5 Things to Know About Your Online Savings Account

February 25, 2020

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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 connect with us about your Online Savings Account by chat or phone 24/7 and track your funds after you send them from your Marcus Online Savings Account.

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

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This article is for informational purposes only and is not a substitute for individualized professional advice. Individuals should consult their own tax advisor for matters specific to their own taxes and nothing communicated to you herein should be considered tax advice. This article was prepared by and approved by Marcus by Goldman Sachs, but does not reflect the institutional opinions of Goldman Sachs Bank USA, Goldman Sachs Group, Inc. or any of their affiliates, subsidiaries or division. Goldman Sachs Bank USA does not provide any financial, economic, legal, accounting, tax or other recommendation in this article. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. Information contained in this article does not constitute the provision of investment advice by Goldman Sachs Bank USA or any its affiliates. Neither Goldman Sachs Bank USA nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in this document and any liability therefore is expressly disclaimed.