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Marcus by Goldman Sachs
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Marcus by Goldman Sachs Online Savings Account review

Shannon Terrell
Shannon Terrell
Last updated:  

A high-interest online account that pays a competitive 2% APY with no account fees and can hold up to $1 million.

finder.com’s rating: 4.6 / 5.0

★★★★★

There are more ways than ever to bank, transfer money and save your hard-earned dollars. But with so many available options, how can you know which is right for you?

In addition to the traditional account offered at your local bank, you can now choose an online savings account with typically higher interest rates.

We take a look at one option for online savings from Marcus by Goldman Sachs to help you make a decision.

2.00%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY2.00%
Fee$0
Minimum deposit to open$0
New account fee$0
Minimum balance to earn interest$1
Interest compoundingDaily
Monthly transaction limit6

What are the benefits of an online savings account with Marcus by Goldman Sachs?

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 by Goldman Sachs Online Savings Account that set it apart include:

  • No minimum opening deposit. Open your Marcus by Goldman Sachs Online Savings Account with any amount.
  • No transaction fees. You won’t pay fees with this savings account.
  • High 2% APY. Marcus by Goldman Sachs offers a competitive 2% APY, which is considerably higher than its national competitors, offering closer to 0.04% APY.
  • Daily compounded interest. Marcus by Goldman Sachs calculates interest daily and pays it out monthly.
  • Easy registration. Open an account from anywhere you have access to a secure Internet connection. Simply provide your registration information and create an username and password.

What’s the difference between an interest rate and an APY?

Your interest rate is the simple interest you’re paid on an account or an investment over a year. For example, if you’ve invested $1,000 into an account that comes with 1% interest, you’ll have earned $10 on that investment at the end of a year.

The annual percentage yield is different. An APY is an annual rate of return that takes into account compounding interest over a year. In short, it’s the interest rate compounded monthly over a year — or the total interest you’d yield if the account remained untouched for a year.

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. This account limits your transactions to electronic and wire transfers only.
  • Limited monthly transactions. Exceeding your maximum of six withdrawals or transfers per month could result in the permanent closure of your account.
  • Maximum balances enforced. The maximum amount you’re allowed to carry across your online accounts is $1 million, including interest.
  • No mobile app. You can access your account through a browser, but Goldman Sachs has yet to release an app to streamline the online customer experience.

Case study: Amy’s experience

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 with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
American Express® Personal Savings High Yield Savings
American Express® Personal Savings High Yield Savings
1.90%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
Go to site
View details
Chase Savings
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
Go to site
View details
CIT Bank Savings Builder High Yield Savings Account
CIT Bank Savings Builder High Yield Savings Account
2.20%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Go to site
View details
Betterment Everyday Savings
Betterment Everyday Savings
2.38%
$0
$10
At a 2.38% APY if you join the waitlist for Betterment Everyday Checking or 2.13% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
Go to site
View details
Barclays Online Savings
Barclays Online Savings
2.00%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
Go to site
View details
Synchrony High Yield Savings
Synchrony High Yield Savings
2.00%
$0
$0
Earn one of the highest interest rates without the fees.
Go to site
View details

Compare up to 4 providers

How do I open an account?

  1. Go to the Marcus by Goldman Sachs website and click Open Now.
  2. Choose Savings from the drop-down menu and then choose your opening deposit.
  3. Follow the bank’s instructions and then fund your opening deposit.

GS Bank Savings account opening steps diagram

Eligibility

To be eligible for a savings account with savings account with Goldman Sachs you must:

  • Be a US citizen.
  • Be at least 18 years old.
  • Have a US residential address.
  • Have a Social Security number.

Required information

Be prepared to supply the following information when you sign up:

  • Your Social Security number and date of birth.
  • A valid US physical address.
  • Your contact info including email and phone number.

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.

    Bottom line

    The Marcus by Goldman Sachs Online Savings account offers a competitive 2% APY, no account fees and several convenient options for transferring money between accounts. However, its online-only banking and lack of ATMs make it difficult to withdraw your money.

    If you plan to open a Goldman Sachs account or are already a client, and prefer to do your banking online, this savings account could be a feasible savings option.

    Explore your options with other providers before you apply to get the best account for your financial needs.

    Frequently asked questions

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