This review was updated January 12th, 2018.
Marcus by Goldman Sachs is a recent entrant to the online savings-account market with its high annual percentage yield (APY) savings account. The bank nailed a few important features, including low fees and an APY that's among the higher rates we know of. That's why it earned a spot as one of our picks of the top savings accounts (read our full list of the best high-yield savings accounts).
| Bank Name | APY | Min. Opening Deposit | Key Features |
|---|---|---|---|
| Marcus by Goldman Sachs Online Savings APPLY NOW | 1.50% | $0 | -$0 monthly maintenance fee-$0 withdrawal limit fee |
What we like about Marcus by Goldman Sachs Online Savings
- High APY -- 1.50% is one of the highest rates we've seen for an online savings account. All account balances earn the same rate and are not tiered like some competitors', which ratchet down the APY as balances increase.
- $0 minimum deposit -- Marcus by Goldman Sachs' online savings account is easily accessible to all savers, regardless of minimum deposit at account opening. There is an ongoing $1 minimum to earn interest.
- $0 monthly maintenance fee -- This account rightly doesn't charge a maintenance fee each month, which we think is a must-have for an online savings account.
- $0 withdrawal limit fee -- Savings accounts are intended as a parking spot for your cash, but this savings account won't penalize you for surpassing the limit of six qualifying monthly withdrawals.
What could be improved for Marcus by Goldman Sachs Online Savings
- Mobile check deposit -- If mobile check deposits are a must-have, this account won't suit your needs. Marcus by Goldman Sachs doesn't offer mobile deposit capabilities or a mobile app.
- No ATM card -- We'd rather the account offered some additional convenience features, including an ATM card to broaden your withdrawal options.
WANT YOUR SAVINGS TO EARN MORE? >> Check out current CD rates
How to fund a Marcus by Goldman Sachs Online Savings account
Customers can deposit funds via electronic transfer from an external account, payroll or Social Security direct deposit, wire transfer, or by mailing a check. Mailed checks, electronic transfers, direct deposits, and incoming wires are free (though you're naturally responsible for the cost of a stamp and an envelope for snail mail). Notably absent are mobile check deposit capabilities, which is an important consideration as you search for your ideal savings account.
How to withdraw your money
You can move funds for free via electronic transfer or request an outgoing wire transfer, which will incur a fee.
Other high-yield online savings accounts to consider
We Fools value what Marcus by Goldman Sachs Online Savings offers, but we recognize that you may have different needs. We suggest visiting our banking center to compare hundreds of high-yield savings accounts, or reviewing some of our other top picks below, especially if cash bonuses and/or mobile capabilities are important.
| Feature | Marcus by Goldman Sachs Online Savings | Discover Savings | CIT Bank Premier High Yield Savings |
|---|---|---|---|
| APY | 1.50% | 1.30% | 1.55% |
| Min. opening deposit | $0 | $0(DEPOSIT REQUIREMENTS MUST BE MET TO USE OFFER CODE) | $100 |
| Bonus | $0 | Up to $200 using code FOOL1217 with qualifying deposit* | $0 |
| Monthly maintenance fee | $0 | No monthly maintenance fees | $0 |
| Withdrawal limit fee | $10 | $15 | $0 |
| ATM card | No | No | No |
| Free ATMs | N/A | N/A | N/A |
| Mobile app | No | Yes | Yes |
| Mobile deposit | No | Yes | Yes |
| Next steps | APPLY NOW | APPLY NOW | APPLY NOW |
| Bank review | -- | Discover Savings full review | CIT Bank Premier Savings full review |
*TO GET YOUR BONUS: APPLY FOR YOUR FIRST DISCOVER ONLINE SAVINGS ACCOUNT BY 2/28/18. ENTER OFFER CODE FOOL1217 WHEN APPLYING. DEPOSIT A TOTAL OF AT LEAST $15,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $150 BONUS OR DEPOSIT A TOTAL OF AT LEAST $25,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $200 BONUS. MAXIMUM BONUS ELIGIBILITY IS $200 PER ACCOUNT.
WHAT TO KNOW: OFFER NOT VALID FOR EXISTING OR PRIOR DISCOVER SAVINGS CUSTOMERS. ACCOUNT MUST BE OPEN WHEN BONUS IS CREDITED. BONUS WILL BE CREDITED TO THE ACCOUNT BY 3/28/18. BONUS IS CONSIDERED INTEREST AND WILL BE REPORTED ON IRS FORM 1099-INT. OFFER MAY BE MODIFIED/WITHDRAWN WITHOUT NOTICE.
Final take
We think Marcus by Goldman Sachs Online Savings deserves a spot on our short list of the best savings accounts, mostly due to its categorically high APY and focus on nixing fees. These two features may be the most important in a savings account, as fees can quickly eat away at interest earnings. A high APY and low fees may be plenty for most bank customers, but do consider other accounts if a bonus or a mobile app and mobile deposit capabilities are on your must-have list.
