Marcus savings account interest rate
Marcus is an online savings account, so you don’t have to worry about going to a bank branch every time you need to make a deposit or a withdrawal. It’s also considered a high-yield savings account, which is a type of account that offers better interest rates than standard bank accounts. As of October 2024, Marcus has an APY of 4.25%
Goldman Sachs offers favorable terms, such as no minimum deposit, no withdrawal limit and no monthly fee, to make it as easy as possible to grow your nest egg.
Best of all, Goldman Sachs charges no fees to maintain a Marcus savings account. That’s right—you don’t have to pay a monthly maintenance fee to keep your account open or an inactivity fee if you stop depositing money to your online savings account. There’s also no minimum deposit, so you can start saving right away.
Consult the table below for a quick overview of the interest rate and fees associated with maintaining a Marcus account.
Marcus Savings Account Interest Rate & Fees*
| APY |
Monthly fee |
Minimum deposit |
| 4.25% |
$0 |
$0 |
*Figures are correct as of October 2024.
How to find the Marcus by Goldman Sachs savings account interest rate
To find the current savings rate for your location, follow these steps:
- Visit the Marcus homepage.
- Click “Savings” in the menu bar at the top of the page.
- Choose “High-Yield Savings.”
Goldman Sachs displays the annual percentage yield right at the top of the page.
How the Marcus by Goldman Sachs savings account interest rate compares
The average savings rate for U.S. banks and credit unions is 0.46%. With an APY of 4.25%, the Marcus interest rate is more than nine times the national average. Here’s why that matters.
Assume you deposit $1,000 in a savings account with an APY of 0.46%. After one year, you’d earn approximately $4.61—not much of a return.
Now, assume you deposit the same $1,000 into a Marcus online savings account with a 4.25% APY. Your yearly interest earnings would top out at $43. Sure, it’s not a lot of money, but it’s a lot more than $4.61.
Note that the APY on the Marcus by Goldman Sachs savings account is variable, which means it changes based on the market rate. Banks and credit unions don’t offer fixed-rate savings accounts.
Other banks offering high-yield savings accounts
Maximizing your savings
Now, let’s take a look at how this high-yield option can help you maximize your savings over time. As you can see from the example above, you don’t earn that much interest if you deposit $1,000 once and don’t add to your account regularly.
Imagine that you have $50 per month left over after paying your bills. Feels great, doesn’t it? You could spend it on takeout or buy a new pair of shoes, but why not save it instead? If you deposit $1,000 when you open the account and then add $50 every month, you’ll earn $655 in interest over three years. At the average APY of 0.46%, you’d earn approximately $24.
Still not convinced? Imagine that you have an extra $500 per month. If you make an initial deposit of $1,000 and add $500 per month for three years, you’ll earn $1,297.47. With a 0.46% APY, you’d only earn $135.
These figures were calculated using the interest calculator on the Marcus website.
Is a Marcus savings account right for me?
The Marcus online savings account may be right for you if you’re looking for a high-yield option with extra features to help you reach your long-term savings goals. Unlike some online banks, Marcus by Goldman Sachs has no minimum deposit requirements, making it ideal for consumers who are just starting their financial journeys. Goldman Sachs is also a U.S.-based bank, so every Marcus account is FDIC-insured for up to $250,000 per depositor.
Goldman Sachs may also be a good fit for consumers who have more experience with online savings. The bank can process transfers of up to $100,000 on the same day, both to and from other banks. Additionally, there’s no limit to the number of times you can move money.
Before opening an online savings account with Goldman Sachs, you should know that there are some deposit limits. For example, online savings accounts are limited to a maximum balance of $1 million per account. You may have as much as $3 million across all deposit accounts at Marcus by Goldman Sachs. This includes certificates of deposit (CDs).
So, is it worth it? Generally, yes.
The table below outlines the pros and cons of opening an online savings account with Goldman Sachs.
How to apply for a Marcus by Goldman Sachs savings account
Learn how to open a savings account with Marcus step-by-step below. Marcus by Goldman Sachs doesn’t require a credit check, but you must link at least one checking or savings account to your Marcus account to enable transfers.
To apply for a Marcus by Goldman Sachs high-yield savings account, follow these steps:
- Visit the Marcus sign-up page.
- Create an account. You’ll need to enter your name and email address.
- Verify your email using the code provided by Goldman.
- Follow the on-screen prompts to finish creating your account and make your first deposit.
Other savings options at Marcus
Marcus also offers certificates of deposit (CDs), giving you more opportunities to save.
A CD is a special type of savings account. Most CDs have fixed terms, which means you must avoid withdrawing your money for a specific amount of time. If you withdraw earlier than agreed, you may have to pay a penalty to the bank.
CD rates change with the market, so how much you earn depends on when you open the account, how much you deposit and how long you leave money in your account before you withdraw it. Generally, CD rates are higher if you choose longer terms.
Marcus offers the following CDs:
For more information on the CDs on offer from Marcus, see the bank’s website.
