5 Things to Know About Your Online Savings Account

May 16, 2024

Share this article

Whether you've just opened a Marcus Online Savings Account or you're thinking about opening an account with us, welcome. We’re glad you’re here.

At Marcus, our goal is to help customers achieve financial well-being. One of the ways we do this is by offering consistently competitive rates across our various deposit products, including our award-winning Online Savings Account. Here are five things to know..

1. You're earning a competitive rate

The rate on our Online Savings Account (expressed in annual precentage yield or APY) has consistently beaten the rates offered by some of the largest US banks. Our competitive APY gives every single person who opens an Online Savings Account with Marcus the opportunity to earn a rate that is 8x the national average. In other words, your deposits could earn more interest with us than with many other brick-and-mortar banks.

Curious to know how much you could earn with a Marcus Online Savings Account vs. other banks? Check out our Savings Interest Calculator to see how we compare.

Good to know: Marcus is backed by the financial expertise of Goldman Sachs, and our team works hard to determine the right rate for our customers. To do this, we consider these three key variables:

The value we offer customers over the long term
The federal funds rate
Expectation of the federal funds rate

Learn more about the federal funds rate and what it means for your savings here.

2. Interest compounds daily in your Online Savings Account

Compound interest is the interest you earn based off the sum of your principal balance plus any interest that has been added to your principal over time. In other words, you’re earning “interest on interest.” And the more frequently interest compounds, the more often you earn interest on your account balance.

Interest compounds daily in our Online Savings Account, which means every day, your balance is earning interest. This is why saving early and often is so important. Over the long run - say 10, 20 or 30 years - you can really see how the power of compounding can boost your savings and help you build wealth.

Good to know: While your interest rate compounds daily, the interest you earn is added to your account monthly. For more details, please see our Deposit Account Agreement.

3. No fees and no minimum deposit requirement

To earn interest with a Marcus Online Savings Account, you just need to open an account and add money.

You don’t have to save up a lot of money first before opening an account with us. We do not have a minimum opening deposit requirement, but once you open an account, you do need to fund it within 60 days of opening.

Also, the best part? 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. Easy and convenient access to your money

With a Marcus Online Savings Account, you can link accounts, add money, make a withdrawal, schedule transfers, and review your transactions all at the convenience of your fingertips by logging in online or using the Marcus app.

There are four ways you can access or move your money:

by initiating a transfer on Marcus.com or the Marcus app
by initiating a transfer from an external bank
by wire transfer
by sending or 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. 24/7 customer support

Our goal to help customers achieve financial well-being includes making it easy to do business with us. There are several ways to get in touch to get your questions answered. We have a 24/7 contact center for our Online Savings Account customers. You also have the option to chat with us online to get the personalized help you need.

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

See savings options

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this website 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, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.