Marcus by Goldman Sachs Online Savings Review

Marcus by Goldman Sachs is a recent entrant to the online savings account market with its high annual percentage yield (APY) savings account. The bank nailed a few important features, including low fees and an APY that's among the higher rates we know of. That's why it earned a spot as one of our picks of the top savings accounts.

Rates as of Dec. 4, 2018
Offer APY Bonus Best For… Next Steps
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Marcus Savings by Goldman Sachs Goldman Sachs Bank USA Member, FDIC
APY: 2.05% Bonus: Best For: High APY and low fees Apply Now
Secure lock icon

What I like about Marcus by Goldman Sachs Savings

High APY -- 1.95% is a high rate among the best online savings accounts. All account balances earn the same rate and are not tiered like some competitors', which ratchet down the APY as balances increase.

$0 minimum opening deposit -- There is no minimum balance requirement to open an account. Note, you must have at least a $1 balance to earn the stated APY.

$0 monthly maintenance fee -- This account rightly doesn't charge a maintenance fee each month, which I think is a must-have for an online savings account.

What could be improved

Mobile check deposit -- If mobile check deposits are a must-have, this account won't suit your needs. The savings account doesn't offer mobile deposit capabilities or a mobile app.

ATM card -- I'd rather the account offered some additional convenience features, including an ATM card to broaden your withdrawal options.

Funding options

Customers can deposit funds via electronic transfer from an external account (fees may apply from the sending account), payroll or Social Security direct deposit, wire transfer, or by mailing a check. Mailed checks, electronic transfers, direct deposits, and incoming wires are free (though you're naturally responsible for the cost of a stamp and an envelope for snail mail). Notably absent are mobile check deposit capabilities, which is an important consideration as you search for your ideal savings account.

Withdrawal options

You can move funds for free via electronic transfer or request an outgoing wire transfer. It's worth mentioning that six withdrawals or transfers are allowed per monthly statement period.

Online savings account comparison

Rates as of Dec. 4, 2018
Offer Marcus Savings by Goldman Sachs Goldman Sachs Bank USA Member, FDIC
American Express National Bank Member, FDIC
Barclays Online Savings Member, FDIC
Rating
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
APY

APY: 2.05%

APY: 2.00%

APY: 2.05%

Best For…

Best For: High APY and low fees

Best For: High APY and no fees

Best For: High APY and low fees

Min. for APY

Min. for APY: $1

Min. for APY: $1

Min. for APY: $0

Next Steps Apply Now
Secure lock icon
Read Full Review
Apply Now
Secure lock icon
Read Full Review
Apply Now
Secure lock icon
Read Full Review

Final take

Marcus by Goldman Sachs is one of the best online savings accounts among the popular offers we cover, mostly due to its categorically high APY and focus on nixing fees. These two features may be the most important in a savings account, as fees can quickly eat away at interest earnings. A high APY and low fees may be plenty for most bank customers, but do consider other accounts if a bonus or a mobile app and mobile deposit capabilities are on your must-have list.