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Marcus Online Savings Account

A free high-yield online savings account that pays a high 4.5% APY.

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Our verdict

The Marcus Online Savings account has absolutely no fees, no opening deposit and earns a competitive 4.5% APY. When it comes to savings accounts, these are some of the best features you could ask for. The best part is that your money earns interest the moment your transfer is initiated, not after your funds land in the account, so you don't have to wait until your transfer hits your account to start earning. Marcus also boasts same-day transfers up to $100,000 to or from other banks and offers 24/7 customer phone support. But as an online account, you can't make cash deposits.

Best for: Consumers looking for a digital savings account with a strong APY from a big-name bank.

Pros
  • No monthly fees or opening deposit
  • Competitive 4.5% APY with potential bonus
  • Interest starts at initial transfer
  • 24/7 customer support
  • No withdrawal limits
Cons
  • No ATM or cash deposits
4.4

★★★★★

Finder rating

Learn more

APY

4.50%

Fee

$0

Minimum deposit to open

$0

Who is the Marcus Online Savings Account best for?

If you don’t mind managing your savings online, the Marcus Online Savings account is worth considering. With its high APY, lack of fees, no opening deposit and 24/7 phone support, there’s little missing.

However, if you frequently need to withdraw funds or deposit cash regularly, consider a money market account, which comes with a debit card for easy access to your funds.

What we like about Marcus’ savings account

Marcus by Goldman Sachs is an online bank, and while that often means no cash deposits, it also means it can offer stronger rates and fewer fees.

Marcus savings account offers a suite of financial tools within the Marcus app to help you keep track of your investments. And you’ll also enjoy the reputation of a major player in the banking space. Many other competing digital banks are from less-proven banks, so there’s some peace of mind in getting behind an established bank like Marcus.

Strong rate

The Marcus Online Savings account offers a very high 4.5% APY, which is nearly 10 times higher than the national average of 0.47%(1). And you start earning this interest the moment you initiate your transfer, unlike other banks that wait until your funds land in the new account.

Plus, you’ll earn an even higher rate when you refer a friend to open a Marcus Savings account. You and your friend will earn an additional 1% APY referral bonus for three months as long as they’re a new Marcus customer. This means that for three months, you’ll earn 5.5% APY instead of the current 4.5% APY.

Save more thanks to fewer fees

Many savings accounts with rates this competitive ding you with monthly fees that can slowly eat away at your savings. The Marcus Online Savings Account won’t charge you any monthly maintenance fees, doesn’t require an opening deposit and has no minimum tiered balance requirements.

Unlimited transactions

Most savings accounts have a monthly withdrawal limit of up to six per month, per the Fed’s Regulation D. While that regulation is currently suspended indefinitely, most banks still abide by it — but that’s not a worry with this account. Marcus sets no limit to the number of withdrawals or transfers you can make from your Marcus Online Savings account. You can move money around as often as you want without getting charged excessive transaction fees.

24/7 customer support

Online banks often fall short in the customer support area, but Marcus makes up for its lack of physical branches by offering 24/7 phone support for help with savings accounts and CDs at 1-855-730-7283.

Where it falls short

There isn’t much to harp on this account for. Its only shortcomings are typical with other online savings banks — it doesn’t accept cash deposits and lacks in-person support.

The other drawback is if you were hoping to keep your savings and checking accounts with the same bank. Marcus only offers savings, CDs, investments, loans and credit cards, so you won’t find any checking accounts here.

Compare Marcus Online Savings to other savings accounts

Narrow down top savings accounts by fees, APY, opening deposit and more. For an even closer comparison, tick the Compare box to see up to four accounts side by side.

Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Customers Bank High Yield Savings through Raisin
Finder Rating: 4.6 / 5: ★★★★★
Customers Bank High Yield Savings through Raisin
Traditional savings

5.32%

Up to $250,000
$0
$1
$0
Cash App Savings
Finder Rating: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$0
UFB Secure Savings
Finder Rating: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$0
Wealthfront Cash Account
Finder Rating: 4.6 / 5: ★★★★★
Wealthfront Cash Account
Cash management account

5.00%

Up to $8M FDIC insurance
$1
$1
$0
American Express® High Yield Savings Account
Finder Rating: 4.9 / 5: ★★★★★
American Express® High Yield Savings Account
Traditional savings

4.35%

Up to $250,000
$1
$0
$0
SoFi Checking and Savings
Finder Rating: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
$0
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Customer experience

A well-established bank with over 150 years in business, Marcus is the online banking branch of Goldman Sachs. It’s accredited by the Better Business Bureau (BBB) with the highest rating of A+, which is based on how well a business responds to customers and complaints.

For a bank that’s been in business for over a century, it has very few complaints compared to other online banking options, with about 900 in the last few years. It sounds like a lot, but for reference, the online fintech Chime has nearly 8,000 complaints. On Trustpilot, Marcus earns a mediocre 2.7-star rating — not the worst or the best we’ve seen for an online bank.

Most grievances across review platforms are typical complaints, such as locked accounts, issues involving fraudulent charges and external transfers not going through. The most common complaint we saw had to do with outgoing transfers and accounts being locked, likely being flagged for fraud. So, if you plan on making large transfers out of this account, you may want to contact Marcus beforehand to avoid any potential issues.

Many happy customers report no issues and enjoy the speed of transfers and withdrawals, high APY and easy-to-use app. A lot of customers also report their Marcus savings account is quick to raise rates when everyone else is, which helps it stay competitive.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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