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Marcus by Goldman Sachs Savings Rates for June 2024

This online savings account offers competitive rates and 24/7 live customer service.

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Marcus by Goldman Sachs is the online banking arm of investment giant Goldman Sachs, one of the 15 largest US banks. Marcus offers competitive savings rates on savings and certificate of deposit accounts, along with investment accounts, personal loans and credit cards

Marcus doesn’t offer checking or money market accounts, so as a savings account option, it’s best if your savings strategy includes having multiple accounts at separate banks. Customers should also be aware that Marcus doesn’t accept cash deposits, so you must be willing to handle all transactions digitally.

Marcus by Goldman Sachs: At a glance

AccountAPYMinimum depositFees
Marcus Online Savings Account4.50%$0$0
Note: APYs shown are as of Jan. 8, 2024. CNET’s editorial team updates this information regularly. APYs may have changed since they were last updated and may vary by region for some products.

Marcus by Goldman Sachs savings account rates

Marcus’ savings rate isn’t the highest around, but it’s still competitive compared with the national average and rates other banks are offering. Plus, there’s no minimum required to open a Marcus Online Savings account, and there’s no monthly maintenance fee or minimum balance required. What’s more, the annual percentage yield applies to your entire balance.

One drawback is that this account doesn’t support mobile check or cash deposits. You can deposit money only via external bank transfers, US mail, direct deposit or domestic wire transfers. However, while there are a limited number of ways to access your cash through a Marcus savings account, there aren’t any limitations on the number of monthly transactions allowed.

How does Marcus’ high-yield savings compare with other high-yielding banks?

Marcus’ online savings account earns a competitive rate, but there are other options worth considering.

BankAPYMinimum deposit
Newtek Bank5.25%$0
Synchrony 4.75%$0
SoFiUp to 4.60%$0
Rates as of Jan. 8, 2024. CNET surveys online banks regularly. However, 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

In addition to Marcus’ online savings account, the bank offers several certificate of deposit options. All require a $500 minimum deposit.

  • High-yield CD: CDs with competitive rates are available in terms from six months to six years.
  • No-penalty CD: Marcus offers three no-penalty CDs in seven-, 11- and 13-month terms. The seven- and 11-month terms offer low APYs, but the 13-month CD offers a competitive rate. You might consider a no-penalty CD if you’re worried you’ll need access to your money before your CD term ends.
  • Rate bump CD: This 20-month CD lets you switch to a higher rate once if Marcus raises rates during your term.

How to open a savings account at Marcus

Opening a savings account through Marcus by Goldman Sachs’ website is straightforward and can be done in a few minutes. You can open as many savings accounts as you like. However, you’re limited to opening five at a time.

  1. Visit the Marcus by Goldman Sachs website or download the mobile app. 
  2. Enter your personal contact information.
  3. Verify your identity by providing your date of birth and Social Security number. If you’re opening a joint account, repeat this process for the second applicant.
  4. Fund the account by linking an external account and transferring money, setting up a direct deposit transfer or mailing a check through the US mail.
  5. Follow the instructions provided by the bank to set up your mobile banking account.

What to consider before opening a Marcus savings account

Whether a Marcus by Goldman Sachs savings account is the best savings account for you depends on your financial needs and goals. Consider the following factors before making a decision:

Interest rate and APY

The interest rate tells you how much the bank will pay you for depositing your money with it, and the APY indicates the amount of interest you’ll earn on your balance over the course of a year if the interest is compounded. The higher the rate, the more you’ll earn. A Marcus savings account offers a competitive high-yield APY. However, you can find savings accounts that pay up to 5% or more.


Fees work against your savings goals and should be avoided whenever possible. Marcus doesn’t charge a monthly maintenance fee or impose fees for withdrawal monthly limits on its high-yield account. It also doesn’t charge a fee if you fail to maintain a minimum balance in your account.

FDIC coverage

Marcus by Goldman Sachs is a federally insured bank. Your savings account balance with this bank is protected for up to $250,000 per person by the Federal Deposit Insurance Corporation. Most experts suggest limiting your savings account balance to no more than the coverage maximums so the entire balance is protected if your bank files for bankruptcy.

Account accessibility

Marcus by Goldman Sachs is an online-only bank and doesn’t offer physical branches. However, you have 24/7 access to your account through the online banking site or mobile app. Unfortunately, the mobile app doesn’t support mobile check deposits.

Marcus also doesn’t accept cash deposits or provide ATM cards, so you’ll need to be comfortable banking in a completely digital environment. An externally linked bank is required to access your cash, while deposits can be made through wire transfers, transfers from connected banks, direct deposit or by mailing a check via US mail.

Minimum account opening balance

There are no minimum deposit requirements to open a Marcus savings account, making this account accessible to all savers, including those just beginning their savings journey.

Additional perks

Marcus offers several products and services you may not find at all banks. It provides same-day transfers on amounts up to $100,000. And the mobile app has tools and trackers that can assist with money management decisions and reaching your savings goals.

The bottom line

The Marcus Online Savings Account offers a respectable rate on any balance. However, you can find better rates at competing banks. The account is a good secondary account to pair with your main bank or credit union if you want to open multiple savings accounts. If you have questions before opening an account, Marcus by Goldman Sachs offers 24/7 customer service assistance by calling 855-730-7283.


No. Marcus only accepts deposits through externally linked accounts, direct deposits, domestic wire transfers or checks submitted through the US mail.

Yes. Download the mobile app from either the Google Play Store or the Apple App Store and begin the application process from the app.

Yes, there is no limit on the number of savings accounts one person can open. However, you are limited to opening five accounts at one time.

Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
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