Marcus by Goldman Sachs has become a household name in online banking, known for its high-yield savings accounts and no-fee products. In 2026, the bank offers both a Marcus High-Yield Savings Account and a Marcus Checking Account. But if you're new to Marcus—or considering adding another account—you might wonder: Which one should I open first?
This comprehensive guide breaks down every feature, fee, interest rate, and use case for both accounts. We'll help you decide based on your financial goals, whether you're building an emergency fund, managing daily expenses, or optimizing your cash flow. By the end, you'll know exactly which Marcus account deserves the top spot in your wallet.
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📋 Table of Contents
- 1. Marcus by Goldman Sachs: A Quick Overview
- 2. Marcus High-Yield Savings Account: Deep Dive
- 3. Marcus Checking Account: Deep Dive
- 4. Side-by-Side Comparison: Savings vs Checking
- 5. Which Account Should You Open First?
- 6. Real-World Scenarios: Emergency Fund vs Daily Spending
- 7. How to Open a Marcus Account (Step-by-Step)
- 8. Pros and Cons of Each Account
- 9. Frequently Asked Questions
- 10. Final Verdict
Marcus by Goldman Sachs: A Quick Overview
Launched in 2016, Marcus is the consumer banking arm of Goldman Sachs, one of the world's leading financial institutions. It quickly gained popularity for its no-fee, high-yield savings accounts and later expanded into personal loans, CDs, and most recently, a checking account. As of 2026, Marcus remains a top choice for online banking due to its competitive rates, transparent fee structure, and seamless user experience.
💡 Why Marcus Stands Out in 2026:
- No monthly fees on any consumer account
- Competitive APY on savings (often among the highest nationally)
- FDIC insured up to $250,000 per depositor
- User‑friendly mobile app with budgeting tools
- 24/7 customer support by phone and chat
But with two distinct account types now available, choosing between them—or deciding which to prioritize—requires a clear understanding of their individual features.
Marcus High-Yield Savings Account: Deep Dive
The Marcus High-Yield Savings Account is the product that put Marcus on the map. In 2026, it continues to offer one of the most competitive annual percentage yields (APY) in the industry, with no minimum balance requirements and no monthly fees.
Key Features & Benefits
- High APY: As of February 2026, the APY is 4.25% (variable, but consistently among the top 5% of national savings accounts).
- No fees: No monthly maintenance fees, no overdraft fees (since it's a savings account), and no hidden charges.
- No minimum balance: Open with $0 and earn the same APY regardless of balance.
- FDIC insurance: Up to $250,000 per depositor.
- Online and mobile access: Full account management via website and app.
- Transfer flexibility: Link external accounts for easy transfers.
Interest Rate Mechanics
The APY on Marcus savings is variable and changes with the federal funds rate. Historically, Marcus has been quick to pass on rate hikes to savers. The 4.25% APY in early 2026 is a reflection of the current higher-rate environment. Interest is compounded daily and credited monthly.
Ideal Use Cases
- Emergency fund: The high yield helps your safety net grow faster than inflation.
- Short-term savings goals: Vacation, down payment, new car, etc.
- Storing cash you don't need for daily expenses.
Marcus Checking Account: Deep Dive
Introduced in 2023, the Marcus Checking Account brought the same no-fee philosophy to everyday spending. While it doesn't offer interest (yet), its features are designed for seamless money management.
Key Features & Benefits
- No monthly fees: No maintenance fees, no overdraft fees (though overdraft protection options exist).
- No minimum balance: Open with $0.
- Free debit card: With access to a large ATM network (Allpoint, with over 55,000 fee-free ATMs).
- Early direct deposit: Get your paycheck up to two days early.
- Mobile check deposit: Deposit checks via the app.
- Bill pay and peer‑to‑peer payments: Integrated with Zelle.
- Overdraft protection: Optional link to savings account to cover transactions.
Interest? Not Yet
As of 2026, the Marcus Checking Account does not earn interest. However, the lack of fees and the convenience features make it a strong contender for a primary checking account, especially if you pair it with a Marcus savings account for easy transfers.
Ideal Use Cases
- Primary checking for daily expenses.
- Direct deposit destination.
- Bill payments and ATM withdrawals.
- Hub for transferring money to savings.
Side-by-Side Comparison: Savings vs Checking
| Feature | Marcus High-Yield Savings | Marcus Checking |
|---|---|---|
| APY (as of Feb 2026) | 4.25% variable | 0% (no interest) |
| Monthly Fee | $0 | $0 |
| Minimum Opening Deposit | $0 | $0 |
| ATM Access | No debit card; transfers only | 55,000+ fee‑free ATMs (Allpoint) |
| Debit Card | No | Yes |
| Check Writing | No | Yes (checks available upon request) |
| Overdraft Protection | N/A | Yes (link to savings) |
| Mobile Check Deposit | No | Yes |
| Zelle Integration | No | Yes |
| Bill Pay | No | Yes |
| FDIC Insurance | $250,000 | $250,000 |
Which Account Should You Open First?
The answer depends on your current financial situation and goals. Here’s a framework to help you decide:
If You Have No Emergency Fund
Priority: SavingsFinancial experts recommend having 3–6 months of living expenses in an easily accessible, liquid account. The Marcus High-Yield Savings Account is perfect for this: it earns a high APY, has no fees, and you can withdraw money when needed (though limited to 6 withdrawals per month by federal regulation). Open the savings account first, fund your emergency fund, then consider the checking account for daily spending.
If You Already Have an Emergency Fund
Priority: CheckingIf you have a fully funded emergency stash elsewhere (or even in a Marcus savings), you might benefit more from the checking account's convenience. Use it for direct deposit, bill pay, and everyday purchases. You can then open a savings account later to earn interest on any surplus cash.
If You Want Both
Open Both SimultaneouslyThere's no rule against opening both accounts at once. Many customers use the checking account as their primary transaction account and the savings account for stashing extra cash. Transfers between Marcus accounts are instant, so you can easily move money when needed. Opening both is simple: apply for one, then add the other from within your online dashboard.
Real-World Scenarios: Emergency Fund vs Daily Spending
Scenario A: Building from Scratch
Sarah, 28, just started her first job. She has $2,000 in savings and wants to build an emergency fund while also managing daily expenses. She opens the savings account first, deposits her $2,000, and sets up automatic monthly transfers of $200 from her external checking. She plans to open the Marcus checking account once her emergency fund reaches $5,000, then switch her direct deposit to Marcus for easy access.
Scenario B: Optimizing Cash Flow
Mike, 35, has a stable emergency fund and wants to simplify. He opens the checking account first, moves his direct deposit, and uses it for bills and spending. He then opens a savings account and links it for overdraft protection. Any money left in checking at month‑end is manually swept into savings to earn 4.25% APY.
Scenario C: The Maximalist
Jessica, 42, wants both accounts for different purposes. She opens both simultaneously. Her paycheck goes into checking; she pays bills and uses the debit card. She keeps a $10,000 emergency fund in savings and also uses it to save for a down payment on a house. She transfers money from checking to savings weekly to maximize interest.
How to Open a Marcus Account (Step-by-Step)
Visit the Marcus Website or App
Go to marcus.com or download the Marcus app from the App Store or Google Play.
Choose Your Account
Select "High-Yield Savings" or "Checking Account." You can apply for one and add the other later.
Provide Personal Information
You'll need your Social Security number, a valid ID, and basic contact details.
Link an External Account
To fund your new account, link an existing bank account. You can also set up direct deposit later.
Review and Submit
Double‑check your information, agree to the terms, and submit. Approval is usually instant.
Add the Other Account (Optional)
Once logged in, you can easily open the other account without reapplying.
Pros and Cons of Each Account
Pros: High APY, no fees, no minimum, FDIC insured, easy transfers.
Cons: No debit card, limited withdrawals (6 per month), no check writing.
Pros: No fees, large ATM network, early direct deposit, mobile check deposit, Zelle, bill pay.
Cons: No interest, no cash deposit options (online only).
Frequently Asked Questions
Yes, you can open both accounts and manage them from a single login. Transfers between them are instant and free.
No monthly fees, no overdraft fees, no ATM fees at Allpoint locations, and no minimum balance requirements. Third‑party ATM operators may charge a fee, but Marcus does not.
The APY is variable and can change at any time. However, Marcus historically adjusts rates in line with the federal funds rate and remains competitive.
Marcus is an online‑only bank, so you cannot deposit cash directly. However, you can deposit checks via mobile app or transfer funds from another bank account.
Marcus offers overdraft protection by linking to your savings account. If enabled, funds will be transferred automatically to cover the transaction. There is no fee for this transfer.
Yes, both checking and savings accounts are FDIC insured up to $250,000 per depositor, per ownership category.
Final Verdict: Which Account Wins?
There's no single "right" answer—it depends on your needs. If you're focused on growing your savings, the Marcus High-Yield Savings Account is a no‑brainer: a top‑tier APY with zero fees. If you need a full‑featured checking account for daily transactions, the Marcus Checking Account delivers everything you'd expect from a modern online bank, without the nuisance of fees.
Ideally, you'll open both and use them in tandem: keep your emergency fund and short‑term savings in the high‑yield account, and route your paycheck and everyday spending through the checking account. The instant transfers between them make this combination powerful and convenient.
💫 Ready to Open Your Marcus Account?
Start with the account that aligns with your immediate goal. If you're building savings, open a Marcus savings account. If you need a new checking home, try the Marcus checking account. And remember, you can always add the other later—no penalty, no paperwork.