Marcus by Goldman Sachs is the online consumer banking division of Goldman Sachs Bank USA. It offers online savings accounts, certificates of deposit (CDs), and credit cards. Marcus does not have any physical branches, but it does offer extended customer service hours, competitive rates, and fee-free accounts.
The Marcus by Goldman Sachs online savings account earns 3.65% APY — that’s more than nine times the national average. There is no minimum opening deposit or minimum balance required. And Marcus by Goldman Sachs doesn’t charge any fees or penalties on this account.
For these reasons, the online savings account from Marcus by Goldman Sachs is included in our ranking of the 10 best high-yield savings accounts available today.
Unlike many other savings accounts, there is no limit on the number of withdrawals or transfers you can make from your account each month. Additionally, Marcus by Goldman Sachs representatives can be reached 24/7 via phone or live chat.
Marcus was ranked third in customer satisfaction among savings providers by J.D. Power.
If you’re thinking about opening a Marcus by Goldman Sachs savings account, here are the key details you should know:
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APY: 3.65%
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Minimum opening deposit: $0
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Minimum balance required: None
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Monthly maintenance fee: $0
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Fees and penalties: None
It is important to note that if you don’t fund your account within 60 days of opening, your account may be closed.
Read our full review of Marcus by Goldman Sachs.
There are a few pros and cons you should consider before signing up for Marcus’ high-yield savings account.
Pros:
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Competitive APY: Amid recent federal interest rate cuts, many banks and credit unions have been lowering their savings account interest rates. Even so, the Marcus savings account still offers one of the most competitive rates on the market at 3.65% APY.
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Unlimited withdrawals: Many savings accounts limit the number of withdrawals you can make each month without incurring a penalty. However, Marcus offers unlimited withdrawals and transfers, as well as same-day transfers of $100,000 or less.
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No monthly fees: With Marcus, you’ll never be responsible for extra fees.
Cons:
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No debit card: Marcus does not offer its accountholders a debit card, so you won’t be able to withdraw your savings at an ATM. Marcus does offer wire transfers, ACH transfers, and withdrawals via check.
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No physical branches: Customers who prefer an in-person banking experience may not like the fact that Marcus does not offer physical branches or face-to-face customer service.
If you’ve decided that a Marcus savings account is right for you, opening an account is simple. It can be done right from your computer or phone using the Marcus by Goldman Sachs mobile app, which is available for download on the App Store and Google Play.
Once you’ve submitted an application and your account is approved, you can link an external bank account to fund it. Your balance will start earning interest right away.
Moving forward, you can initiate and schedule same-day transfers to continue growing your balance over time.
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