Get the Marcus mobile banking app

Easy mobile access

5 Things to Know About Your Online Savings Account

Share this article

If you’ve just opened an Online Savings Account with Marcus by Goldman Sachs®, welcome. If you’re getting ready to open an account, welcome. And, if you’re in the pure exploration phase of the “why’s” and “what’s” of opening a savings account like ours, welcome. We’re glad you’re here. 

Our goal is to help customers achieve financial well-being and our Online Savings Account is just one of the ways we try to help our customers do that.

1. Our Annual Percentage Yield (APY) or just simply, our “Rate”

Our rate has consistently beaten some of the largest US banks, and it gives every single person who opens an Online Savings Account with Marcus the opportunity to earn a rate that is four times the National Average. In short, this means your deposits could earn more interest with us than they could elsewhere. (This savings interest calculator can help you see how much you could earn with us.) 

If you’re curious about how we choose our rates, it’s a calculation that takes into multiple factors, including market conditions and how we can provide sustained, long-term value. 

2. Interest compounds daily 

Compounding periods are what makes an APY so powerful. The more frequently interest compounds, the more often you earn interest on your account balance. Essentially, it’s the pace at which your account balance earns interest.

Interest compounds daily in our Online Savings Account, which means every day, your balance is earning interest. 

Important note here: while your interest rate compounds daily, the interest you earn is added to your account monthly.

3. No fees and no minimum deposit required 

To earn interest with a Marcus Online Savings Account, you just need to open an account and add money. There is no minimum deposit required to open an account. We believe you deserve that kind of flexibility. (You just need to fund it within 60 days of opening.)

Also, there are no fees with your account. Meaning we don’t charge an account fee, and we don’t charge fees to deposit or withdraw your funds.

4. Access to your money

There are four ways you can access your money: by having Marcus initiate a transfer with a linked external bank, by a transfer from an external bank or third party, by wire transfer or by requesting a check.

We also offer a free transfer tracker so you can follow transfers you set up through your Marcus account and see when we expect your funds to arrive. 

5. Customer support and experience

The philosophy we’re built on – helping customers achieve financial well-being – includes making it easy to do business with us. That’s why you can speak to one of our US-based Savings Specialists by phone or online chat seven days a week and track your funds after you send them from your Marcus Online Savings Account. 

You can reach us via phone or chat Monday through Friday 8am – 10pm E.T., and Saturday and Sunday 9am – 7pm E.T.


Saving for the future starts today. See how Marcus can help

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.

Connect with us on social media

Join our Marcus social media community, where we share content and inspiration to help improve your financial health. See you there!