Marcus Online Savings
- Best for: Savers who keep checking at another bank and want same-day transfers between the two
- What Sets It Apart: Same-day transfers of up to $100,000 to and from other banks, with no fee even on wires
- APY: 3.50%, variable, with no minimum balance; an extra 1.00% for three months per friend referred, up to five at a time
- Features: FDIC insured; no cap on the number of withdrawals or transfers; up to $1 million per account; CDs from six months to six years
- Monthly Fee: $0
- Minimum Deposit: $0
- Cost: $0 for ACH transfers and wires, online or by phone
- Pros: No Marcus fee on transfers or wires; no cap on the number of withdrawals; phone help 24 hours a day
- Cons: No checking account, debit card, or ATM access; no cash or mobile check deposits; trails Pibank’s 4.40% APY
Open Marcus Online Savings if you keep checking at another bank and want a competitive rate, no fees, and same-day transfers between the two. If you’d rather have savings and checking at one bank, pick one that offers both instead.
Marcus Online Savings pays 3.50% APY, the annual percentage yield, with no fees or minimum deposit, more than the 3.20% Ally pays on savings, though Ally adds checking and tools that split your savings by goal. It’s built for savers who keep checking and a debit card at another bank, since Marcus offers neither.
Key Features
- 3.50% APY, compounded daily and credited monthly
- No monthly fee, minimum deposit, or minimum balance
- Same-day transfers up to $100,000 between Marcus and your other banks, requested by noon ET on a business day
- An extra 1.00% APY for three months for you and each new customer you refer, up to five boosts at a time
- Up to $1 million per account and $3 million across all your Marcus deposits
Pros
- No Marcus fee on transfers or wires, sent online or by phone
- No cap on the number of withdrawals or transfers each month
- Interest starts the day you request a transfer in
- Phone help 24 hours a day, seven days a week
- CDs from six months to six years at the same bank, from $500
Cons
- No checking account, debit card, or ATM access
- No cash or mobile check deposits, so paper checks go by mail
- No tools for splitting savings by goal or rounding up purchases
- Its 3.50% APY trails the 4.40% Pibank pays on savings
Savers who already have a checking account they like earn 3.50% APY here with no fees and same-day transfers to that account. Choose an online bank that offers checking and a debit card too if you want everything at one bank.
Learn more about Marcus Online Savings or see how it compares to the best high-yield savings accounts.
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