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Rising interest rates make it more expensive to buy a house or finance a car, but they also make it easier to maximize your savings, especially if you have a high-yield savings account.
If you don’t have one, the Marcus by Goldman Sachs® savings account may be a good fit for your needs. It offers a high annual percentage yield (APY) and other features to help you make sense of your finances. Goldman Sachs is one of the most trusted names in banking, giving you the confidence you need to invest in your future.
In this guide, we answer all your burning questions, including:
Marcus is an online savings account, so you don’t have to worry about going to a bank branch every time you need to make a deposit or a withdrawal. It’s also considered a high-yield savings account, which is a type of account that offers better interest rates than standard bank accounts. As of April 3, 2024, Marcus has an APY of 4.40%
Goldman Sachs offers favorable terms, such as no minimum deposit, no withdrawal limit and no monthly fee, to make it as easy as possible to grow your nest egg.
Best of all, Goldman Sachs charges no fees to maintain a Marcus savings account. That’s right — you don’t have to pay a monthly maintenance fee to keep your account open or an inactivity fee if you stop depositing money to your online savings account. There’s also no minimum deposit, so you can start saving right away.
Consult the table below for a quick overview of the interest rate and fees associated with maintaining a Marcus account.
Marcus Savings Account Interest Rate & Fees
| APY | Monthly fee | Minimum deposit |
|---|---|---|
| 4.40% | $0 | $0 |
To find the current savings rate for your location, follow these steps:
Goldman Sachs displays the annual percentage yield right at the top of the page.
In November 2023, the average savings rate for U.S. banks and credit unions was a paltry 0.47%. Because Marcus is a high-yield option, it has an APY of 4.40%, more than eight times the national average. Here’s why that matters.
Assume you deposit $1,000 in a savings account with an APY of 0.50%. To calculate your interest earnings for the first year, divide the APY by 12. Then, divide the result by 100. Take this number and multiply it by $1,000. As you can see, that’s just $0.42 in interest during the first month. Over 12 months, you’d earn just $5 — not much of a return.
Now, assume you deposit the same $1,000 into a Goldman Sachs online savings account with a 4.40% APY. Using the calculation explained above, you’d earn about $3.67 during the first month, and your yearly interest earnings would top out at $44. Sure, it’s not a lot of money, but it’s a lot more than $5.
Note that the APY on the Marcus by Goldman Sachs savings account is variable, which means it changes based on the market rate. Banks and credit unions don’t offer fixed-rate savings accounts.
Now, let’s take a look at how this high-yield option can help you maximize your savings over time. As you can see from the example above, you don’t earn that much interest if you deposit $1,000 once and don’t add to your account regularly.
Imagine that you have $50 per month left over after paying your bills. Feels great, doesn’t it? You could spend it on takeout or buy a new pair of shoes, but why not save it instead? If you deposit $1,000 when you open the account and then add $50 every month, you’ll earn $256 in interest over three years. At the average APY of 0.46%, you’d earn just $26. This data comes from the interest calculator on the Marcus online savings site.
Still not convinced? Imagine that you have an extra $500 per month. If you make an initial deposit of $1,000 and add 500 per month for three years, you’ll earn $1,323. With a 0.46% APY, you’d only earn $135.
This online savings account from Goldman Sachs may be right for you if you’re looking for a high-yield option with extra features to help you reach your long-term savings goals. Unlike some online banks, Marcus by Goldman Sachs has no minimum deposit requirements, making it ideal for consumers who are just starting their financial journeys. Goldman Sachs is also a U.S.-based bank, so every Marcus account is FDIC-insured for up to $250,000 per depositor.
Goldman Sachs may also be a good fit for consumers who have more experience with online savings. The bank can process transfers of up to $100,000 on the same day, both to and from other banks. Additionally, there’s no limit to the number of times you can move money.
Before opening an online savings account with Goldman Sachs, you should know that there are some deposit limits. For example, online savings accounts are limited to a maximum balance of $1 million per account. You may have as much as $3 million across all deposit accounts at Marcus by Goldman Sachs. This includes certificates of deposit (CDs).
So, is it worth it? Generally, yes.
The table below outlines the pros and cons of opening an online savings account with Goldman Sachs.
Learn how to open a savings account with Marcus step-by-step below. Marcus by Goldman Sachs doesn’t require a credit check, but you must link at least one checking or savings account to your Marcus account to enable transfers.
To apply for a Marcus by Goldman Sachs high-yield savings account, follow these steps:
Marcus also offers certificates of deposit, giving you more opportunities to save.
A CD is a special type of savings account. Most CDs have fixed terms, which means you must avoid withdrawing your money for a specific amount of time. If you withdraw earlier than agreed, you may have to pay a penalty to the bank.
CD rates change with the market, so how much you earn depends on when you open the account, how much you deposit and how long you leave money in your account before you withdraw it. Generally, CD rates are higher if you choose longer terms.
Marcus offers the following CDs:
The high-yield CD has the highest savings rate. As of April 2024, Marcus is offering a 5.30% variable APY. You must deposit at least $500 to get this rate. There are no maintenance fees, making it easier to build your savings.
The no-penalty option has a 4.60% variable CD rate. Like the high-yield CD, it has no maintenance or transaction fees. You must deposit at least $500 but there are no early withdrawal penalties, allowing you extra flexibility.
The Marcus rate-bump CD allows you to change rates once during your term. If Marcus changes its APY to 4.80% after you’ve opened a rate-bump CD with a 4.50% APY, you can bump up your rate and earn 4.80%.
For more information on the CDs on offer from Marcus, see the bank’s website.
One of the main drawbacks of this high-yield option is that you can’t go into a branch and talk to a customer service representative. Additionally, Marcus doesn’t have an ATM network, making it somewhat difficult to access your online savings. If you want to access your money, you’ll need to transfer it to a linked bank account, initiate an ACH transfer by telephone or make a wire transfer to someone else’s account.
Another drawback is that Marcus doesn’t offer checking accounts. Therefore, you won’t be able to transfer money from your high-yield savings account to a Marcus checking account. You’ll have to transfer it to an account at a different bank.
You can keep up to $1 million in each deposit account. This includes online savings and certificates of deposit. Marcus also has a total deposit limit of $3 million, which means you can’t have more than $3 million across all deposit accounts.
This online savings option has no minimum deposit requirement, so you can open an account with just a few dollars. Of course, the more you deposit, the more interest you’ll earn over time.
Yes. Interest compounds daily, but the bank credits it to your account monthly.
Yes. You can withdraw money by transferring it to another account by initiating an ACH transfer or making a wire transfer.
Yes. If this online savings option no longer meets your needs, call (855) 730-7283 to close your account.
Leigh Morgan is a seasoned personal finance contributor with over 15 years of experience writing on a diverse range of professional legal and financial topics. She specializes in subjects like navigating the complexities of insurance, savings, zero-based budgeting and emergency fund development.
In the last five years, she’s authored over 300 articles for credit unions, digital banks, and financial professionals. Morgan is also the author of “77 Tips for Preventing Elder Financial Abuse,” a book focused on helping caregivers protect the elderly from financial scams.
In addition to her writing skills, she brings real-world financial acumen thanks to her previous experience managing rental properties as part of a $34 million real estate portfolio.
