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Marcus High Yield Online Savings Account Start saving Marcus, FDIC Insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)4.50%
Minimum Deposit Amount$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy-to-use mobile app
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No required initial deposit or minimum account balance
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can make same-day transfers of up to $100,000 to/from banks
- con icon Two crossed lines that form an 'X'. No digital check deposit
- con icon Two crossed lines that form an 'X'. No physical branch locations
- con icon Two crossed lines that form an 'X'. Maximum balance limit of $1 million
- No fees and no minimum deposit
- Link other bank accounts for incoming and outgoing transfers
- US-based contact center open 7 days a week
- FDIC insured
Marcus Bank (Member FDIC) offers a much better savings account rate than you'll find at a traditional bank. With fewer overhead costs than brick-and-mortar banks, online banks can pass savings on to customers through higher rates and lower fees.
The best online banks (Marcus included) offer low or zero fees and APYs well above the average savings rate.
Marcus Savings Rates
Marcus is an online bank that offers a high-yield savings account through Wall Street titan Goldman Sachs. The Marcus High Yield Online Savings Account pays a competitive 4.50% APY, which is significantly higher than the average savings account interest rate.
There is no monthly service fee or any minimum deposit requirements, and you can earn the rate on any account balance of up to $1 million. Just remember that FDIC insurance only protects up to $250,000 per depositor, per account type.
Marcus Savings Rates Pros and Cons
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How Marcus Savings Rates Compare
Marcus Online Savings vs. Ally Savings
With a 4.35% APY, the Ally Savings Account pays slightly less than the Marcus savings account. But the difference is so small that choosing Ally might only mean earning a few dollars less per year, depending on your account balance.
Interest compounds daily on both accounts, and there are no monthly bank maintenance fees, minimum deposit requirements, or excess transaction fees (some banks charge a per-transaction fee of about $10 if you make more than six withdrawals per month). You can access your funds at either bank via ACH transfer, wire transfer, telephone transfer, and check requests, and customer service is available 24/7.
One notable difference is that Marcus doesn't offer mobile check deposits. With Ally, you can deposit checks using the bank's mobile app and your smartphone's camera or by scanning and uploading your checks through online banking — with a limit of $50,000 per day or $250,000 every 30 calendar days (a generous limit compared to many competitors).
Both banks offer some of the best CD rates, but only Ally offers checking accounts and money market accounts.
Ultimately, you can't go wrong with either bank if earning a competitive APY is your primary concern. However, if you want mobile check deposit or the option to have more account types under one roof, Ally is the clear winner.
Marcus Online Savings vs. Synchrony High-Yield Savings
Marcus and Synchrony offer similar rates and fees. The Synchrony High Yield Savings Account pays a 4.75% APY, which is a little higher than what Marcus pays. Interest compounds daily on both accounts, and neither has monthly service fees, excess transaction fees, or minimum deposits to open an account.
Where the two banks differ is how you manage the account. The Synchrony account comes with an ATM card (a perk not offered by many savings accounts) and robust mobile banking tools, including mobile check deposits. Marcus doesn't offer an ATM card or mobile check deposit, so you have to transfer funds to an external bank account to withdraw cash.
Still, Marcus offers a suite of tools and trackers called Marcus Insights that brings your financial accounts together with personalized insights aimed at helping you make better financial decisions.
You may prefer Marcus if you prioritize tools for tracking your cash flow and spending or want flexible transfer limits. Otherwise, Synchrony comes out ahead with a slightly higher APY and more ways to access your cash.
The bottom line: The best high-yield savings accounts have competitive rates and low fees, and Marcus is no exception: You can earn a 4.50% APY and pay zero fees, allowing you to keep more money in your pocket. There are no opening deposits or minimum balance requirements, so the account is ideal for new savers. At the same time, flexible same-day transfer limits could be a plus if your banking needs involve transferring up to $100,000 at a time to and from other banks.
Still, consider looking elsewhere if you prefer higher returns (some online banks are paying up to 6.17% APY right now), an ATM card, or the convenience of mobile check deposit.
Why You Should Trust Us: How We Reviewed Marcus Online Savings
We rated the Marcus Online Savings Account using Business Insider's bank account methodology, using a scale of 0 to 5 stars. We consider minimum deposits, monthly service fees, interest rates, customer support, mobile apps, and ethics for savings accounts.
Jean Folger Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company. Read more Read less Evelyn He Compliance Associate Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber. Read more Read less Top Offers From Our Partners
Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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