Marcus Online Savings Account Review — High-Interest Rates

The most important feature of a high-yield savings account is its interest rate. But it’s nice when your account helps you manage your money too — or at least doesn’t get in the way of that.

The Marcus Online Savings account does both. It pays a yield that’s well above the national average for savings accounts (both online and at traditional banks) while offering some basic budgeting and money management tools, including automated savings. It also has an unusually large same-day transfer allowance, which could come in handy once in a while.

But Marcus Online Savings isn’t perfect, so take a few minutes to learn about its capabilities and shortcomings before opening one.

What Is the Marcus Online Savings Account?

Backed by Goldman Sachs, one of the biggest banks in the United States, the Marcus Online Savings account is a high-yield savings account that yields 4.40% APY on all balances. It has no monthly or annual maintenance fee and no minimum balance to open or earn interest.

Marcus Online Savings doesn’t come with an ATM card or person-to-person transfer capabilities, but it does have an unusually large same-day transfer limit ($100,000) and unusually robust money management features built into its online and mobile account dashboards. It complements a broader lineup of Marcus CDs and money market accounts.

What Sets the Marcus Online Savings Account Apart?

The Marcus Online Savings account has several standout features:

• Excellent yield on all balances. Marcus Online Savings yields 4.40% APY on all balances, with no minimum required to earn interest at the headline rate.
• No fees or minimums. This account has no minimum opening balance and no ongoing maintenance fees.
• Useful tools for savers. Marcus offers useful money management tools, including automated savings, a built-in savings calculator that shows how much your cash could be worth at specific points in the future, and a comparison tool that shows how much you can earn with Marcus compared with other banks.
• 24/7 customer service. Marcus is one of the few banks of any size that still has 24/7 customer support by phone.

Key Features of the Marcus Online Savings Account

All things considered, Marcus Online Savings is a straightforward savings account from a straightforward online bank. But knowledge is power, so dig a bit deeper into its core features before deciding to apply.

Account Yield

Marcus Online Savings yields 4.40% APY on your entire balance, with no minimum required to earn interest. 

Account Fees & Minimums

Marcus Online Savings has no monthly or annual maintenance fee. There’s no minimum balance to open or maintain an account either. 

Money Management Tools

Marcus Online Savings has a handy savings automation tool that lets you deposit a set amount on a recurring basis — weekly, monthly, or another frequency. The mobile app and online dashboard also have useful savings calculators that show both how much you can earn on your balance over time and how that compares with potential earnings at another bank.

Deposit Options & Transfer Limits

You can deposit cash into your Marcus Online Savings account via:

• ACH transfer from a linked external account
• Wire transfer
• Direct deposit of your paycheck
• Mailing a paper check

Marcus Online Savings doesn’t have an ATM card or accept mobile check deposits. However, you can transfer up to $100,000 in or out of the account with same-day turnaround — just initiate the transfer by 12pm Eastern and your money moves by 5pm Eastern the same day.

Mobile Features

Marcus has a comprehensive mobile app that can do just about anything the online dashboard can. You can schedule online bill payments and external transfers on your phone, and link your account with third-party money management apps like Quickbooks.

Deposit Insurance

Through Goldman Sachs, Marcus Online Savings balances are FDIC-insured up to $250,000. In the unlikely event that Goldman Sachs fails, you won’t lose any funds below that amount.

Pros & Cons

Marcus Online Savings has more positive attributes than negative ones. In fact, it’s difficult to find too much wrong with this account.

Pros 

Marcus Online Savings is a well-rounded savings account with a mix of features that appeal to would-be users across the income and wealth spectrum.

• Well above-average yield. This account has an excellent yield (currently 4.40% APY on all balances) that puts it comfortably ahead of most competing banks.
• No monthly maintenance fee. Marcus charges no monthly or annual maintenance fees on this account, so your savings won’t erode over time unless you withdraw.
• No minimum balance. There’s no minimum balance to open (or keep open) this account. There’s also no minimum balance to earn the full advertised interest rate.
• Same-day transfers up to $100,000. You can transfer up to $100,000 into or out of your account with same-day delivery. That’s an unusually high limit, especially for external transfers, which usually take one to three business days to clear.
• Helpful budgeting and money management tools. Marcus offers some basic but helpful budgeting and money management tools, including set-it-and-forget-it savings automation and customizable savings calculators.
• 24/7 customer support by phone. You can reach a Marcus customer service rep by phone at any time of day (or night). You’re unlikely to take advantage of Marcus’ customer service very often because the account is so simple, but it’s nice to know it’s there.

Cons

Marcus Online Savings has some notable gaps in its feature lineup that could impact your ability to access or top up your balance.

• No mobile check deposit. Marcus Online Savings has no mobile check deposit feature. That’s a notable gap in its menu of deposit options, and one that’s increasingly rare among well-funded online banks.
• No ATM access. Marcus Online Savings doesn’t come with an ATM card, so you can’t directly withdraw cash from your account.

How the Marcus Online Savings Account Stacks Up

Marcus Online Savings is among the best online savings accounts around, but it’s not the only one you should consider if you’re looking for a new home for your long-term savings. Before you apply, see how Marcus compares to another popular option: Upgrade Premier Savings.

With no minimum balance to open the account or earn interest, Marcus Online Savings is ideal for if you’re just beginning your savings journey. Upgrade Premier Savings is a better fit if you can clear the $1,000 minimum balance to earn interest, as its yield is significantly higher.

Final Word

The Marcus Online Savings account is an excellent online savings account because it has a yield well above the national average, no maintenance fees, and no minimums of any kind. Sometimes, simpler is better.

Not that Marcus Online Savings is perfect. The ability to deposit checks remotely rather than mailing them and an ATM card to directly withdraw cash from the account would both be nice. You can also find higher savings yields if you know where to look. But all in all, there’s more to like than dislike about this account.