Marcus Online Savings Account

Who is the Marcus Online Account best for?

If you don’t mind managing your savings online, the Marcus Online account is worth considering. With its high APY, lack of fees, no opening deposit and 24/7 phone support, there’s little missing.

However, if you frequently need to withdraw funds or deposit cash regularly, consider a money market account, which comes with a debit card for easy access to your funds.

What we like about Marcus’ savings account

Marcus by Goldman Sachs is an online bank, and while that often means no cash deposits, it also means it can offer stronger rates and fewer fees.

Marcus savings account offers a suite of financial tools within the Marcus app to help you keep track of your investments. And you’ll also enjoy the reputation of a major player in the banking space. Many other competing digital banks are from less-proven banks, so there’s some peace of mind in getting behind an established bank like Marcus.

Strong rate

The Marcus Online account offers a very high 3.9% APY, which is nearly 10 times higher than the national average of 0.43%⁽¹⁾. And you start earning this interest the moment you initiate your transfer, unlike other banks that wait until your funds land in the new account.

Plus, you’ll earn an even higher rate when you refer a friend to open a Marcus Savings account. You and your friend will earn an additional 0.25% APY referral bonus for three months as long as they’re a new Marcus customer.

Save more thanks to fewer fees

Many savings accounts with rates this competitive ding you with monthly fees that can slowly eat away at your savings. The Marcus Online Account won’t charge you any monthly maintenance fees, doesn’t require an opening deposit and has no minimum tiered balance requirements.

Unlimited transactions

Most savings accounts have a monthly withdrawal limit of up to six per month, per the Fed’s Regulation D. While that regulation is currently suspended indefinitely, most banks still abide by it — but that’s not a worry with this account. Marcus sets no limit to the number of withdrawals or transfers you can make from your Marcus Online account. You can move money around as often as you want without getting charged excessive transaction fees.

24/7 customer support

Online banks often fall short in the customer support area, but Marcus makes up for its lack of physical branches by offering 24/7 phone support for help with savings accounts and CDs at 1-855-730-7283.

Where it falls short

There isn’t much to harp on this account for. Its only shortcomings are typical with other online savings banks — it doesn’t accept cash deposits and lacks in-person support.

The other drawback is if you were hoping to keep your savings and checking accounts with the same bank. Marcus only offers savings, CDs, investments, loans and credit cards, so you won’t find any checking accounts here.

Compare Marcus Online to other savings accounts

Narrow down top savings accounts by fees, APY, opening deposit and more. For an even closer comparison, tick the Compare box to see up to four accounts side by side.

Customer experience

A well-established bank with over 150 years in business, Marcus is the online banking branch of Goldman Sachs. It’s accredited by the Better Business Bureau (BBB) with the highest rating of A+, which is based on how well a business responds to customers and complaints.

For a bank that’s been in business for over a century, it has very few complaints compared to other online banking options, with about 900 in the last few years. It sounds like a lot, but for reference, the online fintech Chime has nearly 8,000 complaints. On Trustpilot, Marcus earns a mediocre 2.7-star rating — not the worst or the best we’ve seen for an online bank.

Most grievances across review platforms are typical complaints, such as locked accounts, issues involving fraudulent charges and external transfers not going through. The most common complaint we saw had to do with outgoing transfers and accounts being locked, likely being flagged for fraud. So, if you plan on making large transfers out of this account, you may want to contact Marcus beforehand to avoid any potential issues.

Many happy customers report no issues and enjoy the speed of transfers and withdrawals, high APY and easy-to-use app. A lot of customers also report their Marcus savings account is quick to raise rates when everyone else is, which helps it stay competitive.

Marcus Online Savings is not currently available on Finder

Have you considered Uphold?

• $0 monthly fee
• Earn 4.65% APY on balances of $1,000+
• Earn 2% APY on balances lower than $1,000
• Available in 47 states
• Up to $2.5 million FDIC insurance

Learn more

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