SoFi vs. Marcus by Goldman Sachs: Which Bank Is Right for You?

We've seen some excellent online banks emerge in recent years, and two of our favorites are SoFi (short for Social Finance) and Marcus by Goldman Sachs. Both have excellent products, but they are very different banks. With that in mind, here's a rundown of what these two online banks offer, how their rates and terms stack up, and more.

One big difference between the two is that SoFi is much more of an all-in-one financial institution. In addition to deposit accounts, SoFi offers investment accounts, retirement accounts, personal loans, mortgages, credit cards, and more.

But when it comes to deposit accounts, both SoFi Bank and Marcus by Goldman Sachs have some excellent products. Here's a rundown of what these two financial institutions offer.

Savings accounts

Marcus by Goldman Sachs and SoFi offer high-yield savings accounts. SoFi's savings account, the SoFi Checking and Savings (which must be opened as a combination product with its checking account), is designed to reward customers who are willing to set up direct deposits from their paychecks. One particularly unique feature is the ability to create savings "Vaults," which allow account holders to set some of their savings aside into a sort of savings account within a savings account to help save for a specific goal.

Marcus by Goldman Sachs offers an online savings account that is similar to SoFi's in the sense that it doesn't have maintenance fees or minimum balance requirements, but there are a couple of key differences. First, the Marcus by Goldman Sachs Online Savings Account is a standalone account. Second, it pays the same APY to everyone, regardless of participation in direct deposit.

Checking accounts

Marcus by Goldman Sachs doesn't currently offer checking accounts. On the other hand, SoFi offers an excellent online checking account that is one of the best on our radar. Not only does it pay a competitive interest rate (for a checking account), but it has ATM access at tens of thousands of locations nationwide, as well as excellent overdraft protection and access to direct deposits up to two days early.

It's worth noting that SoFi's checking account is only offered as a combination product with its savings account. You can't open one without the other -- but if all you want is a checking account, you could simply leave a small amount of money in the savings account.

CDs

If you're looking to open a certificate of deposit, Marcus by Goldman Sachs CDs are the clear winner. Currently, SoFi doesn't offer CDs at all, while Marcus by Goldman Sachs not only offers CDs but has a variety of CD terms with APYs that are among the best CDs on our radar.

Plus, Marcus by Goldman Sachs has some unique CD products, particularly its No-Penalty CDs that come in 7-, 11-, and 13-month terms and have competitive APYs and don't charge a penalty for early withdrawals like most CDs do.

Both banks offer highly competitive APYs on their deposit accounts. With savings accounts, SoFi offers a slightly higher APY as of February 2024, but it requires direct deposit to get the top rate, while the Marcus by Goldman Sachs online savings account has the same APY for all savings account holders.

Unlike Marcus by Goldman Sachs, SoFi offers an interest-bearing checking account. While its APY isn't competitive with other online savings accounts, it is strong in the context of checking accounts.

Marcus by Goldman Sachs is the only bank of these two that offers CDs, and while these have a $500 minimum deposit, the rates they pay are highly competitive with the rest of our top CD list.

One of the key differentiating factors about Marcus by Goldman Sachs (and it's been this way since it was formed) is that it has live, U.S.-based customer support available 24 hours a day, seven days per week. It ranked second in overall satisfaction in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study, and has an A+ rating with the Better Business Bureau.

SoFi has strong customer service as well, with phone support available from 5 a.m. to 7 p.m. PT Monday-Thursday and ending two hours earlier Friday-Sunday. SoFi also has an excellent chat support system, and provides help through X (formerly Twitter).

SoFi has one of the best banking apps, especially considering how many different banking products and services you can manage through it. Deposit accounts, loans, investments, and more are seamlessly integrated. Seemingly complex things like buying your first stock are easy.

While Marcus by Goldman Sachs doesn't offer nearly as much variety of products and services as SoFi does, it still has an excellent app. In addition to managing savings and CD accounts, Marcus by Goldman Sachs's app also has an automated investment platform (robo-advisor), as well as a way to manage certain credit cards that are issued by Goldman Sachs.

The best fit for you depends on what you're looking for, but these are two highly competitive online banks. If you're looking for an all-in-one banking solution to replace your branch-based bank, SoFi could be exactly what you need.

On the other hand, if you simply want some excellent high-yield deposit products to maximize the yield on your savings with few requirements, Marcus by Goldman Sachs could be the better fit.

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Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

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