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Marcus by Goldman Sachs Savings Account review

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A high yield online account that pays a competitive 0.5% 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 0.5% 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.

0.50%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY0.50%
Fee$0
Minimum deposit to open$0
New account fee$0
Minimum balance to earn interest$1
Interest compoundingDaily
Monthly transaction limit6
More Info

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

Ever find yourself wondering, “Is Marcus by Goldman Sachs a good savings account?” The short answer is yes. This high yield savings account has absolutely no fees, a competitive 0.5% 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 for 2020 thanks to its convenient features and attractive interest rate.

But if you need to deposit cash or prefer in-person support, it may not be the right fit for you as the only way to access funds is through electronic and wire transfers. 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:

  1. Go to the provider’s site and follow the steps to apply.
  2. From Marcus by Goldman Sachs’ website, click Savings, then Open an account.
  3. Create your profile and click Continue.
  4. 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 Stand-Alone Account for Savings” in 2016. It was also recognized on the Kiplinger’s Personal Finance list of the Best Deals in Online Banking 2016 for Hassle-Free Savings.

Some benefits of the Marcus savings account include:

  • No minimum opening deposit. Open your Marcus online savings account with any amount.
  • High 0.5% APY. Marcus by Goldman Sachs offers a competitive 0.5% APY, which is considerably higher than its national competitors, offering closer to 0.04% APY.
  • Daily compounded interest. All bank accounts from Marcus by Goldman Sachs accrue interest daily and pay it out monthly.

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 is limited to electronic and wire transfers only.
  • Limited monthly transactions. Most savings accounts are limited to six withdrawals a month. Although Marcus doesn’t charge a fee for excessive transactions, it reserves the right to close your account.
  • 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

profile pic

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:

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
0.50%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
Central Bank of Kansas City Savings
0.40%
$0
$1
The Central Bank of Kansas City Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.4% APY.
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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Compare up to 4 providers

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. Goldman Sachs’ automated service is available by phone 24/7, but if you’d like to speak to a live representative, call 855-730-7283 Monday through Friday, 7 a.m. to 11 p.m., or Saturday and Sunday, 9 a.m. to 7 p.m. ET.
  • 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 during telephone customer service hours.

Frequently asked questions

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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