Marcus by Goldman Sachs: Where I Keep My Savings (And Why)
When Chase was paying me 0.01% on my savings account — literally pennies per year on thousands of dollars — a coworker mentioned she was earning over 4% at Marcus. I assumed she was confused or it was some sketchy outfit. Then I looked it up and realized Marcus is Goldman Sachs’ consumer banking arm. One of the biggest names on Wall Street was offering regular people a high-yield savings account. I opened one that weekend.
That was about two years ago. Here’s my honest take after actually using it.
The Rate Is the Whole Point
Marcus consistently offers one of the better APYs among high-yield savings accounts. When I opened mine, it was 4.40%. It’s fluctuated since then as the Fed has adjusted rates, but it’s always been competitive with the top tier — Ally, Discover, Capital One 360. The rate is variable, meaning it moves with market conditions, but Marcus has never been the bank that quietly drops their rate while competitors hold steady. They stay competitive.
To put this in actual numbers: on $20,000 in savings, the difference between Chase’s 0.01% and Marcus’s ~4% is roughly $800 per year. That’s real money for doing nothing except having your savings at a different bank. I genuinely get annoyed thinking about the years I left money at Chase earning essentially zero.
There are no promotional teaser rates either. Some banks advertise a great rate for the first few months and then quietly drop it. Marcus just gives you whatever their current rate is, period. I appreciate not having to set calendar reminders to check if my rate changed.
No Fees, No Minimums
No monthly maintenance fee. No minimum balance to earn interest. No minimum deposit to open the account. No transfer fees. This is how I think savings accounts should work — you give them money, they pay you interest, nobody charges anybody for the privilege.
Coming from Chase, where my checking account would have had a $12 monthly fee if I didn’t maintain direct deposit, the no-fee thing was refreshing. I keep my Marcus account as a pure savings vehicle without worrying about minimum balance requirements or fee triggers.
The Online-Only Tradeoff
Marcus is entirely online. No branches, no ATMs, no walking in and talking to a person at a desk. This is either a feature or a dealbreaker depending on your banking style.
For a savings account specifically, I don’t see the downside. When would I need to visit a branch for my savings? I’m not making withdrawals every week. I transfer money in, it earns interest, and occasionally I transfer some out for a big expense. The website and app handle all of that fine.
The app is decent — nothing fancy, but it shows your balance, lets you set up transfers, and has a savings goal tracker that I actually use. You can deposit checks via the app too, though I’ve only done that twice. The interface is clean and loads quickly, which is more than I can say for some bank apps.
The genuine limitation: you can’t deposit cash. If you regularly deal in cash and want to deposit it into savings, Marcus doesn’t work for that. You’d need to deposit cash at another bank first and then transfer it over. Minor inconvenience for most people, bigger deal for some.
Transfers and Access
Transfers between Marcus and my Chase checking account take 1-3 business days. Not instant. This used to bother me until I realized it’s actually a benefit — the slight delay makes me less likely to impulsively raid my savings for something I don’t need. It’s a psychological speed bump that works in my favor.
If you link another Goldman Sachs account or set up direct deposit, transfers can be faster. But for the standard external bank transfer, expect a couple business days. Plan accordingly if you’re moving money for a specific purchase or deadline.
Customer Service
I’ve called Marcus twice. Once to verify a large transfer (they flagged it automatically, which I appreciated from a security standpoint), and once when I had trouble linking a new external account. Both times I got a real person relatively quickly and they solved the issue without transferring me around.
No branches means no face-to-face support, which bothers some people. But for a savings account where I interact with the bank maybe a few times per year, phone and chat support is plenty. The representatives I’ve spoken with were helpful and knew what they were talking about.
Security and FDIC
Deposits are FDIC insured up to $250,000. That’s the standard federal insurance that covers all legitimate US banks. Your money is as safe at Marcus as it is at Chase or any other FDIC-insured institution.
Two-factor authentication is available and I recommend enabling it. The usual stuff — password plus a code sent to your phone. Goldman Sachs has serious cybersecurity infrastructure, which is one benefit of banking with a company that also handles institutional finance.
Other Marcus Products
Beyond savings, Marcus offers CDs and personal loans. Their CDs sometimes beat the savings account rate if you’re willing to lock money up for a set period — 6 months, 12 months, etc. I put $5,000 in a 12-month CD when rates were particularly good and earned a slightly better return than the savings account. The early withdrawal penalty isn’t terrible, but obviously the money is less accessible.
Marcus doesn’t offer checking accounts, credit cards (they do have the Apple Card partnership, but that’s separate), or investment accounts. It’s a focused product line: savings, CDs, loans. I use Marcus alongside my Chase checking account, which handles the day-to-day stuff.
Who It’s Good For
If you have savings sitting in a traditional bank account earning next to nothing, Marcus is one of the simplest upgrades you can make. Open the account, transfer money in, earn dramatically more interest. That’s really the whole pitch, and it works.
If you need a physical branch, want a full-service bank with checking and savings under one roof, or regularly deposit cash — Marcus isn’t the right fit. It’s a savings-specific tool, and it does that one job well.
I’ve recommended it to probably a dozen friends and family members at this point. Not because I’m a Goldman Sachs fanboy, but because watching people earn 0.01% on their savings when 4%+ accounts exist is physically painful to me now that I know the difference.
