Marcus Savings Account Interest Rate Of May 2024 (2024)

Marcus by Goldman Sachs, a subsidiary of Goldman Sachs, is an online bank that offers high-yield savings accounts, CDs, exchange-traded funds and fixed-rate personal loans. Marcus high-yield online savings accounts pay a competitive interest rate that’s promoted as eight times the national average. According to the FDIC, the national average savings rate is 0.45% as of May 20, 2024. This online savings account charges no fees and requires no minimum deposits.

Account details and annual percentage yields (APYs) are accurate as of May 1, 2024.

How To Open a Marcus Savings Account?

A Marcus savings account can be opened online or by calling 855-730-7283. There’s no minimum deposit required to open a Marcus savings account. To open an account online, choose Open an Account from the Marcus by Goldman Sachs High-Yield Online Savings Account.

If you’re a current Marcus customer, you have the option of logging into your account to pre-fill some application information.

During the application process, you’ll be asked for your name, address and phone number. You’ll need to agree to the bank’s eSign agreement, privacy policy and site terms. You’ll also be asked for identification information, such as your country of citizenship, date of birth and Social Security number. Marcus will verify your identity and account eligibility prior to opening your account.

What We Like About Marcus Savings Accounts

A Marcus Online Savings account is a good choice for customers looking for a simple online savings account with a decent interest rate and no fees.

The Marcus savings account interest rate is well above the national average and competitive with the best interest rates available on high-yield savings accounts. The interest rate is earned on your entire balance and is not tied to minimum balances or balance tiers. There are no fees associated with Marcus savings accounts.

The bank offers a notable advantage for customers who need to move a large amount of money: same-day processing for transfers up to $100,000 to and from other banks. Marcus doesn’t limit the number of transactions into or out of accounts.

Finally, Marcus offers 24/7 customer service through its contact center.

What Are Marcus Savings Account Interest Rates?

Marcus offers a 4.40% APY on all balances, up to maximum balance limits in their Online Savings Account. The bank advertises this rate as being eight times the national average for savings accounts as determined by the FDIC, but it’s currently even more.

Unlike some high-yield savings accounts, Marcus’s savings rate of 4.40% APY on all balances, up to maximum balance limits applies to all eligible accounts. The bank does mention that deposit limits apply, but those deposit maximum limits are $3,000,000 per account owner and $1,000,000 per account. Most customers won’t need to worry about deposit limits with Marcus.

How Often Is Interest Compounded on a Marcus Savings Account?

Marcus compounds interest on its online savings accounts daily. Marcus’s savings interest rate applies to any principal and interest accrued in your account each day. Additionally, you begin earning interest on a deposit the same day Marcus receives it.

Interest on Marcus Online Savings Accounts is paid monthly, and fractional cents of interest earned carry over to the next month.

How Do I Close My Marcus Savings Account?

If you want to close your Marcus savings account, you can complete an account closure request either online or by phone.

To close an account online, log in to Marcus online banking and navigate to the account details page. Select the three dots in the upper right corner and choose Close this account.

When you close your account, you’ll be asked where to transfer any existing balances. Your balances can be transferred to another Marcus account or a linked account at another bank. You can also request that Marcus mail you a check for the amount in your account or that your balance be transferred to multiple accounts. To request a check or transfer to multiple accounts, you must contact Marcus by phone.

To close your Marcus account by phone, you can call 855-730-7283. Marcus customer service is available 24 hours a day, seven days a week.

How To Find a Marcus Savings Account Number

If you need to find your Marcus savings account and routing numbers, you can easily look them up on Marcus’s website.

Log in to your account and go to the account details page on Marcus’s website. Near the top of the page, you’ll see Show next to Account & Routing Number. If you select Show, you’ll see your full account number and routing number.

You can also find the account number on your monthly account statement.

Bottom Line

The Marcus savings account rate is competitive with many of the best high-yield savings account interest rates. But the value the Marcus Online Savings account offers does not stop with its interest rate. The account features no fees, generous same-day transfer limits and no minimum deposit requirement.