Marcus by Goldman Sachs® Online Savings

4.5 out of 5

Powered by: Goldman Sachs Bank USA

At A Glance

Marcus by Goldman Sachs is a heavy hitter when it comes to investment banking, as it’s one of Wall Street’s most prominent names. But you don’t have to be the wolf of Wall Street to benefit from its high-yield savings account. It offers a handful of financial benefits to the average person who is looking to save and put their money to good use.

Pros & Cons


  • 0.60% APY
  • $0 minimum balance requirement
  • No minimum deposit to open an account
  • No transaction fees


  • No goal-setting feature
  • An external account is the easiest way to move money into and out of Marcus

Marcus by Goldman Sachs® Online Savings Highlights

Minimum balance

No minimum balance requirement

Minimum deposit

No initial deposit requirement

Ongoing APR

0.60% APR

Account fees

No account fees

Online and mobile banking

Online and mobile banking available

FDIC insurance
Member FDIC
Customer support

Phone, email, and 24/7 live chat

No promotion available

Marcus by Goldman Sachs® Online Savings Review

Expert's Take
Brooke Hayes - Spade Business Team
Brooke Hayes
December 2, 2020

Goldman Sachs began as a leading global investment banking. In 2016, its offerings grew into consumer banking with Marcus by Goldman Sachs. Its high-yield savings account pays one of the highest yields on the market and offers consumers a line-up of impressive benefits. Keep in mind that Marcus by Goldman Sachs is an online bank, so savers can only access funds by the web, mobile app, or over the phone.

Here are more details about the bank’s savings account and experience.

Where Marcus by Goldman Sachs Online Savings Account Shines

High APY: Marcus by Goldman Sachs offers 0.60% APY with only a $1 minimum to start earning 0.60% APY on its high-yield Online Savings Account. They’ve had a long history of maintaining an APY that’s competitive. Of course, these rates are subject to change, so make sure to check their website to ensure accuracy.

No minimum balance requirement: On top of its highly-competitive APY, Marcus by Goldman Sachs provides savers flexibility by not having a minimum balance requirement or minimum deposit requirement to open and maintain an account.

No monthly maintenance fee: While their high yield savings account is an impressive feature, the Marcus account has even more excellent features, including no fees. You won’t pay monthly maintenance fees, transfer fees, or any other fee to use this account.

FDIC insured: All Marcus accounts are provided by Goldman Sachs Bank USA, who is an FDIC member, which means that funds deposited in Marcus savings products are insured up to the maximum allowed by law.

Highly-rated mobile app: Marcus also offers a highly-rated mobile app for iOS and Android users to transfer funds, schedule payments, open new accounts, and more.

Where Marcus by Goldman Sachs Online Savings Falls Short

Limited deposit options: The account doesn’t come with ATM access, and Goldman Sachs doesn’t offer a checking account, which means deposit options are limited.

Lacks ATM card access: Marcus by Goldman Sachs doesn’t issue its online saving account-holders an ATM Card, so if that’s important to you, consider looking at other options.

How To Access Your Money

Marcus by Goldman Sachs Online doesn’t have any brick-and-mortar branch locations. However, they make it easy for you to fund your account and withdraw money.

Deposit options

Customers can deposit funds in the following ways:

  • Transfer funds between your Marcus savings account and a linked external bank account
  • Make a direct deposit
  • Send a domestic wire transfer from another bank
  • Send a check

Unfortunately, Marcus by Goldman Sachs Online Savings account lacks mobile check deposit capabilities at this time.

Withdrawal options

You can withdraw money from your Marcus by Goldman Sachs Online Savings account in any of the following ways:

  • ACH Transfer Initiated by us with a Linked External Account
  • ACH Transfer Initiated by an External Bank or Through a Third Party
  • Wire Transfer
  • Request a Check

Like all savings accounts, a maximum of six withdrawals or transfers is permitted per month. This is a standard law.

Is Marcus by Goldman Sachs Online Savings Right For You?

The online Marcus account by Goldman Sachs is a high-yield savings account that benefits more than professional investors. It’s now a savings account that will help everyday people make the most of their money and meet their financial goals. Because of its high yield and low fees, Marcus by Goldman Sachs is worth considering.


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