Since its launch in 2016, Marcus by Goldman Sachs has become one of the most popular high‑yield savings accounts in the US. With no fees, a competitive APY, and the backing of a century‑old financial institution, it’s often the first recommendation for savers looking to grow their cash. But in 2026, with interest rates fluctuating and new competitors emerging, does Marcus still deserve the top spot? In this comprehensive review, we’ll examine the latest rates, features, pros and cons, and compare Marcus with its biggest rivals—Ally, SoFi, Capital One 360, and others—to help you decide if it’s the right place for your emergency fund or short‑term savings.
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📋 Table of Contents
- 1. Current APY & Interest Rates (2026)
- 2. Fees & Minimum Requirements
- 3. Key Features & User Experience
- 4. Pros & Cons
- 5. Marcus vs Top Competitors
- 6. Safety & FDIC Insurance
- 7. How to Open an Account (Step by Step)
- 8. Referral Bonus & Promotions
- 9. Customer Reviews & Trustpilot
- 10. Is Marcus Right for You?
- Frequently Asked Questions
1. Current APY & Interest Rates (2026)
As of February 2026, Marcus by Goldman Sachs offers an annual percentage yield (APY) of 4.25% on its high‑yield savings account. This rate is variable and can change with the market, but it has remained competitive throughout the recent rate cycle. Unlike some banks that offer teaser rates, Marcus consistently ranks among the top 10 high‑yield savings accounts in the country.
📈 Rate History Snapshot
- January 2025: 4.50%
- July 2025: 4.35%
- February 2026: 4.25%
The slight decrease mirrors the Federal Reserve’s rate cuts in late 2025, but Marcus has maintained a rate well above the national average (which hovers around 0.5% for traditional brick‑and‑mortar banks).
How Often Does Marcus Change Its APY?
Marcus adjusts its APY in response to changes in the federal funds rate. Typically, you’ll see updates within 2–3 weeks of a Fed move. Unlike some fintechs that use tiered rates, Marcus applies the same APY to all balances—there’s no requirement to maintain a high minimum to earn the top rate.
2. Fees & Minimum Requirements
One of Marcus’s biggest selling points is its no‑fee structure. There are no monthly maintenance fees, no overdraft fees (you can’t overdraft a savings account anyway), and no excessive withdrawal fees—although federal Regulation D was permanently suspended, Marcus still limits certain types of withdrawals to six per statement cycle, but you won’t be charged if you exceed that; the transaction may simply be denied.
| Fee Type | Marcus | Industry Average |
|---|---|---|
| Monthly Maintenance | $0 | $5–$15 |
| Excess Withdrawal | $0 (transaction may be blocked) | $5–$10 |
| Wire Transfer (Incoming) | $0 | $10–$25 |
| Wire Transfer (Outgoing) | $30 | $25–$40 |
| Stop Payment | $0 | $15–$35 |
Minimum opening deposit: $0. You can open an account with any amount, though you must maintain a positive balance.
3. Key Features & User Experience
Marcus isn’t just a savings account—it’s part of a broader online banking platform that includes no‑penalty CDs, term CDs, and a high‑yield money market account (though the savings account remains the flagship).
Mobile App & Website
iOS / AndroidThe Marcus app (rated 4.8 on iOS, 4.5 on Android) allows you to check balances, transfer funds, deposit checks (via mobile check deposit), and manage CDs. The website is clean and intuitive, with 24/7 access.
Customer Support
Phone & ChatMarcus offers US‑based customer support by phone (24/7) and secure messaging through the app. Average wait times are under 2 minutes. Unlike some online‑only banks, you can actually speak to a human without navigating endless menus.
CD Options
Term DepositsMarcus offers standard CDs (3 months to 6 years) with competitive rates and a unique “no‑penalty” 13‑month CD that lets you withdraw early without paying a penalty—perfect if you think rates might rise further.
4. Pros & Cons
✅ Pros
- No fees: Zero monthly, excessive withdrawal, or incoming wire fees.
- Competitive APY: Consistently among the highest nationally.
- Goldman Sachs backing: One of the world’s most reputable financial institutions.
- User‑friendly app: High ratings and easy navigation.
- No minimum deposit: Accessible to everyone.
- Referral bonus: Earn cash for referring friends (more below).
❌ Cons
- No checking account: You’ll need a separate bank for everyday spending.
- No physical branches: If you prefer in‑person banking, Marcus isn’t for you.
- Transfer speed: External transfers can take 2–3 business days (though instant transfers are available between Marcus accounts).
- No cash deposit network: You can’t deposit cash directly (but you can use mobile check deposit or transfer from another bank).
5. Marcus vs Top Competitors (2026)
To decide if Marcus is truly the best, let’s compare it with the most popular high‑yield savings accounts available today.
| Bank | APY (Feb 2026) | Monthly Fee | Min. Deposit | Unique Feature |
|---|---|---|---|---|
| Marcus by Goldman Sachs | 4.25% | $0 | $0 | No‑penalty CD, referral bonus |
| Ally Bank | 4.20% | $0 | $0 | Ally Spending (checking) with ATM fee reimbursement |
| SoFi | 4.15% (with direct deposit) | $0 | $0 | All‑in‑one banking + invest |
| Capital One 360 | 4.10% | $0 | $0 | Branch access in some states |
| American Express Savings | 4.15% | $0 | $0 | Amex ecosystem, credit card integration |
| Discover Bank | 4.10% | $0 | $0 | Cashback debit, 24/7 customer service |
Marcus consistently offers one of the highest APYs, and its rates are rarely undercut by more than 0.10%–0.15%. The lack of a checking account is the main reason some savers choose Ally or SoFi instead, but if you’re purely looking for a place to park your emergency fund, Marcus is a top contender.
6. Safety & FDIC Insurance
Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA, which is a member of the FDIC. Your deposits are insured up to $250,000 per depositor, per ownership category. Given Goldman Sachs’ long history (founded in 1869) and its status as a systemically important financial institution, Marcus is considered extremely safe—far more so than many fintech startups that use intermediary banks.
🔒 Security Measures
- 256‑bit encryption for all data transmissions
- Two‑factor authentication (SMS or authenticator app)
- Biometric login on mobile
- Zero liability for unauthorized transactions
7. How to Open an Account (Step by Step)
Opening a Marcus savings account takes about 10 minutes. Here’s what you need:
- Personal information: Social Security number, date of birth, address.
- Identification: A valid government‑issued ID (driver’s license or passport).
- Funding source: An external bank account (routing and account numbers) to make your initial deposit (though you can open with $0).
- Visit the Marcus website or app: Click “Open an Account” and follow the prompts.
- Verify your identity: You may be asked to upload a photo of your ID or answer security questions.
Once your identity is verified, you can immediately fund the account via ACH transfer (takes 1–3 days) or wire (instant, but may incur a fee from your sending bank).
8. Referral Bonus & Promotions
Marcus has an ongoing referral program: when you refer a friend and they open a savings account (and maintain a minimum balance for a certain period), both of you receive a cash bonus. As of February 2026, the bonus is typically $50 per referral, with no annual cap. Occasionally, Marcus runs limited‑time promotions offering higher bonuses (e.g., $100 for a $10,000 deposit).
Note: Terms can change; always check the latest offer when you sign up.
💰 How to Maximize Referral Earnings
If you have family or friends looking for a better savings rate, sharing your referral link can earn you easy cash. Some savers have earned hundreds of dollars over a year by referring multiple people.
9. Customer Reviews & Trustpilot
On Trustpilot, Marcus has an average rating of 4.6 out of 5 (based on over 15,000 reviews). Customers praise the competitive rates, easy‑to‑use app, and helpful customer service. Negative reviews often cite slow external transfers or frustration with the lack of a checking account. On the Better Business Bureau, Marcus holds an A+ rating.
10. Is Marcus Right for You?
Marcus is ideal for:
- Emergency fund savers who want a top rate with zero fees.
- People who already have a separate checking account and don’t need a full banking suite.
- Those who value the safety of a “too big to fail” institution.
- CD ladder builders who can take advantage of no‑penalty CDs.
Marcus may not be ideal for:
- Anyone wanting a single account for both checking and savings.
- Frequent cash depositors.
- People who need to visit physical branches.
Marcus Savings APY vs National Average (2020–2026)
Marcus has consistently paid 10–15x the national average savings rate over the past six years.
Final Verdict: Still a Top Choice in 2026
After a thorough review, Marcus by Goldman Sachs remains one of the best high‑yield savings accounts available. Its combination of a competitive APY, no fees, excellent customer service, and the rock‑solid backing of Goldman Sachs makes it a go‑to option for millions of savers. While it lacks a checking account, that’s a minor trade‑off for a pure‑play savings vehicle. If you’re looking for a safe place to earn meaningful interest on your cash—without worrying about fees or rate chasing—Marcus deserves a spot on your short list.
💡 Next Steps
Ready to open an account? Check the latest rates and referral bonus on the Marcus website. And don’t forget to compare with other top accounts using our related guides below.
✅ Keep Learning
Frequently Asked Questions
Yes, Marcus is a brand of Goldman Sachs Bank USA, which is FDIC‑insured and one of the largest and most stable financial institutions in the world. Your deposits are insured up to $250,000.
You can transfer funds electronically to an external bank account (usually takes 1–3 business days) or request a wire transfer (same‑day, $30 outgoing fee). There is no debit card or check writing.
No, Marcus has no monthly maintenance fees, no excessive withdrawal fees, and no incoming wire fees. It’s completely fee‑free for standard savings account activities.
As of February 2026, the standard referral bonus is $50 per successful referral. Occasionally, promotions offer higher amounts for larger deposits. Check the Marcus app for the latest details.
Absolutely. You can open multiple savings accounts and CDs under one login. This makes it easy to organize your savings goals (e.g., emergency fund in savings, vacation fund in a no‑penalty CD).
Both offer similar APYs and no fees. Ally has the advantage of a full checking account with ATM fee reimbursement, while Marcus offers a slightly higher rate and no‑penalty CDs. Your choice depends on whether you want a single‑platform banking experience.