Marcus by Goldman Sachs, launched in 2016, is the online-only banking arm of investment banking behemoth Goldman Sachs, one of the 10 largest US banks. Marcus by Goldman Sachs offers just one high-yield savings account, but it also has three types of certificate of deposit accounts and no-fee personal loans.
Customers should be aware that Marcus doesn’t accept cash deposits, so you must be willing to handle all transactions digitally.
Marcus by Goldman Sachs savings account rates
There’s no minimum required to open an account. The annual percentage yield, or APY, of 3.00% is available regardless of the size of the account balance.
Marcus by Goldman Sachs: At a glance
|Marcus Online Savings Account||3.00%||$0||$0|
Note: APYs shown are as of Nov. 11, 2022. CNET’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.
How does Marcus’ high-yield savings compare with other high-yielding banks?
The Marcus Online Savings Account earns a respectable 3.00% APY. CNET surveys online banks regularly and you’ll find savings accounts with higher rates that apply to the entire account balance. Rates are variable and can change at any time, so always review the latest savings account APYs available before making a final decision.
Additional savings options at Marcus
- High-Yield CD: CDs offer competitive rates, can be purchased in terms from six months to six years and require a $500 minimum deposit.
- No-Penalty CD: A 13-month No-Penalty CD will provide more flexibility in access while earning a competitive rate.
- Rate Bump CD: This 20-month CD allows customers to switch to a higher rate if one is offered for this product during the term.
The bottom line
The Marcus Online Savings Account offers a respectable rate on balance amounts regardless of size. However, there are better rates offered at competing banks. Savers with less than that amount should look for alternative high-yield savings accounts. Marcus by Goldman Sachs should be paired with your main account as a backup savings option if you want to open multiple savings accounts.