Both SoFi and Marcus by Goldman Sachs are top-tier online high-yield savings accounts — but they serve different types of savers. SoFi offers a higher rate when you set up direct deposit and comes bundled with a full banking suite. Marcus keeps things simple: no fees, no minimums, no checking account required. Here's how they compare on every metric that matters.
Side-by-Side Comparison
Our Verdict
Choose SoFi if you want the highest possible APY, plan to set up direct deposit, and want a full banking experience with checking, savings vaults, and a debit card — all in one app.
Choose Marcus if you want a no-strings-attached 4.50% APY without needing to set up direct deposit, and prefer a simple, dedicated savings account from a Goldman Sachs-backed institution.
SoFi High-Yield Savings — Full Review
SoFi's high-yield savings account earns 4.60% APY when you set up direct deposit of any amount — otherwise the rate drops to 1.20%. The account comes with up to 20 savings vaults to organize money by goal (vacation, emergency fund, down payment), a checking account with a debit card, and up to $300 in sign-up bonuses. SoFi also offers up to $2 million in FDIC insurance through its bank sweep program, which is well above the standard $250K limit.
Marcus High-Yield Savings — Full Review
Marcus by Goldman Sachs is one of the most straightforward high-yield savings accounts available. You earn 4.50% APY with no strings attached — no direct deposit requirement, no minimum balance, no monthly fees. There's no checking account or debit card, which keeps the product simple and focused. Marcus is backed by Goldman Sachs, one of the most well-known financial institutions in the world, and is FDIC-insured up to $250,000.
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Who Should Choose SoFi?
SoFi is the better choice if you want to consolidate your banking into one app. The combination of a high-yield savings account, checking account, debit card, and savings vaults makes SoFi a full banking replacement. The 4.60% APY is the highest of the two — but only if you set up direct deposit. If your employer offers direct deposit, this is easy to set up and the rate difference adds up meaningfully over time.
- You want the highest APY and can set up direct deposit
- You want savings vaults to organize money by goal
- You want a checking account and debit card in the same app
- You want up to $300 in sign-up bonuses
- You want extended FDIC coverage beyond $250K
Who Should Choose Marcus?
Marcus is the better choice if you want a simple, no-conditions savings account with a competitive rate. The 4.50% APY requires nothing — no direct deposit, no minimum balance, no fee to avoid. If you already have a checking account at another bank and just want a dedicated high-yield savings account, Marcus is hard to beat.
- You want a competitive APY with no conditions or requirements
- You already have a checking account elsewhere
- You prefer simplicity over features
- You trust the Goldman Sachs brand
- You don't need savings buckets or goal-tracking features