SoFi® vs. Marcus: Which Bank Is Right for You?

SoFi and Marcus by Goldman Sachs are both major players in the digital banking space. Each offers competitive APYs and investment opportunities, but on the whole, SoFi and Marcus have different focuses. Choose SoFi if you need a full-service online bank, and choose Marcus if you want a savings-focused bank with high interest rates.

SoFi vs. Marcus: A quick comparison

• SoFi terms and conditions

  New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  
  Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
  
  We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
  
  SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  
  We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
  
  Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  
  Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
  
  Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.

SoFi vs. Marcus: Product offerings

Marcus is the online personal banking arm of Goldman Sachs with a heavy focus on savings products, and SoFi is also an entirely online bank. If you’re looking for checking and traditional borrowing options, SoFi’s got the leg up. However, in terms of simplicity, Marcus’ savings accounts and CDs are a clear winner.

Banking

Marcus’ big focus is on savings, so you won’t find any checking account options. While SoFi offers a competitive APY on its hybrid savings and checking account, there are no CDs, and to get the best savings APYs, there are some requirements.

SoFi offers:

• SoFi Checking and Savings is an all-in-one, hybrid checking and savings account with no monthly fees or opening deposit requirements. It offers 0.50% APY on your checking balance and up to 3.30% APY on your savings. You can also separate your savings into 20 different vaults. But to get the best savings rate, you either need a Plus membership (requires $10 monthly fee), or you need to either deposit at least $5,000 per month or set up direct deposit.

Marcus offers:

• Marcus’ Online Savings account features a high 3.5% APY with no monthly fees, opening deposit requirements or balance requirements. You can earn an additional 0.25% APY on the account for up to three months with a successful referral. There’s also no limit to how many Online Savings Accounts you can have. But like most traditional savings accounts, you won’t get an ATM card, so you’ll have to access your cash via ACH transfers or wires.
• Marcus CDs offer a variety of terms from six to 72 months with high rates across the board. All CDs require a minimum deposit of $500, which is low compared to other major banks. Rates can be as high as 4.3% APY.

Related: Best Free Online Bank Accounts

Borrowing

SoFi has significantly more lending options than Marcus. Marcus used to offer personal loans but stopped issuing them in January 2023.

SoFi offers:

• SoFi’s Credit Card earns unlimited 2% cash back with this card with no annual fee. You can also earn up to 3% cash back on SoFi Travel purchases.
• Personal loans for all sorts of needs, including debt consolidation, home improvements, vacations, weddings and so on. Rates start at 8.99% APR, or even lower with auto-payments and member rate discounts. SoFi doesn’t charge any prepayment penalties or late fees and origination fees can be optional.
• Refinancing options for vehicles and student loans, as well as home equity and cash-out refinance home loans.
• Student loans that help you fund your education for undergraduate, graduate, MBA and more.
• Small business loans through its marketplace, where you can compare several financing options across top lenders.
• Home loans, including FHA and VA home loans.

Marcus offers:

• Co-branded credit cards. Offers General Motors co-branded cards, including the My GM Rewards Mastercard, GM Extended Family Mastercard or the GM Business Mastercard. None of the cards have an annual fee, and all offer 0% APR for a limited time and earn varying cashback rewards.

Related: Best personal loans

Investing

SoFi and Marcus are similar in investment options.

SoFi offers:

• SoFi Invest. Online stock stocking platform where you can trade stocks and exchange-traded funds (ETFs), invest in alternative investments like private credit and commodities, and auto-investing based on your risk tolerance. SoFi also offers complementary financial planners.
• Retirement accounts. Offers traditional, ROTH and SEP IRAs.

Marcus offers:

• Marcus Invest. Customizable investment portfolios, where you can start with as little as $5 and create a managed portfolio based on your timeline and risk tolerance.

Apps, features and more

Marcus and SoFi are both digital-only banks, so having a good mobile app is a must-have.

SoFi’s mobile app has a 4.7-star rating on Apple’s store and a 4.7-star rating on Google Play. You can use it to manage your accounts, invest, apply for loans, redeem cashback rewards, use a budget planner, get insights on spending and use credit score monitoring services. You can also set up a savings round-ups feature, which rounds up debit card purchases to the nearest dollar and sends the difference to your savings account. SoFi also lets you create up to 20 vaults, which are subaccounts of your SoFi savings account, so you can organize your goals.

Marcus’ mobile app has a 4.9-star rating on Apple, and also a 4.9-star rating on Google Play. Most customers are pleased with the app overall. Marcus’ app lets you connect external bank accounts to it and use its free tracking tools called Marcus Insights. Marcus Insights is a free service that anyone can use — even if you aren’t a Marcus customer. The app lets you manage your investment portfolios, external and internal deposit accounts and GM credit cards.

How SoFi’s and Marcus’ fees compare

You won’t have to worry about monthly maintenance fees with either SoFi or Marcus. Marcus also doesn’t offer ATM or debit cards, so there aren’t even any ATM fees to worry about. Its online savings account doesn’t have an opening deposit requirement, either. The only requirement you’ll have with Marcus is its low $500 minimum opening deposit when you open a CD.

SoFi does charge a $10 monthly subscription fee for the Plus membership, but that’s completely optional.

What customers say about SoFi and Marcus

SoFi and Marcus both hold a stellar A+ rating on the Better Business Bureau (BBB). Both banks have well over 1,000 customer complaints (with SoFi having over 2,000 at the time of writing), but most are typical banking grievances like trying to resolve fraudulent charges or slow deposit times.

On Reddit, users love the Marcus savings account. Most Redditors use the platform to share referral links to earn that bonus 0.25% APY on their account. Customers praise the high APY and often say there’s no real downside to the Marcus account since it has no monthly fees or deposit requirements.

SoFi’s sentiment on Reddit is usually “I’ve used SoFi for a long time, no complaints.” Most customers are pleased with the high APYs, the easy-to-use app and the early paycheck deposit. Similar to Marcus, Redditors share SoFi referral links to earn bonuses.

Final verdict: Depends on what you need

Comparing savings options, Marcus takes the win. Its no-frills online savings account offers a great APY with no fussy balance requirements or confusing tiers. You can also open as many savings accounts as you like, and earn a 0.25% APY rate boost for three months with a successful referral.

SoFi’s savings only offers its best rate if you can meet its deposit or membership requirements — and if you can’t, your rate drops to 0.80% APY. Marcus’ CDs are also high-yield, and SoFi doesn’t offer any CDs.

In terms of the variety of offerings and cash access, SoFi is better. Unlike Marcus, SoFi has an ATM network, so you can withdraw your cash via 50,000+ Allpoint ATMs nationwide. Marcus doesn’t offer debit or ATM cards or a checking account, so accessing your cash means having to transfer it to another account. SoFi also offers personal loans, tons of refinancing options and an investing platform.

SoFi and Marcus are both digital banks with no physical branches, so if you go with either option, you’ll have to be comfortable managing your accounts online.

SoFi at a glance

SoFi is better if you’re looking for a full-service bank.

Marcus at a glance

Marcus is best if you’re only looking for high-yield savings or CD options.

Alternatives to SoFi and Marcus

Marcus and SoFi are both online banks. If that’s not your cup of tea, here are some alternatives:

• Chase Bank. As one of the Big Four banks, Chase has an expansive branch and ATM network. It offers a large suite of personal and banking accounts, credit cards and lending options.
• PNC Bank. This institution offers a variety of all-in-one checking accounts called Virtual Wallet, similar to SoFi’s hybrid account. With PNC, you can choose from multiple savings accounts and a large branch network nationwide.
• Bank of America. Another one of the Big Four, Bank of America, has branches and ATMs in most US states. It also offers more checking and savings options than SoFi and Marcus.

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