Is a high-yield savings account FDIC insured?

Yes. High-yield savings accounts at FDIC-member banks are insured up to $250,000 per depositor. Your principal cannot decrease due to market movements — a key difference from money market funds, which are not FDIC insured.

Does the advertised APY require a minimum balance?

It depends on the institution. Some high-yield savings accounts pay the same rate on all balances (no tiers), while others require a minimum daily balance to earn the top rate. Check the bank's disclosure page before opening.

How often does a savings APY change?

High-yield savings rates are variable — they move in response to Federal Reserve policy. Rates typically adjust within weeks of a Fed decision. SwitchWize tracks rates daily; the figure on this page reflects the most recently observed rate.

Can I lose money in a high-yield savings account?

No. Your deposited principal is protected by FDIC insurance up to $250,000. The APY is variable and will change over time, but that only affects future interest earned — never your principal.

How does a high-yield savings account differ from a money market account?

Both pay competitive variable rates and are FDIC insured, but money market accounts sometimes include check-writing or a debit card. High-yield savings accounts typically offer fewer transaction features but often pay a higher APY. Compare current rates for both before deciding.

Is the interest taxable?

Yes. Interest earned in a high-yield savings account is fully taxable at both federal and state levels. You'll receive a 1099-INT for any year you earn $10 or more. Unlike Treasury money market fund income, savings interest has no state-tax exemption.

Marcus by Goldman Sachs

High Yield Savings Account

Marcus by Goldman Sachs Online Savings Account Review 2026

Marcus is a strong no-fee HYSA for savers who want a recognizable bank, clean account rules, and strong transfer mechanics. It is usually not the max-APY choice.

APY

3.50%

Updated Oct 12, 2026

Monthly fee

Clean fee setup

Minimum

Verify

Opening or balance minimum

Terms checked

Oct 12, 2026

Partially verified

FDIC insuredNo monthly feeMinimum verifiedWeak: no ATM or debit accessStrong: same-day transfers up to $100,000 when conditions are met

Open account

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Your cash estimate

Marcus by Goldman Sachs earnings

Savings balance

Current APYTax rate

Need ATM cash access?

Estimated interest

$875

Before tax at 3.50% APY

After-tax estimate

$595

Uses your tax-rate input

Gap vs current account+$775

Gap vs top comparable high-yield savings account-$125

Fit score86/100

Marcus by Goldman Sachs can be a strong move if you are leaving a low-rate savings account.

SwitchWize Rating

Good(3/5)

Best for

No-fee saversNo-minimum openingMarcus by Goldman Sachs online bankingEmergency fund

Competitive in some areas. Compare before opening.

This is an editorial rating of rate competitiveness and product terms for Marcus by Goldman Sachs High Yield Savings Account, not a customer star rating.

How this rating works

For deposit accounts, the editorial rating uses the current advertised APY against category-specific rate bands. Listed account terms inform the review, but customer satisfaction is not part of this score.

What we use

Current advertised APY
Category-specific APY bands
Listed fees, minimums, and access terms for the written review

SwitchWize verdict

Good for brand-safe online savings. Watch the catch.

Best for

No-fee emergency funds
Known-brand savings
Large online transfers
People leaving big-bank savings

Skip if

Highest-APY chasers
ATM access
Checking plus savings in one place
Cash above FDIC limits without splitting

Main catch

Marcus is savings-only: no ATM card, debit card, checking account, or branch access from the savings account.

Marcus is a confidence-and-transfer play, not a pure rate-chasing play.

Pros & cons

Pros

FDIC insured up to $250,000

Cons

We could not verify: monthly maintenance fee, minimum opening deposit.

Derived from the current rate, fees, and terms we track for this product. Confirm the latest details on the provider’s site.

Cash product truth label

Rate strengthGood, not top of market

Fee cleanlinessClean: no monthly fee observed

Minimum balanceVerify minimum

AccessExternal bank transfers

ATM / debitWeak: no ATM or debit access

Transfer speedStrong: same-day transfers up to $100,000 when conditions are met

Brand familiarityGoldman Sachs Bank USA, Member FDIC

Biggest catchMarcus is savings-only: no ATM card, debit card, checking account, or branch access from the savings account.

Cash access map

Online transfer

Yes

Same-day transfer

Up to $100k, conditions apply

ATM card

Debit card

Checks

Branches

Support

24/7 contact center

Why SwitchWize ranks this page this way

Rate, access, product terms, and fit all matter.

Top tracked gap: 0.50 percentage points

Ranking drivers

No fees
No minimum deposit
Known financial institution
Same-day transfer capability
24/7 support

Points lost

Not usually the top APY
No ATM card
No branch access
No checking bundle

Transfer timeline

1Day 0

Open online or in the Marcus app with no minimum deposit.

2Day 0-1

Link an external checking or savings account and initiate a transfer.

3Same business day

Marcus says transfers of $100,000 or less made by noon ET can process by 5 pm ET, subject to conditions.

4Ongoing

Schedule transfers, review transactions, and watch whether the APY falls behind top HYSAs.

Rate Decay Watch

Will this APY stay competitive after you open?

Set an alert if Marcus by Goldman Sachs falls 0.25, 0.50, or 1.00 percentage points behind the best comparable high-yield savings account. We keep watching so you do not have to.

Set rate alert

Compare alternatives

Do not compare APY alone.

Marcus by Goldman Sachs

3.50%

Weak: no ATM or debit access

Marcus is savings-only: no ATM card, debit card, checking account, or branch access from the savings account.

Accordia

4.00%

Compare transfer and ATM rules

Higher APY may come with lower brand familiarity, access differences, or less recently verified terms.

Ally

3.10%

Compare transfer and ATM rules

Higher APY may come with lower brand familiarity, access differences, or less recently verified terms.

Alto Bank

3.00%

Compare transfer and ATM rules

Higher APY may come with lower brand familiarity, access differences, or less recently verified terms.

HYSA

Simple, FDIC-insured, variable APY. Best for emergency funds and idle cash.

Treasury bills

Potential state-tax advantage, but less bank-like access and more purchase and rollover hassle.

Money market account

May add checks or debit access, but compare fees, rate tiers, and insurance status.

Your decision receipt

Recommended if

no-fee emergency funds and known-brand savings.

Skip if

highest-apy chasers or atm access.

Best alternative

Top-rate HYSA if the extra APY is worth it; money market account if you need cash access.

Next step

Run the calculator above, compare the top-rate gap, then set a rate watch if you open the account.

Source-backed notes

Provider page lists 3.40% APY as of Jun 22, 2026, no fees, no minimum deposit, FDIC insurance, same-day transfers up to $100,000, and 24/7 support.
Marcus states APY is variable and may change before or after account opening.

Always confirm final terms on the provider site before opening. APYs are variable and can change before or after account opening.

Review basis

What we checked for this review

Current rate and listed account terms are checked against provider materials and SwitchWize rate observations.
The rating is SwitchWize editorial analysis of the terms and fit shown on this page, not a customer rating.
This page does not represent a hands-on account test. Confirm final terms with the provider before opening.

How we review accounts

Sources and review dates

Rate and listed terms checked: Oct 12, 2026.
Review basis: provider materials and SwitchWize rate observations.
Visit the provider website to confirm final terms

Related calculators and guides

HYSA calculator Short-term savings calculator Money Market Fund vs. High-Yield Savings: When the Lower Rate Wins Savings vs. Money Market Fund vs. CD: Matching Cash to the Clock HYSA vs CD: Which Earns More on Your Cash in 2026?Best High Yield Savings Account 2027: Top Picks Compared

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