Marcus by Goldman Sachs Online Savings Review: Big on Interest and Cutting Fees

The Marcus by Goldman Sachs Online Savings Account draws in customers with its lack of fees and high APY. But for some, the inability to deposit checks remotely could be a dealbreaker. Read on for complete details about what this savings account has to offer.

If you're interested in this savings account, there are a few things you should pay attention to. We've highlighted them below.

Top perks

Competitive APY: The 4.15% annual percentage yield (APY) is much higher than you'll find at most brick-and-mortar banks and even some online banks. That places it among the best savings account rates we've seen.

No minimum balance requirement: Marcus by Goldman Sachs Online Savings Account doesn't have a minimum balance or minimum opening deposit requirement in order to earn the stated interest rate. You can open an account and fund it at any time within the first 60 days. However, if you wait longer than that, the bank may close your account.

No monthly maintenance fee: There's also no monthly maintenance fee (or any other fees ), which is a common consumer pain point when it comes to traditional bank savings accounts. However, if you link an external bank account, Marcus has no control over whether that bank charges fees for transfers.

Customer service: Marcus doesn't use an automated phone system during business hours and has U.S.-based customer support. In other words, if you call during the company's business hours, your call will be answered by a real, live person in the U.S.

FDIC insured: Marcus by Goldman Sachs Online Savings Account funds are covered by the same FDIC insurance as traditional savings accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.

What could be improved

Deposit options: Mobile deposit is not an option with the Marcus by Goldman Sachs Online Savings Account. If you want to deposit a check, you'll need to either mail it or deposit it into an external account first.

ATM card access: While electronic transfers to and from the Marcus by Goldman Sachs Online Savings Account are free, there's currently no ATM card available for quick-and-easy access to your money. Some other high-yield online savings accounts offer ATM access, so if this is important to you, it might be a smart idea to compare some other savings accounts before making your decision.

The Marcus by Goldman Sachs Online Savings Account gives you the following ways to fund your account and withdraw money as needed.

Deposit options

You can deposit funds in any of these ways:

• Electronic funds transfer
• Direct deposit
• Wire transfer
• Mailed check

Mailed checks, electronic transfers, direct deposits, and incoming wires are free, though you're naturally responsible for the cost of a stamp and 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 out of your Marcus by Goldman Sachs Online Savings Account in either of these ways:

• Electronic transfer
• Wire transfer

The Marcus Savings by Goldman Sachs Online Savings Account is a good option for many. But if some of its missing features give you pause, you may want to consider some other choices.

If you'd like to minimize your fees while maximizing your interest, the Marcus by Goldman Sachs Online Savings Account could be a smart choice. But that might not be the case if you care about being able to visit a branch, deposit checks through a mobile app, or use an ATM to withdraw cash.

If those features are important to you, look at a few other options. In fact, it's always a smart idea to shop around. After all, the APYs offered by high-yield savings accounts change frequently and online banks often roll out new features and incentives.