Goldman Sachs offers a surprisingly good high-yield online savings account with its Marcus Savings Account, currently offering a 3.65% annual percentage yield (APY). It can be a good option for keeping your savings away from your everyday bank to earn a higher rate. We’ll cover what you need to know about this account, but take the time to check rates on the best high-yield savings accounts to make sure you get the best deal.
| Marcus Savings Account Rates | |||
|---|---|---|---|
| Account Name | Balance for Highest APY | APY Range | Monthly Fee |
| High-Yield Online Savings Account | $0 | 3.65% | $01 |
Marcus Savings Accounts: Key Features
| High-Yield Online Savings Account Key Features | |
|---|---|
| APY Range | 3.65%1 |
| Minimum Balance to Earn Highest APY | $0 |
| Minimum Deposit | $0 |
| Withdrawal Limit | None |
| Monthly Service Fee | None2 |
Marcus by Goldman Sachs’s high-yield online savings account is about as good a savings account as you’d hope to see from any bank. Even for an online bank, it has very few limitations and red tape.
There are no fees for anything—even wire transfers, which most banks charge for. (You’re limited to sending wire transfers only to other accounts that you own, however, rather than third-party accounts.) There are no withdrawal limitations either, nor any minimum balances you’ll need to keep. You can even open an account with $0, as long as you deposit something—even just a penny—within the first 60 days. (If you don’t, the bank will close your account.)
The real selling point, however, is the high interest rate. There are no tiers or minimum balance levels to worry about—you’ll earn the same amount of interest on your entire balance, no matter how much you have on deposit.
The rate that Marcus by Goldman Sachs usually pays is typically reserved for the highest-tier balances at other banks, if they even offer rates that high at all (although Marcus doesn’t usually offer the highest rates available). Interest is compounded on your balance every day and paid out on a monthly basis.1 Marcus even offers a referral bonus in which you and a friend can get a three-month 1.00% APY boost to your savings accounts.
Pros and Cons of Marcus’ Savings Account
Pros
- Competitive interest rates
- No minimum balance requirement
- No fees
Cons
- Possibility for higher earnings
- No sister checking account
Pros Explained
- Competitive interest rates: Marcus checking offers competitive interest rates to help your money grow faster.
- No minimum balance requirement: The Marcus Savings account has no minimum deposit requirement, so you can keep a small or large amount of money in your account.
- No fees: Unlike many savings accounts, you will not face a fee for any services, including for wire transfers.
Cons Explained
- Possibility for higher earnings: While the Marcus Savings account does offer fairly high interest rates, you could potentially get higher interest rates by shopping around.
- No sister checking account: Marcus does not offer a checking account to use for daily spending.
About Marcus: Other Savings Options
Goldman Sachs’s primary focus is working with businesses and investors, not personal banking.4 But the bank needs to get its cash from somewhere, and that’s where you come in. It operates its personal banking division, Marcus by Goldman Sachs (named after the bank’s founder, Marcus Goldman), offering savings accounts with ultra-high rates to woo you into storing your cash with the bank.5
Marcus by Goldman Sachs is a bit different from other online banks. It doesn’t offer any checking accounts, so you won’t be able to use it for your everyday banking. It offers a smattering of a few other products, notably its high-yield CDs, investments, and co-branded General Motors credit cards.678
Instead, Marcus by Goldman Sachs is a perfect choice if you’re hoping to park your savings away from your everyday checking account, to help you avoid any temptation to spend the money before you need it for your intended goal. It’s a wise strategy that many people use, and you can benefit from the high interest rate to help propel you even faster toward your savings goals.
Alternatives to Marcus Savings Account
Marcus Savings Account offers fairly high interest rates on its savings account, but it may not be the best option for everyone. Other options to consider include:
- High-yield savings accounts: If you’re willing to open an online savings account elsewhere, you may be able to earn higher rates than what the Marcus Savings Account offers. See the best high-yield savings account rates to compare how much you could earn.
- High-yield checking accounts: You may find relatively high rates with some checking accounts. Be aware of their requirements and limits. The best high-interest checking accounts give you easy access to your money.
- Certificates of deposit (CDs): Marcus offers competitive rates on its CDs. You can also choose from a range of CDs from other financial institutions.
- Money market account: A Money market account can also provide a return on your savings. Check the best money market account rates to see how it compares.
- Treasury securities: These government-backed bills, notes, and bonds sometimes offer even higher rates than CDs and may be more liquid.
In the News
In the News: The Federal Reserve cut interest rates by a quarter of a percentage point at its Sept. 17 meeting. This is the first rate cut since December 2024 and lowers the federal funds rate to a range of 4.00%–4.25%. Committee members are projecting two more quarter-point reductions before the end of the year.91011
Interest rate adjustments can directly impact the rate you receive on your interest checking and savings accounts. It’s wise to see if your bank offers a high-yield savings account. You could also see if it offers one of the best CD rates right now. Combined, these accounts could help you earn the maximum amount of money on the cash you keep at your financial institution.
Frequently Asked Questions (FAQs)
How Do I Open a Savings Account With Marcus by Goldman Sachs?
You can open a high-yield savings account with Marcus directly on its website, or through the Marcus by Goldman Sachs mobile app.12 You’ll need to provide basic information about yourself, such as your name, address, and Social Security number. There is no minimum required deposit to open a savings account with Marcus, but you will need to deposit something within the first 60 days; otherwise, the bank will close the account.13
How Much Money Do You Need for a Marcus by Goldman Sachs Savings Account?
There is no minimum balance requirement to open or maintain a savings account with Marcus by Goldman Sachs. You can even open an account with a $0 balance if you want, although you will need to add at least $0.01 to the account within 60 days for it to remain open.
How Much Money Can You Have in a Marcus by Goldman Sachs Savings Account?
You can keep up to $1,000,000 in a Marcus by Goldman Sachs high-yield online savings account. You’re also limited to keeping a total of $3,000,000 in all of your Marcus by Goldman Sachs deposit accounts, such as in its high-yield CDs and savings accounts.
Although Marcus by Goldman Sachs will let you keep up to $1,000,000 in its online high-yield savings account, it’s best not to go over $250,000. That’s the limit of FDIC insurance, and if the bank fails, that’s the most you’ll be able to get back.
Is Marcus by Goldman Sachs Good for Savings?
Yes, Marcus by Goldman Sachs is an excellent choice for an online high-yield savings account. It features some of the highest rates you can find these days (although it’s usually still possible to find even higher rates), has no fees, and has no balance requirements—all things that make it a customer-friendly option.
