Marcus by Goldman Sachs is an online bank that offers a high-yield savings account. Though you can find higher APYs elsewhere, Marcus does offer competitive rate and other conveniences, including no fees and no minimum deposit to open the account.
Marcus earned a 4.2 out of 5 in Bankrate’s overall rating of the bank, and its savings account scored 5 out of 5 stars.
Marcus savings account rates
Here’s a breakdown of the Marcus savings account.
|Account name||APY||Minimum deposit|
|High-yield savings account||1.00%||No minimum deposit|
Note: Annual percentage yield (APY) shown is as of June 22, 2022, and may vary by region.
How Marcus savings rates compare with top-yielding banks
The high-yield online savings account offered by Marcus is competitive, though some other online banks offer higher savings rates. The Marcus app earns high marks in Apple’s App Store and on Google Play. It allows users to check balances, schedule transfers, make loan payments and more. If you’re weighing savings account options, compare the best savings rates the market has to offer.
Other savings options at Marcus
Marcus also offers standard certificates of deposit that can help you save for your future, with nine terms ranging from six months to six years. CD interest is compounded daily rather than monthly or quarterly.
Savers can also choose from three terms of no-penalty CDs that charge no early withdrawal fees, provided the account has been funded for at least seven days.