At 4.40% annual percentage yield (APY), the rate for Marcus by Goldman Sachs’ high-yield savings account is one of the highest available. The bank’s high savings rate could be the driving reason someone would consider opening an account. In the MarketWatch Guides team’s 2024 banking survey, about 55% of respondents said they’d consider switching to an online bank for a better rate.
Key Takeaways
- Marcus by Goldman Sachs offers a 4.40%APY on its online savings account, which is much higher than the national average savings rate of 0.50%.
- This high-yield savings account doesn’t require a minimum deposit or a monthly fee.
- If you refer a friend to open a Marcus savings account, you and your friend can earn more on top of the savings account’s 4.40%APY for three months.
Today’s Top Banking Offers
You could get over 10 times** the average national savings account rate with our featured partners below.
*Annual Percentage Yield
**Accurate as of August 2024, assuming FDIC average savings rate of 0.46% and $2,500 deposit.
Marcus Savings Account Rate
Getting a high rate helps your money better keep up with inflation, as the money you have today will be worth less later as inflation cuts your purchasing power. The 4.40% APY on the Marcus online savings account beats the 3% inflation rate that the U.S. Bureau of Labor Statistics reported between June 2023 and June 2024. To grow your money faster in a savings account, you’ll want one with a high APY.
A savings account interest rate is the percentage you earn on the balance in your account. You’ll usually see the APY listed, which takes into account how often the bank or credit union compounds the interest. Marcus’ savings account compounds interest daily, which grows your funds quicker compared to accounts that compound interest monthly.
| Marcus Bank Account | What Stands Out | APY* | Balance Needed for APY |
|---|---|---|---|
| Marcus Online Savings Account | Same-day transfers of up to $100,000 | 4.40% | $0 |
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How Does Marcus by Goldman Sachs’ Savings Account Rate Compare To Other Banks?
While Marcus by Goldman Sachs offers an attractive savings account rate, several traditional and online banks have similar (or higher) APYs. Here’s how the Marcus savings rate compares to rates from other popular banks:
| Bank | What Stands Out | APY* | Minimum Opening Deposit | Monthly Fee | Sign-Up Bonus |
|---|---|---|---|---|---|
| Marcus by Goldman Sachs | Same-day transfers of up to $100,000 | 4.40% | $0 | $0 | None |
| Ally Bank | Budgeting tools such as savings buckets | 4.20% | $0 | $0 | None |
| American Express | No minimum balance requirement or monthly fee | 4.25% | $0 | $0 | None |
| Capital One | High rate on all balances | 4.25% | $0 | $0 | $300 to $1,500 |
| Discover Bank | 100% U.S.-based customer service | 4.20% | $0 | $0 | $150 or $200 (expires Sept. 12, 2024) |
| Synchrony Bank | High savings rate | 4.50% | $0 | $0 | None |
| TD Bank | Sign-up bonuses | 0.01% – 0.02% | $0 | $5 to $15 | None |
Marcus vs. the Highest Rates
While Marcus’ savings account offers a competitive rate, it’s lower than the best high-yield savings account rates, which tend to be over 5% APY. See how Marcus by Goldman Sachs compares to the best rates in the industry.
| Bank | APY* |
|---|---|
| Marcus by Goldman Sachs | 4.40% |
| First Community Bank | 6.00% |
| Sovereign Bank | 5.40% |
| EagleBank | 5.35% |
| Western Alliance Bank | 5.31% |
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Is Now a Good Time To Open a Marcus Savings Account?
The Marcus savings account rate may not remain as high by the end of 2024. The Federal Reserve predicts one cut to the federal funds rate by the end of the year. The federal funds rate is the interest financial institutions charge one another to borrow money overnight, and reducing it typically leads banks to offer customers lower rates on deposit accounts.
Because savings account rates are variable, meaning they can change at any time, it may be best to open a Marcus high-yield savings account sooner rather than later to maximize your earnings.
How Much Can I Earn With a Marcus Savings Account?
The amount you can earn with a Marcus savings account depends on how much you deposit, how long the funds sit in your account and the rates the bank offers during that time.
For instance, at the current rate of 4.40% APY, a $10,000 deposit would earn about $440 in interest in one year. In comparison, at the national average savings account rate of 0.50%, the same deposit amount would only earn about $45 in interest after one year.
If you plan to deposit a different amount, use our calculator to estimate your earnings.
SAVINGS CALCULATOR
Enter your projected deposit, monthly contributions, term and rate to see how much your savings can grow.
SAVINGS INFORMATION
YOUR TOTAL SAVINGS $17,623
Initial Deposit $10,000
Total Contributions $6,000
Interest Earned $1,623
Who Is a Marcus Savings Account Best For?
A Marcus savings account is best for someone who prioritizes a high rate and is comfortable banking entirely online. The account could also be a great option if you’re looking to avoid monthly maintenance fees and minimum deposit requirements.
A Marcus savings account allows same-day incoming transfers of up to $100,000, so it could also be appealing if you want to move a large amount of money quickly.
If you know someone who’s looking to open a high-yield savings account, you could refer them to Marcus after opening your account so you both receive a promotional rate for three months. You can earn a maximum of five referral bonuses each calendar year, which will be added to your savings account consecutively.
But if you need access to mobile check deposit, ATMs or physical bank branches, you may want to open a savings account elsewhere. Marcus only allows you to deposit checks by mail, and it doesn’t offer an ATM card for its savings account or physical branch locations.
Pros and Cons of a Marcus Savings Account
Here’s a look at the possible benefits and disadvantages of having a Marcus by Goldman Sachs high-yield savings account:
Pros
Competitive APY: The savings account’s high rate makes Marcus a solid contender.
Referral bonus: When you refer a friend who opens a savings account, you both earn an additional 0.25% on your average daily balance across three months.
Highly rated banking app: Marcus’ mobile app earns an average of 4.9 out of 5 stars in the Apple App Store and 4.3 out of 5 stars in the Google Play store, with several users praising the app’s functionality and the bank’s high rates.
Quick, large transfers: Marcus savings accounts allow same-day incoming transfers of up to $100,000.
24/7 customer service: Marcus has customer support representatives available 24/7.
Cons
Inconvenient check deposits: You can’t deposit a check through Marcus’ mobile banking app. Checks must be deposited by mail.
No physical branches or ATM access: There are no Marcus by Goldman Sachs bank branches or ATMs, so you must be comfortable with banking online.
Other Marcus Bank Accounts
Marcus’ only deposit accounts are its high-yield savings account and three types of certificates of deposit (CDs). It doesn’t offer a checking account or a money market account.
Marcus by Goldman Sachs CDs
Marcus offers no-penalty CDs, a rate-bump CD and standard high-yield CDs, all of which require a $500 minimum deposit.
| Marcus CD Term | APY | Minimum Opening Deposit |
|---|---|---|
| 6 months | 4.75% | $500 |
| 7 months (no-penalty CD) | 4.50% | $500 |
| 9 months | 4.80% | $500 |
| 11 months (no-penalty CD) | 4.50% | $500 |
| 1 year | 4.70% | $500 |
| 13 months (no-penalty CD) | 4.50% | $500 |
| 18 months | 4.25% | $500 |
| 20 months (rate-bump CD) | 4.40% | $500 |
| 2 years | 4.00% | $500 |
| 3 years | 4.15% | $500 |
| 4 years | 4.00% | $500 |
| 5 years | 4.00% | $500 |
| 6 years | 3.90% | $500 |
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Standard High-Yield CDs
Marcus offers CD terms from six months to six years. While Marcus’ six-month to one-year CDs tend to have the highest APYs, all of its CDs have competitive rates that are higher than national averages for similar CD terms.
Many Marcus CD rates tend to be higher than other banks’ rates, too. For example, its one-year CD rate is higher than Ally’s, Discover’s and Synchrony’s one-year CD rates.
No-Penalty CDs
The seven-, 11- and 13-month no-penalty CDs have a 4.50% APY. Starting seven days after you fund the account, you can withdraw all of the CD’s earnings and principal without paying an early withdrawal penalty. Partial withdrawals aren’t allowed.
Rate-Bump CD
Marcus’ rate bump CD has a 4.40% APY and is only available for a 20-month term. This CD type allows you to get a one-time rate increase if the bank later offers a higher rate for your term.
FAQ: Marcus Savings Account Rates
The Marcus high-yield online savings account has a 4.40% APY for all account balances.
The main downside of banking with Marcus by Goldman Sachs is the lack of physical branches and ATMs, which limits how you can access your money. The bank’s mobile app doesn’t support mobile check deposits, so checks must be mailed if you choose to transfer funds that way. Also, cash deposits aren’t supported.
Marcus by Goldman Sachs is no longer offering its three-month 1% bonus for referring someone who opens an online savings account. With the bank’s current referral bonus, you and a friend earn an additional 0.25% on your savings account’s average daily balance over a three-month period.
Sources:
- U.S. Bureau of Labor Statistics, Consumer Price Index
- Federal Deposit Insurance Corp., National Rates and Rate Caps
- Marcus by Goldman Sachs, High-Yield Online Savings Account
**Data accurate at time of publication
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
