Marcus savings account interest rates of November 2023

The Marcus Online Savings Account offers a 4.40% annual percentage yield (APY), which is nearly 10 times higher than the national average. While that’s a very competitive yield, you can find even better rates from other banks. But savers looking for a no-fuss option might find exactly what they are looking for through this high-yield savings account. 

Account details and APYs are accurate as of November 17, 2023.  

Are Marcus savings account interest rates worth it?

The Marcus Online Savings Account is the only savings account option offered by Marcus by Goldman Sachs®. It currently offers a 4.40% APY on your savings. Without any minimum deposit requirements or fees, this high-yield savings account is an attractive option. 

When you want to access your funds, you can easily transfer the money to a linked bank account; Marcus allows same-day transfers of up to $100,000. You can manage all of your transfer needs through the Marcus online platform or mobile app. 

In terms of other savings products available through Marcus, you can tap into CDs through this financial institution. The rates for these CD products are competitive. But you’ll have to give up access to your funds for an extended period of time.

If you want to explore all of your options, check out this list of the best high-yield savings accounts. 

Overview of Marcus savings rates

The Marcus Online Savings Account earns 4.40% APY, which is subject to change at any time. 

If you open this bank account, you won’t run into any minimum deposit requirements or monthly maintenance fees. However, if you don’t fund the account within 60 days, the financial institution might close your account. 

Marcus doesn’t limit the number of withdrawals you can make from your account each month. It also won’t charge a fee to transfer your funds to another bank account. But an external bank might charge you a fee for receiving the transferred funds.  

How much can you earn?

The interest you earn through the Marcus Online Savings Account compounds daily and gets deposited monthly. The rate offered could change at any time. But if rates were stable, the table below illustrates how much interest you could earn.

How Marcus by Goldman Sachs compares

Marcus by Goldman Sachs offers highly competitive interest rates for savers. 

The account offers an APY well above the national average, which the Federal Deposit Insurance Corporation (FDIC) reports is 0.46% APY (as of October 16, 2023). And the offered rate beats out many of the competitors. For example, the Capital One 360 Performance Savings account offers a 4.30% APY. 

However, it is possible to find higher rates available elsewhere. For example, the BMO Alto Online Savings Account currently comes with a 5.10% APY. 

Other savings options offered by Goldman Sachs

If you want to stash your savings with Marcus by Goldman Sachs, the online savings account isn’t the only option. You can also explore the certificates of deposit (CDs) offered. 

Through Marcus by Goldman Sachs, you can find High-Yield Certificates of Deposit with terms ranging from six months to six years. The highest rate option is its 12-month CD with a 5.30% APY. The range of terms could help you build a lucrative CD ladder. 

The financial institution also offers a 13-month No-Penalty CD option, offering a 4.60% APY. Savers who don’t want to miss out on the chance to tap into rising rates might prefer the Rate Bump CD option. After opening this CD, you can request to increase your rate if the market rate rises. 

For any of the CDs available, you’ll need to make a minimum deposit of $500. With the exception of the No-Penalty CD, tapping into your funds before the maturity date will lead to an early withdrawal penalty. 

Goldman Sachs offers competitive CD rates. But if you want to make sure you are getting the most bang for your buck, explore the best CD options. We compile the best of the best for jumbo CDs, three-month CDs, one-year CDs and 10-year CDs. You can map out what you stand to earn with our free CD calculator. 

About Marcus by Goldman Sachs

Marcus by Goldman Sachs offers worthwhile savings options. Both the high-yield savings account and CDs available feature competitive rates.

However, the financial institution lacks some other basic banking accounts. For example, Marcus by Goldman Sachs doesn’t offer a checking account option. With that, you’ll need to have an external checking account to handle the need for streamlined spending options. The good news is that it’s easy to initiate a transfer. 

In terms of the other products available, most are highly specialized. For example, Marcus Invest is designed to help hands-off investors build portfolios with the help of a robo advisor. And the credit card options available are designed for loyal GM customers. 

Marcus by Goldman Sachs doesn’t offer any physical branch locations. But customers comfortable with online banking will find a robust platform available. In fact, the mobile app has earned 4.6 out of 5 stars in the Google Play Store and 4.9 out of 5 stars in the Apple App Store. 

Overall, Marcus by Goldman Sachs is a great fit for savers who want to lock in great rates and don’t mind online banking. But if you want to have your checking account and savings account in the same place, Marcus by Goldman Sachs might not work for you.