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WiseIQ Editorial Team
Reviewed by certified financial experts  ·  Updated April 2026
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SoFi and Marcus both offer 4.50% APY on savings — but the similarities end there. SoFi's high rate requires a qualifying direct deposit and comes with a full banking suite including checking, early paycheck access, and up to $2 million in FDIC coverage. Marcus offers the same rate with no strings attached, but it's a savings-only product with no checking account.

WiseIQ Expert Tip

High-yield savings accounts at online banks currently pay 10–15x more than the national average. Moving $10,000 from a traditional bank to a HYSA can earn you an extra $400–$500 per year.

WiseIQ Verdict

Winner: SoFi for full banking; Marcus for simple savings with no conditions

If you're willing to set up direct deposit, SoFi is the better overall bank — more features, higher FDIC coverage, and the same APY. If you want a standalone savings account with no requirements, Marcus is the simpler, cleaner choice.

Rates verified May 2026 · Updated weekly
FeatureSoFi logoSoFiMarcus by Goldman Sachs
Savings APY4.50% (with direct deposit); 1.20% without4.50% (no conditions)
Monthly Fee$0$0
Minimum Balance$0$0
FDIC CoverageUp to $2,000,000$250,000
Checking AccountYes (0.50% APY)No
Early Direct DepositUp to 2 days earlyN/A
CDsYesYes (4.50%–5.15%)
Mobile App Rating (iOS)4.8/54.5/5
Customer Service24/7 chat + phoneBusiness hours phone
ZelleYesNo

Related Articles & Guides

SoFi Savings — 4.50% APY + Full Banking

4.50% APY with direct deposit · Up to $2M FDIC · Checking account · Early paycheck · $0 fees

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Marcus by Goldman Sachs — 4.50% APY, No Conditions

4.50% APY with no direct deposit requirement · $0 fees · $0 minimum · FDIC insured

Open Account →
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WiseIQ Editorial Team
Reviewed by Certified Financial Planners & Industry Experts

Our editorial team consists of financial writers, CFPs, and former banking professionals dedicated to providing accurate, unbiased financial guidance. All content is fact-checked and updated regularly. Learn about our editorial standards →

Frequently Asked Questions

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Is SoFi or Marcus better for savings?

SoFi offers 4.50% APY (with direct deposit) and up to $2 million in FDIC coverage, plus a checking account and early direct deposit. Marcus offers 4.50% APY with no direct deposit requirement. If you want the full banking experience, SoFi wins. If you just want a simple savings account with no conditions, Marcus wins.

Does SoFi require direct deposit for the high APY?

Yes. SoFi's 4.50% APY requires a qualifying direct deposit. Without direct deposit, the rate drops to 1.20% APY. Marcus offers 4.50% APY with no direct deposit requirement.

How much FDIC coverage does SoFi offer?

SoFi offers up to $2 million in FDIC coverage through its network of partner banks via the SoFi Insured Deposit Program. Marcus offers standard FDIC coverage of $250,000 per depositor.

Does Marcus or SoFi have a checking account?

SoFi offers both checking and savings accounts. Marcus only offers savings accounts and CDs — no checking account.

Which is better for large balances — SoFi or Marcus?

For large balances over $250,000, SoFi is significantly better due to its $2 million FDIC coverage. For balances under $250,000, both offer the same APY (4.50% with qualifying conditions) and both are FDIC insured.

Sources & Methodology

WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.

Last reviewed: April 3, 2026  |  How we rank products