Current Marcus Savings Rates

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Marcus Bank (Member FDIC) offers a much better savings account rate than you’ll find at a traditional bank. With fewer overhead costs than brick-and-mortar banks, online banks can pass savings on to customers through higher rates and lower fees. The best online banks (Marcus included) offer low or zero fees and APYs well above the average savings rate.

Marcus Savings Rates

Marcus is an online bank that offers a high-yield savings account through Wall Street titan Goldman Sachs. The Marcus High Yield Online Savings Account pays a competitive 4.30% APY, which is significantly higher than the average savings account interest rate. 

There is no monthly service fee or any minimum deposit requirements, and you can earn the rate on any account balance of up to $1 million. Just remember that FDIC insurance only protects up to $250,000 per depositor, per account type.

Marcus Savings Rates Pros and Cons

How Marcus Savings Rates Compare

Marcus Online Savings vs. Ally Savings

With a 4.25% APY, the Ally Savings Account pays slightly less than the Marcus savings account. But the difference is so small that choosing Ally might only mean earning a few dollars less per year, depending on your account balance (e.g., $43 versus $44 per year on a $1,000 balance). 

Interest compounds daily on both accounts, and there are no monthly bank maintenance fees, minimum deposit requirements, or excess transaction fees (some banks charge a per-transaction fee of about $10 if you make more than six withdrawals per month). You can access your funds at either bank via ACH transfer, wire transfer, telephone transfer, and check requests, and customer service is available 24/7. 

One notable difference is that Marcus doesn’t offer mobile check deposit. With Ally, you can deposit checks using the bank’s mobile app and your smartphone’s camera or by scanning and uploading your checks through online banking — with a limit of $50,000 per day or $250,000 every 30 calendar days (a generous limit compared to many competitors). 

Both banks offer some of the best CD rates, but only Ally offers checking accounts and money market accounts. 

Ultimately, you can’t go wrong with either bank if earning a competitive APY is your primary concern. However, if you want mobile check deposit or the option to have more account types under one roof, Ally is the clear winner. 

Ally Bank Review 

Marcus Online Savings vs. Synchrony High-Yield Savings

Marcus and Synchrony offer similar rates and fees. The Synchrony High-Yield Savings Account pays a 4.50% APY, which is a little higher than what Marcus pays. Interest compounds daily on both accounts, and neither has monthly service fees, excess transaction fees, or minimum deposits to open an account.

Where the two banks differ is how you manage the account. The Synchrony account comes with an ATM card (a perk not offered by many savings accounts) and robust mobile banking tools, including mobile check deposits. Marcus doesn’t offer an ATM card or mobile check deposit, so you have to transfer funds to an external bank account to withdraw cash. 

Still, Marcus offers a suite of tools and trackers called Marcus Insights that brings your financial accounts together with personalized insights aimed at helping you make better financial decisions. 

You may prefer Marcus if you prioritize tools for tracking your cash flow and spending or want flexible transfer limits. Otherwise, Synchrony comes out ahead with a slightly higher APY and more ways to access your cash. 

Synchrony Bank Review

Why You Should Trust Us: How We Reviewed Marcus Online Savings

We rated the Marcus Online Savings Account using Insider’s bank account methodology, using a scale of 0 to 5 stars. We consider minimum deposits, monthly service fees, interest rates, customer support, mobile apps, and ethics for savings accounts.