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

Kailey is an industry specialist covering bank accounts, credit cards, and all things personal finance. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money.

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The Marcus by Goldman Sachs Online Savings account is one of the first ventures into consumer banking by well-known investment bank and wealth manager Goldman Sachs. While Marcus doesn't have physical branches and lacks a few features available from some other bank savings accounts, the account pays one of the highest yields on the market and has some other advantages savers may be interested in.

Top perks of the Marcus by Goldman Sachs Online Savings account

High APY: Most notably, the Marcus by Goldman Sachs Online Savings account pays a high APY (annual percentage yield). The average brick-and-mortar bank savings account pays just 0.09% APY as of this writing, while the Marcus by Goldman Sachs account has an APY considerably higher. It is high even for an online savings account and among the best savings account rates in the market.

No minimum balance requirement: In addition, Marcus by Goldman Sachs doesn't have a minimum balance requirement or minimum opening deposit requirement in order to earn the stated interest rate. You can open an account and fund it later. However, Marcus states on its website that accounts that aren't funded within 60 days may be closed.

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

Customer service: Another big perk is Marcus' customer service. Marcus doesn’t rely on 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: Finally, Marcus by Goldman Sachs' savings accounts are covered by the same FDIC insurance as traditional bank 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 are limited: You can link an external checking or savings account or set up direct deposit. Or you can mail a check or deposit money via wire transfer. However, mobile deposit is not an option, so 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 to their customers, so if this is important to you, it might be a smart idea to compare some other savings accounts before making your decision.

Mobile app is available only for Apple devices: Marcus by Goldman Sachs doesn't have a mobile app for Android devices yet. But it plans to release one in the spring of 2020, so this shouldn’t be a problem for too much longer.

How to access your money

The Marcus by Goldman Sachs Online Savings account gives you several options for funding your account and withdrawing money as needed.

Deposit options

Customers 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 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 out of your Marcus by Goldman Sachs Online Savings account in either of these ways:

  • Electronic transfer
  • Wire transfer

It's worth mentioning that six withdrawals or transfers are allowed per monthly statement period, although this is a standard rule among any U.S.-based savings account.

Online savings account comparison

While the Marcus Savings by Goldman Sachs Online Savings account is a good option for many, it's not right for everyone. Here are a couple of other online savings account options from our partners.

Rates as of May 21, 2020
Offer
Marcus by Goldman Sachs Online Savings Account
Goldman Sachs Bank USA
Member, FDIC
CIT Bank Savings Builder
 
Member, FDIC
American Express® Personal Savings
 
Member, FDIC
Rating
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
APY

APY: 1.30%

APY: 1.30%

APY: 1.30%

Best For

Best For: High APY and no fees

Best For: High APY and low fees

Best For: Low fees

Min. to earn APY

Min. to earn APY: $1

Min. to earn APY: $25k or $100 monthly deposit for highest tier

Min. to earn APY: $1

Next Steps

The Marcus by Goldman Sachs Online Savings account is right for you if:

If you’d like to minimize your fees and maximize the interest you get from your savings account, and don’t really care about being able to go to a branch, depositing checks through a mobile app, or being able to use an ATM to access your funds, the Marcus by Goldman Sachs high-yield savings account could be a smart choice for you.

On the other hand, if you do want some of the features that aren’t offered, it could be a smart idea to look at a few other options. Even if you know that you want an online bank account, it’s still a smart idea to look around at your other options. After all, the APYs offered by high-yield savings accounts change frequently and online banks often roll out new features and incentives, so shop around before making your decision, even if the Marcus by Goldman Sachs Online Savings account sounds like a good choice for you.

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