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.

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Offer APY Key Features Next Steps
Marcus by Goldman Sachs Savings

Goldman Sachs Bank USA
80 -$0 monthly maintenance fee
-High APY
-$0 withdrawal limit fee
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What I like about Marcus by Goldman Sachs Savings

High APY -- 1.80% is one of the highest rates I've seen for an online savings account. All account balances earn the same rate and are not tiered like some competitors', which ratchet down the APY as balances increase.

$0 minimum deposit -- This online savings account is easily accessible to all savers, regardless of minimum deposit at account opening. There is an ongoing $1 minimum to earn interest.

$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.

$0 withdrawal limit fee -- Savings accounts are intended as a parking spot for your cash, but this savings account won't penalize you for surpassing the limit of six qualifying monthly withdrawals.

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, 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.

Final take

I think Marcus by Goldman Sachs deserves a spot on our short list of the best savings accounts, 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.