Marcus Savings Rates

Business Insider's personal finance team compared the Marcus High Yield Online Savings Account with the best high-yield savings accounts and found it to be a standard offering.

Marcus Bank (Member FDIC) offers a great savings account rate compared to traditional bank rates, but other online banks offer better savings rates.

Current Marcus Rates

Marcus High Yield Online Savings Account

Start saving

Marcus, FDIC Insured

Insider’s Rating

4.5/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

3.65%

Minimum Opening Deposit

$0

Pros

A check mark. It indicates a confirmation of your intended interaction. Competitive APY

A check mark. It indicates a confirmation of your intended interaction. Easy-to-use mobile app

A check mark. It indicates a confirmation of your intended interaction. No required initial deposit or minimum account balance

A check mark. It indicates a confirmation of your intended interaction. No monthly service fee

A check mark. It indicates a confirmation of your intended interaction. Can make same-day transfers of up to $100,000 to/from banks

Cons

Two crossed lines that form an 'X'. No digital check deposit

Two crossed lines that form an 'X'. No physical branch locations

Two crossed lines that form an 'X'. Maximum balance limit of $1 million

Marcus High Yield Online Savings Account review An arrow icon, indicating this redirects the user."

Product Details

• No fees and no minimum deposit
• Link other bank accounts for incoming and outgoing transfers
• US-based contact center open 7 days a week
• FDIC insured

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This savings account pays 3.65% Annual Percentage Yield (APY), which is significantly higher than the average savings account interest rate.

Marcus Bank offers a savings account rate that's similar to other online national brands, like Ally and Discover. That said, a few financial institutions have up to 5% interest on savings accounts or closer to it.

Overview of the Marcus High-Yield Savings Account

How the Marcus Savings Account Works

Marcus Bank is an online financial institution that offers a savings account and CDs. Marcus CD rates are also higher than average.

There is no monthly service fee for the Marcus high-yield savings account, so it's a good option if you're hoping to avoid monthly bank maintenance fees. Additionally, it has a $0 minimum opening deposit, and you can earn its high rate on any account balance of up to $1 million.

If you want to have a checking and savings account at the same bank, other options may be a better fit. Many popular banks have checking accounts, but the bank doesn't.

At other banks, you might be limited to six free withdrawals a month, and then you'll have to pay a fee for each transaction that surpasses the free limit. Marcus Bank doesn't limit how many times you can withdraw money each month.

Marcus Savings Account User Experience and Accessibility

Marcus Bank has a solid mobile banking app. The bank has 24/7 customer service. You can speak with a representative by phone or through live chat at any time. The live chat feature is only available through the web, though.

Since it's an online-only bank, you won't be able to go into a physical branch to manage your account. If you prefer to bank in person, you might find another bank or credit union more accessible.

Marcus Bank Security

Marcus Bank is a long-running institution with strong ratings from Bauer Financial, Moody's, and Fitch. It's also FDIC-insured, which means your money will be safe in case the bank fails. Just remember that FDIC insurance only protects up to $250,000 per depositor.

Marcus Savings Rates Pros and Cons

Marcus Savings Rates Pros

• Competitive APY
• Interest compounds daily
• $0 minimum deposit
• Same-day online transfers of $100,000 or less to and from external accounts
• 24/7 customer service
• User-friendly mobile app

Marcus Savings Rates Cons

• Doesn't come with a debit or ATM card, and there isn't a checking account
• Doesn't offer mobile check deposit
• No physical branch locations
• Maximum account balance of $1 million

Marcus Savings Account Alternatives

Marcus Online Savings vs. Ally Savings

With a 3.60% APY, the Ally Savings Account pays slightly less than the Marcus high-yield savings account. But the difference is so small that choosing an Ally savings account might only mean earning a few dollars less per year depending on your account 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 Bank doesn't offer mobile check deposits. 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.

Ally Bank Review

Marcus Online Savings vs. Synchrony High-Yield Savings

Marcus and Synchrony savings rates and fees are similar. The Synchrony High Yield Savings Account pays a 4.00% APY. 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.

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

Synchrony Bank Review

Opening a Marcus High-Yield Savings Account

Marcus Saving Account Eligibility Requirements

You're eligible to get the Marcus High Yield Online Savings Account if you're at least 18 years old and live in the United States.

Step-by-Step Guide to Opening a Marcus Savings Account

The Marcus high-yield savings account can be opened online, but not at any physical locations. You can get an individual or joint bank account.

When you're opening an account, the bank must verify your identity. You'll need to provide your date of birth, Social Security number, or taxpayer identification number.

Marcus Savings Initial Deposit Requirements

While the Marcus High Yield Online Savings Account has a $0 minimum opening deposit, you'll still need to add money to the account within the first 60 days or it may be closed.

To deposit money into a Marcus high-yield savings account, you can transfer funds from an external bank account, make a direct deposit, or send a check by mail.

The Marcus high-yield savings account has maximum deposit limits. You can only maintain up to $1 million in a savings account.

Managing Your Marcus Savings Account

Tips for Maximizing Savings at Marcus

Interest on the Marcus High Yield Online Savings Account is compounded daily. Other savings accounts might compound interest monthly or quarterly, so this bank can be beneficial for growing your savings.

If you want to calculate your potential earnings on a savings account, use a compound interest calculator. However, bear in mind that the Marcus high-yield savings account has a variable interest rate. When a savings account has a variable interest rate, the APY can fluctuate at any time.

Is the Marcus Savings Account Right for You?

The Marcus High Yield Online Savings Account is an overall solid, and straightforward savings account: You can earn a 3.65% APY and pay zero fees with the Marcus high-yield savings account, allowing you to keep more money in your pocket. There are no opening deposits or minimum balance requirements, so the account is ideal for new savers. At the same time, flexible same-day transfer limits could be a plus if your banking needs involve transferring up to $100,000 at a time to and from other banks.

Still, consider looking elsewhere if you prefer higher returns, an ATM card, or the convenience of mobile check deposit.

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

We rated the Marcus High Yield Online Savings Account using Business Insider's bank account methodology, using a scale of one to five stars. We consider minimum deposits, monthly service fees, interest rates, customer support, mobile apps, miscellaneous features, and ethics, and security for savings accounts.

We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.

Marcus Savings Account FAQs