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Marcus by Goldman Sachs Savings Account review
A high yield online account that pays a competitive 1.9% APY with no account fees and can hold up to $1 million.
finder.com’s rating: 4.6 / 5.0
★★★★★
The Marcus by Goldman Sachs Savings account has a competitive 1.9% APY, no monthly fees and no deposit requirements — three of the best features you can find in a savings account. But as with most online banks, the only way to access funds is through electronic and wire transfers, which may be inconvenient depending on your needs.
1.90%
APY
$0
Fee
$0
Minimum deposit to open
Details
| Annual percentage yield (APY) | 1.90% |
|---|---|
| Fee | $0 |
| Minimum deposit to open | $0 |
| New account fee | $0 |
| Minimum balance to earn interest | $0.01 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
Expert review
The Marcus by Goldman Sachs savings account has absolutely no fees, a competitive 1.9% APY that’s among the best in the industry and a low $0 opening deposit.
In fact, this savings account has landed on our Best high yield savings list three years in a row thanks to its convenient features and attractive interest rate.
But if you need to deposit or withdraw cash, it may not be the right fit for you as the only way to access funds is through electronic and wire transfers. Fortunately, Marcus helps ease the transition to a cash-less system by offering same-day transfers of up to $100,000 — significantly faster than other banks that generally take one to two business days to process your transfer requests. That said, if you’re comfortable banking online, this Marcus savings account may be a no-brainer.
How do I open a Marcus by Goldman Sachs Online Savings account?
Follow these steps to open your Marcus savings account:
- Go to the provider’s site and follow the steps to apply.
- Select Savings on the Marcus by Goldman Sachs’ website, then Open an account.
- Create your profile and select Continue.
- Follow the bank’s instructions to finish creating your account funding your opening deposit.
Eligibility
To be eligible for a savings account with Goldman Sachs you must meet these requirements:
- US citizen
- At least 18 years old
- US residential address
- Social Security number
Required information
Be prepared to supply the following information when you sign up:
- Social Security number
- Date of birth
- Valid US physical address
- Contact info including email and phone number
What are the benefits of a Marcus by Goldman Sachs Savings account?
Money magazine named the Marcus by Goldman Sachs Online Savings account the “Best High-Yield Savings Account for Savings” in 2022. Some benefits of the Marcus savings account include:
- No monthly fee. First and formost, it doesn’t cost a thing to open or maintain this account.
- No minimum opening deposit. Open your Marcus online savings account with any amount.
- Competitive 1.9% APY. Marcus by Goldman Sachs offers a competitive 1.9% APY, which is considerably higher than the national average.
- Daily compounded interest. All bank accounts from Marcus by Goldman Sachs accrue interest daily and pay it out monthly.
- 24/7 customer service. Live chat with customer support day or night by logging into your account and clicking Chat with us on its website.
- Same day transfers. While most banks generally take one to two business days to process bank-to-bank transfers, Marcus by Goldman Sachs savings account gives you quick access to your money. It will process transfers of up to $100,000 made by 12 p.m. ET on a business day and clear it by 5 p.m. ET that same business day.
- Account insights. Your Marcus app includes tools to show you details about your money, including how much interest you’ve earned this year and lets you track your recent transactions and transfers.
What should I look out for?
Goldman Sachs’ online account is ideal for savers, but here’s what you should know before opening one.
- No ATM or bank branch access. As with most online accounts, this one doesn’t ocme with a debit card, ATM card or access to a local branch. That means your deposit and funding options are limited to electronic and wire transfers only.
- Maximum balances enforced. The maximum amount you’re allowed to carry across your online accounts is $1 million, including interest.
If you’re looking for an account with branches and more ATM options, you’ll want to keep looking. As always, explore your options when choosing a savings account.
Case study: Amy’s experience – April 2019
Amy Stoltenberg
Staff Writer
The Marcus account makes cash feel out of reach, and I like it that way. To me, it’s the perfect blend of a high APY and no hidden fees. The monthly interest accrual means near-immediate gratification, and the online dashboard is user-friendly and nice to look at.
The only reason I’d switch accounts is if I found a bank offering a significantly higher APY. The more money I can earn while doing absolutely nothing, the better.
Compare Marcus Online Savings to other accounts
Enter your deposit amount into the table to see how much interest you could earn with a Marcus savings account versus the competition:
How do I deposit or withdraw money?
The Marcus by Goldman Sachs high-yield savings account is an online account, which means your transfer options are limited to the following:
- Online deposit. Transfer the money in your savings account to an external account online or by phone.
- Direct deposit. Arrange for your payroll to be deposited directly into your savings account by giving your employer the Goldman Sachs routing number, 1240-8526-0.
- Wire transfer. Set up a wire transfer by phone to any account held with another US financial institution.
- Mail a check. Deposit funds into your savings account by mailing a check to Goldman Sachs Bank USA, PO Box 4571, Carol Stream, IL 60197-4571
How can I get in touch with customer service?
There are three ways you can get in touch with Goldman Sachs customer service:
- Phone. Call 855-730-7283 to speak to a Goldman Sachs representative 24/7.
- Mail. Mail a letter to Goldman Sachs Bank USA, PO Box 1978, Cranberry Twp., PA 16066.
- Live chat. Log in to your Marcus account to access the live chat feature any time.
Frequently asked questions
How can I access my account?
Access your account online through Marcus by Goldman Sachs’ online banking platform. Or call toll-free at 855-730-7283 to select between an automated service or a live representative.
What can I do with the Marcus by Goldman Sachs Online Savings Account?
With your Marcus by Goldman Sachs account, you can get more interest on your savings than you would with a traditional bank account. Go online to check your balance, track account activity and transfer money online via electronic money transfer.
How do I register for a new account?
You can register for this online account in two ways. You’re given the option to register automatically when you first open a Goldman Sachs account. Or register online by providing your current account number, Social Security number, date of birth and security info.
What other savings products does Marcus by Goldman Sachs offer?
In addition to its online savings account, Marcus by Goldman Sachs offers CDs with flexible terms from six months to six years. Rates range from 0.60% APY on a six-month term to 3.15% APY on a six-year term.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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