Marcus by Goldman Sachs Savings Account Review
By: Conor Keenan | Last updated: March 31, 2026
Conor Keenan, AWMA®, is the Co-Founder of CompareAccounts. An Accredited Wealth Management Advisor with over a decade of experience covering consumer banking and investing trends, his work has appeared in The Wall Street Journal, Reuters, and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own. Partner commissions keep our site free, but our content remains independent.
For anyone comparing options, CompareAccounts.com’s savings account hub provides side-by-side data on Marcus and dozens of other high-yield accounts.
Key Takeaways
- Marcus earns a highly competitive APY on all balances with no confusing rate tiers.
- There are no monthly maintenance fees and no minimum balance requirements.
- You can make same-day transfers of up to $100,000 to external bank accounts.
- The account does not come with an ATM card or a companion checking account.
- This account is best for savers who want a great interest rate and the security of a massive, established bank.
What Savings Accounts Does Marcus Offer?
Marcus offers the High Yield Online Savings Account. It earns a highly competitive APY on your entire balance. You do not need a minimum deposit to open the account, and you do not have to keep a minimum balance to earn the top rate. Best of all, there are absolutely no monthly maintenance fees.
Your money is held at Goldman Sachs Bank USA. It is completely safe and FDIC-insured up to the standard $250,000 per depositor. Marcus calculates your interest every single day and adds it to your account once a month. This daily compounding helps your money grow faster over time.
Because the account is strictly online, you do not get an ATM card or debit card. You must link an external bank account to move your money in and out. Luckily, Marcus offers same-day transfers of up to $100,000 if you request the transfer before 12:00 p.m. Eastern Time.
What Are the Key Features of Marcus Savings?
Marcus keeps things simple, but it still offers powerful features to help you manage your money.
- Flat APY with no tiers: Marcus applies one single, high rate to all balances. There are no gimmicks. You earn the same great rate whether you have $100 or $100,000. (The maximum balance limit is $1 million per account).
- Zero fees and zero minimums: You can open the account with just $1. You will never pay a monthly maintenance fee.
- Daily compounding: Your interest grows every single day. You earn interest on your previously earned interest, which maximizes your returns.
- Same-day ACH transfers: You can move up to $100,000 in a single day. If you make the request before noon ET, the money usually arrives at your other bank the very same day.
- Savings buckets: You can divide your main savings account into separate, labeled buckets. This makes it easy to track different goals, like a vacation fund and an emergency fund, in one place.
- No transaction limits: Marcus does not limit how many times you can withdraw or transfer your money each month.
- 24/7 customer support: You can call a real human at 855-730-7283 or use live chat at any time of day or night.
What Are the Pros and Cons of Marcus Savings?
Marcus offers a fantastic savings product, but its simple approach means it lacks a few common features. Here is a balanced look at the pros and cons.
Pros
- Backed by Goldman Sachs: You get the financial stability and security of a massive Wall Street bank, which offers peace of mind that smaller apps cannot match.
- Absolutely no fees: The complete lack of monthly fees means every penny of your interest stays in your pocket.
- Daily compounding: Daily compounding ensures your money works as hard as possible.
- Great customer service: Marcus consistently wins awards for its easy-to-use website and 24/7 customer support.
- Goal tracking: The savings buckets make organizing your money incredibly easy.
Cons
- No checking or debit access: You cannot get an ATM card, a debit card, or a linked checking account. You must transfer your cash to another bank to spend it.
- No mobile check deposit: You cannot use the Marcus app to scan and deposit paper checks. You must deposit checks at your regular bank first.
- No physical branches: You cannot visit a Marcus teller in person. The bank is 100% digital.
What APY Does Marcus Pay?
The Marcus High Yield Online Savings Account currently earns a highly competitive APY. This rate is far above the national average, giving you substantially more earning power than a traditional bank.
Because the rate is variable, Goldman Sachs can adjust it at any time based on the broader market. Historically, Marcus does a great job of keeping its rates very competitive. Unlike some banks, Marcus uses a flat-rate structure. Every dollar earns the exact same high rate. There are no balance tiers to worry about.
What Are the Fees for Marcus Savings Accounts?
Marcus operates a genuinely fee-free model. There are no hidden catches. Here is the full breakdown:
- Monthly maintenance fee: $0
- Minimum opening deposit: $0
- Minimum balance to earn APY: $0
- Overdraft fees: $0
- Standard transfer fees: $0
Because there is no debit card or check-writing ability, most of the fees you find at normal banks simply do not exist here.
How Do You Open a Marcus Savings Account?
Opening an account takes less than ten minutes. You can apply on the Marcus website or through their mobile app.
You must be a U.S. resident and at least 18 years old. Marcus does not pull your credit report, so applying will not hurt your credit score. To apply, you will need to provide the following:
- Full legal name, date of birth, and U.S. address
- Social Security Number or ITIN
- An email address and phone number
- The routing and account number of your current bank (so you can transfer money in)
Once approved, you can initiate your first transfer. You must fund the account within 60 days of opening it, or Marcus may close it.
Who Should Open a Marcus Savings Account?
This account is perfect for people who want a safe, simple place to park their cash.
- Emergency fund builders: With zero fees and no minimums, it is the perfect place to safely grow a rainy-day fund.
- Digital-first savers: If you already have a checking account you love, Marcus is a great secondary account purely for high-yield savings.
- Safety-conscious savers: The backing of Goldman Sachs Bank USA provides massive institutional credibility.
- Goal-oriented savers: The savings buckets make tracking multiple goals effortless.
Who Might Want to Look Elsewhere?
Marcus is a pure savings bank. If you want an all-in-one financial hub, you should look elsewhere.
- People who need ATM access: Marcus does not offer debit cards or ATM access. If you need cash fast, you have to transfer it to another bank first.
- Check depositors: Without mobile check deposit, handling physical checks is frustrating.
- All-in-one banking fans: Marcus does not offer checking accounts. (However, they do offer an excellent lineup of Certificates of Deposit). If you want checking, savings, and investing in one app, consider SoFi or Ally Bank.
How Does Marcus Compare to Other Options?
In the crowded world of online banks, Marcus sits comfortably at the top. Its closest rivals are Ally Bank and Discover. All three offer great rates, zero fees, and FDIC insurance.
Where Marcus wins is its brand credibility, daily compounding, and huge $100,000 same-day transfer limits. However, both Ally and Discover offer companion checking accounts and debit cards. If you want a full banking relationship, those competitors have an edge. But if you just want a reliable, high-yield bucket for your savings, Marcus is incredibly hard to beat.
Is Marcus Savings Worth It? Bottom Line
Yes, the Marcus by Goldman Sachs High Yield Online Savings Account is an exceptional choice. It is a no-frills product that delivers exactly what it promises: competitive interest, zero fees, and the reliability of a major bank.
With a top-tier APY and daily compounding, your money will grow quickly. Its limitations — like no ATM access and no mobile check deposit — are intentional choices to keep the account simple and free. For digital-first savers who already have a regular checking account elsewhere, Marcus remains one of the absolute best options on the market.
Frequently Asked Questions
Is Marcus by Goldman Sachs safe?
Yes, Marcus is incredibly safe. It is operated by Goldman Sachs Bank USA, a federally chartered bank. Your deposits are insured by the FDIC up to $250,000 per depositor, per ownership category. This is the exact same federal protection you receive at any other major U.S. bank.
Can the Marcus APY change after I open the account?
Yes. The Marcus High Yield Online Savings Account earns a variable interest rate. This means the bank can adjust the APY at any time without advance notice. The rate usually changes based on the broader market and the Federal Reserve. You can always check your current rate in your account dashboard.
Does Marcus offer joint accounts?
Yes, Marcus allows you to open a joint savings account with one other person. Joint accounts actually double your effective FDIC insurance coverage. A two-person joint account is protected up to $500,000, making it a great choice for couples saving together.
How long do transfers take with Marcus?
Standard transfers to an external bank usually take two to three business days. However, Marcus also offers same-day transfers for amounts up to $100,000. If you submit your transfer request before 12:00 p.m. Eastern Time on a business day, the money will generally arrive at your other bank later that same day.