Marcus by Goldman Sachs’ Online Savings Account earns a competitive 4.10% APY (annual percentage yield) as of 10/10/2024.
This rate is much better than the national average rate of 0.45%, and is among the best savings rates around. Also, there are no monthly fees. The savings account is offered by Goldman Sachs Bank, which is a brand of the financial giant Goldman Sachs.
Marcus by Goldman Sachs high-yield savings account: rates and fees
Minimum requirement to earn the high rate
SoFi Checking and Savings
APY
4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Forbright Bank Growth Savings
APY
5.00%Annual Percentage Yield (APY) is accurate as of 10/01/2024. APY may change at any time before or after the account is opened. Available only online.
Barclays Tiered Savings Account
APY
4.50%4.50% APY for $0 to
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.00%*Current promotional rate; annual percentage yield (variable) is 4.50% as of 9/20/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Marcus by Goldman Sachs High-Yield CD
APY
4.20%4.20% APY (annual percentage yield) as of 10/23/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Discover® CD
APY
4.10%Annual Percentage Yield (APY) is accurate as of 10/22/2024
Checking accounts are used for day-to-day cash deposits and withdrawals.
Checking accounts are used for day-to-day cash deposits and withdrawals.
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
Marcus by Goldman Sachs historical savings rates
Rates for this savings account have consistently been among the highest, much higher than the national average. And the account is regularly featured in NerdWallet’s “best of” lists for savings accounts and savings rates.
However, some of the highest online savings rates are around 5%. So while Marcus’ yields are strong, there are accounts with higher APYs.
How the Marcus by Goldman Sachs savings account compares with other online savings accounts
The best online savings accounts offer strong rates and have low or no monthly fees. The account from Marcus by Goldman Sachs checks those boxes.
Some high-yield savings accounts have minimum opening deposits of $1,000 or more, though many others are similar to Marcus and allow you to get started saving with any amount. However, unlike some other online options, Marcus doesn’t support opening a trust or custodial account. So this product is best for single or joint account holders. (Read more about trust and custodial accounts.)
FDIC insurance for savings accounts
As a Goldman Sachs Bank offering, this savings account is federally insured by the Federal Deposit Insurance Corp. up to $250,000 per depositor, per insured bank, for each account ownership category. (Examples of ownership categories are single accounts and joint accounts.) This is typical for both brick-and-mortar and online banks.
Goldman Sachs Bank also offers FDIC-insured high-rate online CDs, but the institution doesn’t offer a checking account. If you’re looking to do all of your banking in one place, this might not be the right place for you. But if you’re looking to park your savings at an online-only institution and earn high yields, this bank is worth considering.
Savings calculator: See how much interest you can earn with this account
Use this calculator to add up how much interest you could earn in a high-yield account over time. The higher the rate, the faster your money can grow.
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