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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
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.
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.
Follow these steps to open your Marcus savings account:
To be eligible for a savings account with Goldman Sachs you must meet these requirements:
Be prepared to supply the following information when you sign up:
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:
Goldman Sachs’ online account is ideal for savers, but here’s what you should know before opening one.
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.
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.
Enter your deposit amount into the table to see how much interest you could earn with a Marcus savings account versus the competition:
The Marcus by Goldman Sachs high-yield savings account is an online account, which means your transfer options are limited to the following:
There are three ways you can get in touch with Goldman Sachs customer service:
★★★★★ — 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.