Marcus by Goldman Sachs Online Savings Review

Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice, and in 2017 he received the SABEW Best in Business Award.

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The Marcus by Goldman Sachs savings account is one of the first ventures into consumer banking by well-known investment bank and wealth manager Goldman Sachs. While Marcus doesn’t have physical branches and lacks a few features available with some other bank savings accounts, the accounts pay one of the highest yields on the market and have some other advantages savers may be interested in.

Why you can trust me

I’m a Certified Financial Planner® and have extensive experience reviewing personal finance products and making recommendations to clients, friends, and family. One of my areas of specialization is building and maximizing emergency savings, and high-yield savings accounts can be a great tool to use.

What I like

High APY -- Most notably, the Marcus by Goldman Sachs savings account pays a high APY (annual percentage yield). The average brick-and-mortar bank savings account pays just 0.09% APY as of this writing, while the Marcus by Goldman Sachs account has an APY considerably higher. It is high even for an online savings account and is one of the best savings account rates in the market. Interest is compounded daily and is added to accounts in monthly installments.

No minimum balance requirement -- In addition, Marcus by Goldman Sachs doesn’t have a minimum balance requirement, or minimum opening deposit requirement in order to earn the stated interest rate. You can open an account and fund it later -- Marcus states on its website that accounts that aren’t funded within 60 days may be closed.

No monthly maintenance fee -- There’s also no monthly maintenance fee (or any other fees to speak of), which is a common consumer pain point when it comes to traditional bank savings accounts. However, it’s important to note that if you link an external bank account, Marcus has no control over whether that bank charges fees for transfers.

Customer service -- Another big perk is Marcus’ customer service. Marcus has no automated phone systems whatsoever (during business hours) and has U.S.-based customer support. In other words, if you call during the company’s business hours, your call will be answered by a real-live person in the U.S.

FDIC insured -- Finally, Marcus by Goldman Sachs’ savings accounts are covered by the same FDIC insurance as traditional bank savings accounts. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure.

What could be improved

Deposit options are limited -- You can link an external checking or savings account or set up direct deposit. Or, you can mail a check or deposit money via wire transfer. However, mobile deposit is still not an option, so if you want to deposit a check, you’ll either need to mail it or deposit it into an external account first.

No ATM card available -- While electronic transfers to and from the Marcus by Goldman Sachs savings account are free, there’s currently no ATM card available for quick and easy access to your money. Some other high-yield online savings accounts offer ATM access to their customers, so if this is important to you, it might be a smart idea to compare some other savings accounts before making your decision.

No mobile app -- In addition, Marcus by Goldman Sachs doesn’t have a mobile app. There’s reason to believe this could change in the not-too-distant future, which I’ll get to in a bit, but if having strong mobile functionality is important to you, this could be a negative factor.

No physical branches -- Finally, and most obviously, Marcus by Goldman Sachs has no physical branches at all. If you want the ability to conduct transactions in person, Marcus (or any other online savings account, for that matter) may not be for you.

Funding options

Customers can deposit funds via electronic transfer from an external account (fees may apply from the sending account), payroll or Social Security direct deposit, wire transfer, or by mailing a check. Mailed checks, electronic transfers, direct deposits, and incoming wires are free (though you're naturally responsible for the cost of a stamp and an envelope for snail mail). Notably absent are mobile check deposit capabilities, which is an important consideration as you search for your ideal savings account.

Withdrawal options

You can move funds for free via electronic transfer or request an outgoing wire transfer. It's worth mentioning that six withdrawals or transfers are allowed per monthly statement period, although this is a standard rule among any U.S.-based savings account.

The Marcus by Goldman Sachs app

Here’s another downside. Marcus by Goldman Sachs doesn’t yet have a mobile app. It’s worth noting that Marcus acquired personal-finance app Clarity Money within the last year, so I’d be surprised if its personal finance offerings such as the savings account, high-yield CDs, and Marcus’ fast-growing personal loan business didn’t eventually become integrated into it.

For the time being, however, everything with Marcus needs to be done through its website or over the phone.

How to open a Marcus by Goldman Sachs Savings account

Opening a Marcus by Goldman Sachs savings account is rather easy. In fact, it can be done in just a few minutes. Here’s the procedure:

  1. On the Marcus by Goldman Sachs savings account website, click the “open now” button to begin the process.
  2. Enter your information -- be sure to have your Social Security number handy.
  3. Link your account at another bank and transfer funds into your new account.

Online savings account comparison

While Marcus Savings by Goldman Sachs is a good option for many, it's not right for everyone. Here are a couple of other online savings account options from our partners.

Rates as of Nov. 21, 2019
Offer
Marcus Savings by Goldman Sachs
Goldman Sachs Bank USA
Member, FDIC
American Express® Personal Savings
 
Member, FDIC
Barclays Online Savings
 
Member, FDIC
Rating
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
APY

APY: 1.90%

APY: 1.75%

APY: 1.80%

Best For…

Best For: High APY and low fees

Best For: Low fees

Best For: High APY and low fees

Min. to earn APY

Min. to earn APY: $0

Min. to earn APY: $1

Min. to earn APY: $0

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Is this the right savings account for you?

Here’s the million-dollar question. There’s no one-size-fits-all savings account -- it just doesn’t exist.

If you’d like to minimize your fees and maximize the interest you get from your savings account, and don’t really care about being able to go to a branch, depositing checks through a mobile app, or being able to use an ATM to access your funds, the Marcus by Goldman Sachs high-yield savings account could be a smart choice for you.

On the other hand, if you do want some of the features that aren’t offered, it could be a smart idea to look at a few other options. Even if you know that you want an online-based savings account, it’s still a smart idea to look around at your other options. After all, the APYs offered by high-yield savings accounts change frequently and online banks often roll out new features and incentives, so shop around before making your decision, even if Marcus by Goldman Sachs’ savings account sounds like a good choice for you.

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