While there are no ATM cards or checking account options available through Marcus, the bank does offer a variety of no-fee personal loans as well.
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As required by law, Marcus savings account holders can make up to six free withdrawals or transfers per statement cycle. Marcus doesn't charge a fee if you link other bank accounts for incoming and outgoing transfers, but keep in mind that your other bank might. There is no option to deposit checks via the mobile app, which some of the accounts on this list offer. To add money to your account, you can transfer funds, make direct deposit payments, send a check or make a wire transfer. You can also request a withdrawal by check mailed to you. The bank's U.S.-based contact center is open 24/7 for live customer support over the phone or through online chat.Īccount-holders can withdraw money from their Marcus savings account online and by phone through ACH or by free wire transfer to a linked account at another bank. The Marcus account also stands out thanks to its mobile banking app, which is simple to use and allows you to set up recurring deposits, track your savings goals and see how much interest you've earned this year. While there are no associated fees, the bank's site says it may close your account if you don't maintain a positive balance for 60 days. Users start earning interest with a minimum of $1 in your account. The account offer s 0.85% APY with no monthly fees and no minimum deposits. It's the most straightforward savings account to use when all you want to do is grow your money with zero conditions attached. Marcus offers no fees whatsoever and easy mobile access. We rated this our best overall pick for a few reasons. Who's this for? As the consumer banking arm of Goldman Sachs, Marcus offers a few financial products including the Marcus by Goldman Sachs High Yield Online Savings. The savings accounts we selected offer an above-average APY to all customers (no matter your balance), are FDIC-insured, have zero monthly maintenance fees and low (or no) minimum balance requirements (see our methodology for more information on how we choose the best high-yield savings accounts). When rating our top five, we considered each account's APY, its ease of use, account accessibility, monthly fees and minimum balance requirements. We found that although most online banks don't have physical branch locations, they typically offer higher APYs, lower fees and overall better benefits than national brick-and-mortar banks. To determine which high-yield savings accounts are the best overall, Select analyzed and compared dozens of savings accounts offered by online and brick-and-mortar banks, including large credit unions. That's over 10 times less than what the highest-yield savings accounts offer. The national average APY on savings accounts is just 0.07%, according to the Federal Deposit Insurance Corporation (FDIC). The higher your annual percentage yield (APY), the faster your money grows and you get a better return than you would with a traditional savings account. Unlike traditional savings accounts, high-yield savings accounts reward you with a higher interest rate and your money grows even faster thanks to compound interest - which lets you earn interest on interest.
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