Goldman Sachs does offer a high yield savings account called Marcus by Goldman Sachs

Yes. Marcus by Goldman Sachs is a high yield savings account run by the investment bank's consumer banking division. You open it online, deposit money, and earn interest on your balance. There is no minimum deposit required, no monthly fee, and no maximum balance limit. The account is FDIC-insured up to $250,000, which means your money is protected by federal insurance if the bank fails.

Marcus is not a checking account—it has no debit card and no check-writing. It is designed as a place to hold money and collect interest, not as your everyday spending account. You can transfer money in and out through ACH (which takes one to two business days) or wire transfer (which is faster but may carry a fee). Most people use Marcus alongside a checking account at another bank.

Key Takeaways

  • Marcus by Goldman Sachs is a savings-only account with no minimum deposit, no monthly fees, and FDIC insurance up to $250,000.
  • The interest rate on Marcus savings accounts changes with market conditions and is published on their website; you can compare it to other banks before opening.
  • You cannot write checks or use a debit card with Marcus, and transfers in and out take one to two business days via ACH.
  • Marcus also offers money market accounts and certificates of deposit (CDs) if you want different ways to hold cash at the same bank.

How the interest rate works at Marcus

Marcus sets its interest rate based on what the Federal Reserve does with its benchmark rate. When the Fed raises rates, Marcus typically raises its rate within days or weeks. When the Fed cuts rates, Marcus cuts its rate as well. The exact rate you earn is posted on the Marcus website and changes without notice.

You earn interest on your full balance every day, and it is paid into your account monthly. If you deposit $10,000 and the rate is 4.50% APY, you earn roughly $37.50 that month (the exact amount depends on the number of days in the month). The rate applies to every dollar in the account—there is no tiered structure where you earn less on larger balances.

Marcus does not offer promotional rates or bonus interest for new customers. The rate you see when you open the account is the same rate everyone else gets. This is different from some other banks, which offer higher rates for the first few months to attract new depositors.

Opening and managing a Marcus account

You open a Marcus account entirely online through their website or mobile app. You will need a Social Security number, a valid ID, and a way to verify your identity (usually a phone number or email). The process takes about 10 minutes. Once your account is open, you can move money in from another bank using ACH transfer, which typically settles in one to two business days.

You can also set up automatic transfers—for example, moving $500 from your checking account to Marcus every payday. This is useful if you want to build savings without thinking about it. You can change or cancel automatic transfers at any time through the app.

Withdrawals work the same way: you initiate an ACH transfer from Marcus back to your checking account, and the money arrives in one to two business days. If you need cash faster, you can use a wire transfer, though Marcus charges a fee for outgoing wires (usually $15 to $25, depending on the destination).

Marcus savings accounts versus other high yield options

Marcus competes with other online banks like Ally, American Express Personal Savings, and Discover Bank. All of these offer similar products: no-fee savings accounts, FDIC insurance, and rates that move with the Fed. The main differences are the exact interest rate (which changes daily across all banks), customer service quality, and whether the bank offers other products like checking accounts or investment services.

Marcus does not offer a checking account, so if you want both checking and savings in one place, you would need to use Marcus for savings and another bank for checking. Some competitors like Ally do offer checking accounts, which can be convenient if you want everything at one bank. However, Ally's checking account typically earns little or no interest, so many people still use a high yield savings account elsewhere for their emergency fund or savings goals.

The interest rate difference between Marcus and competitors is usually small—often less than 0.25% APY. Over a year, that might mean $25 less interest on a $10,000 balance. If Marcus's rate is competitive when you open the account, the difference is unlikely to matter much. What matters more is that you actually move money into savings and leave it there.

What happens to your money if Goldman Sachs fails

Your Marcus deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder per bank. This means if Goldman Sachs were to fail, the FDIC would pay you back up to $250,000 from an insurance fund. This has never happened to a major bank in modern times, but the insurance exists to protect depositors.

If you have more than $250,000 to save, you can open multiple accounts at different banks to spread your deposits across the insurance limit. For example, you could keep $250,000 at Marcus and $250,000 at Ally, and both would be fully insured. The FDIC website has a tool to help you calculate your coverage if you have accounts at multiple institutions.

Marcus money market accounts and CDs

In addition to savings accounts, Marcus offers money market accounts and certificates of deposit (CDs). A money market account is similar to a savings account but may offer a slightly higher rate in exchange for a higher minimum balance (though Marcus has no minimum). A CD is a commitment: you deposit money for a set period (three months, one year, five years, and so on) and earn a fixed rate. If you withdraw before the term ends, you pay an early withdrawal penalty.

CDs are useful if you know you will not need the money for a specific period and want to lock in a rate. For example, if you have $5,000 you will not touch for two years, a two-year CD might pay 4.75% APY, while a savings account pays 4.50%. The extra 0.25% is your reward for committing to leave the money alone. If you withdraw early, you lose some or all of the interest you earned.

Frequently Asked Questions

Can I use Marcus as my main checking account?

No. Marcus is a savings account only—there is no debit card, no checks, and no bill pay. You need a separate checking account at another bank for everyday spending. Most people use Marcus to hold an emergency fund or savings goal while keeping their checking account elsewhere.

What is the minimum deposit to open a Marcus account?

There is no minimum deposit. You can open an account with $1 and start earning interest immediately. You can also deposit as much as you want—there is no maximum balance limit, though FDIC insurance only covers up to $250,000.

How long does it take to transfer money out of Marcus?

ACH transfers (the standard method) take one to two business days. Wire transfers are faster but cost $15 to $25. If you need cash immediately, you would need to use a wire transfer or withdraw from a different bank account.

Does Marcus charge monthly fees?

No. There are no monthly maintenance fees, no minimum balance fees, and no inactivity fees. The only fees are for wire transfers and, in some cases, for overdrafts if you link Marcus to a checking account at another bank.

What happens to my interest rate if the Federal Reserve cuts rates?

Marcus will lower your interest rate, usually within days or weeks of a Fed cut. Your rate is not locked in—it changes whenever Marcus decides to change it. This is why it is called a variable rate. If you want a rate that does not change, you can open a CD instead.