solid 4.40% APY. And, there are no fees or minimum balance requirements.

This allows you to earn up to 8x more than the national average without thinking about any charges to your account.[1]

It also comes with the Marcus app—a simple mobile banking app where you can manage transfers and transactions, and check your earnings.

You'll also get access to budgeting tools that can help you make strategic financial decisions and grow your savings. You can set up recurring deposits to make your money work harder.

The downside is Marcus currently doesn't support mobile check deposits nor provide a complimentary ATM card, unlike some other online banks.

How can you withdraw from your Marcus Online Savings Account?
Currently, there are only 3 ways for you to withdraw money from your Marcus Online Savings Account: ACH transfer, wire transfer, or by requesting a check.

How Much Can You Earn?

Here's a calculator you can use to see how much your money can grow with Marcus' Online Savings Account.

Savings Calculator

How often do you typically review and compare rates for your savings accounts?

Fees to Look Out For

Marcus High-Yield Online Savings account has no fees or charges for you to worry about. That means you have:

  • $0 monthly fees
  • No minimum balance
  • No opening deposit

However, you might be charged by external banks or third-party providers when you use their services to access your Marcus account.[2]

You can open multiple savings accounts at Marcus by Goldman Sachs, but there is a maximum limit of 5 new accounts that you can open simultaneously.[3] Additionally, there is a cap of $1 million for your Online Savings account balance and a total limit of $3 million across all deposit accounts.[4]

Pros and Cons


  • Competitive APY
  • No minimum balance
  • No opening deposit
  • $0 monthly service fees
  • Daily compounding interest
  • 24/7 live customer service


  • No physical branch
  • No ATM card and access
  • No mobile check deposit

What feature is most important to you in a high-yield savings account?

Is Marcus by Goldman Sachs Safe?

Yes, Marcus by Goldman Sachs is a brand by a reputable bank, Goldman Sachs Bank USA. They are a safe and legitimate bank and a member of the FDIC (Cert #33124).

This means your deposits are covered by FDIC insurance up to $250,000 in the unlikely event that the bank closes.

How safe is Marcus by Goldman Sachs' online services?
Marcus integrates multiple security measures to ensure that your money and data are safe. They have multi-factor authentication, SSL certificates, and firewalls to keep your account secure. Also, they require all clients to access their accounts through browsers with encryption.[5]

How to Open an Account

Here's how to open a Marcus by Goldman Sachs high-yield savings account online:

  1. Go to Marcus Online Savings and Open an Account.
  2. Fill out your personal and contact information.
  3. Submit and fund your account.

Once you're done signing up, make sure to fund your account within 60 days, or else it will be subject to closure.[6]

You can deposit money to your Marcus Online Savings Account by:
  • Transfer from an external account
  • Set up a direct deposit
  • Send a domestic wire
  • Mail a check to: Goldman Sachs Bank USA, PO Box 4571, Carol Stream, IL 60197-4571

Who Is It Best For?

Marcus High-Yield Online Savings Account works great for those who want to passively grow their funds with a very flexible and straightforward savings account. And, for those who don't mind doing their banking online.

This online savings account can be a great way to save money without the hassle of maintaining a certain balance or paying any monthly fees.

What's your primary goal for using a high-yield savings account?

How Marcus Online Savings Compares

Here's how Marcus' high-yield savings compare to other online accounts out there:

Bottom Line

Marcus by Goldman Sachs' Online Savings Account is on par with other popular online banks. It boasts a good APY rate with no hidden charges or balance requirements.

You also get access to a secure and easy-to-use online platform. Ultimately, Marcus is a good bank to consider if you want to put your money to work!


  1. ^ FDIC. National Rates and Rate Caps, Retrieved 10/25/2023
  2. ^ Marcus by Goldman Sachs. Marcus Deposit Account Agreement, Retrieved 10/24/2023
  3. ^ Marcus by Goldman Sachs. How many savings accounts can I open?, Retrieved 11/17/2023
  4. ^ Marcus by Goldman Sachs. How much money can I deposit?, Retrieved 11/17/2023
  5. ^ Marcus by Goldman Sachs. Marcus Security Center, Retrieved 10/25/2023
  6. ^ Marcus by Goldman Sachs. Online Saving Account FAQs: Is there a minimum deposit required to open an Online Savings Account?, Retrieved 11/17/2023

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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