Marcus by Goldman Sachs is one of the most trusted high-yield savings accounts available. Backed by Goldman Sachs Bank USA — one of the world's largest financial institutions — Marcus offers a consistently competitive APY with no monthly fees, no minimum balance, and no account opening fees.
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.
The account is straightforward: you deposit money, it earns interest at a rate well above the national average, and you can transfer it back to your checking account whenever you need it. There are no tricks, no teaser rates, and no hidden fees. For most savers, that simplicity is exactly what they want.
Marcus by Goldman Sachs High-Yield Savings
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Rates, Fees & Key Terms
| Feature | Details |
|---|---|
| APY: 3.90%%+ (variable, subject to change) | |
| Monthly Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Balance | $0 |
| FDIC Insurance | Yes — up to $250,000 per depositor |
| Withdrawal Method | ACH transfer to external bank (1–3 business days) |
| ATM/no debit card available (online transfers only) | No |
| Checking Account | No (savings only) |
| CD Options | Yes — Marcus also offers high-yield CDs |
✓ Pros
- Competitive APY consistently above national average
- $0 fees and $0 minimum balance
- Backed by Goldman Sachs — highly trusted institution
- FDIC insured up to $250,000
- No teaser rates — rate applies to full balance from day one
- Easy online account opening
✗ Cons
- No no debit card available (online transfers only) or ATM access
- No checking account — savings only
- ACH transfers take 1–3 business days
- No physical branches
- Rate is variable and can change at any time
Marcus Savings — Open in Minutes
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A high-yield savings account is excellent for emergency funds and short-term goals, but consider alternatives for:
- Money you won't need for 1+ years: A 12-month CD typically offers 0.3–0.5% more APY than a savings account with no additional risk. For money you can lock up, a CD ladder is more efficient.
- Retirement savings: A high-yield savings account is taxable. A Roth IRA or traditional IRA offers tax advantages that compound significantly over decades. Max your tax-advantaged accounts before holding excess cash in a savings account.
- Emergency funds above 6 months of expenses: Once your emergency fund is fully funded, additional cash above that threshold is better deployed in a taxable brokerage account or I-Bonds, which historically outperform savings rates over 5+ year periods.
- You carry high-interest debt: Paying off a 20%+ APR credit card balance is a guaranteed 20% return — far better than any savings account rate. Prioritise high-interest debt elimination before building savings above your emergency fund.
Frequently Asked Questions
Is Marcus by Goldman Sachs FDIC insured?
Does Marcus have a minimum balance requirement?
How does Marcus compare to Ally Bank for savings?
Can you open a Marcus savings account with bad credit?
How do you withdraw money from Marcus?