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Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
We've seen some excellent online banks emerge in recent years, and two of our favorites are SoFi (short for Social Finance) and Marcus by Goldman Sachs. Both have excellent products, but they are very different banks. With that in mind, here's a rundown of what these two online banks offer, how their rates and terms stack up, and more.
SoFi vs. Marcus by Goldman Sachs: Account options
One big difference between the two is that SoFi is much more of an all-in-one financial institution. In addition to deposit accounts, SoFi offers investment accounts, retirement accounts, personal loans, mortgages, credit cards, and more.
But when it comes to deposit accounts, both SoFi Bank and Marcus by Goldman Sachs have some excellent products. Here's a rundown of what these two financial institutions offer.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
APY
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Bonus disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
APY disclosure: SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Fee policy: Our account fee policy is subject to change at any time.
Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft protection: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Marcus by Goldman Sachs and SoFi offer high-yield savings accounts. SoFi's savings account, the SoFi Checking and Savings (which must be opened as a combination product with its checking account), is designed to reward customers who are willing to set up direct deposits from their paychecks. One particularly unique feature is the ability to create savings "Vaults," which allow account holders to set some of their savings aside into a sort of savings account within a savings account to help save for a specific goal.
Marcus by Goldman Sachs offers an online savings account that is similar to SoFi's in the sense that it doesn't have maintenance fees or minimum balance requirements, but there are a couple of key differences. First, the Marcus by Goldman Sachs Online Savings Account is a standalone account. Second, it pays the same APY to everyone, regardless of participation in direct deposit.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
APY
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
With no fees or minimums and tools designed to maximize your savings, the combo account is a good fit for individuals who want to do most of their banking in one place online. The account offers flexibility to access or move funds, especially if your employer's payroll system allows you to access the bank's early direct deposit benefit.
Marcus by Goldman Sachs doesn't currently offer checking accounts. On the other hand, SoFi offers an excellent online checking account that is one of the best on our radar. Not only does it pay a competitive interest rate (for a checking account), but it has ATM access at tens of thousands of locations nationwide, as well as excellent overdraft protection and access to direct deposits up to two days early.
It's worth noting that SoFi's checking account is only offered as a combination product with its savings account. You can't open one without the other -- but if all you want is a checking account, you could simply leave a small amount of money in the savings account.
CDs
If you're looking to open a certificate of deposit, Marcus by Goldman Sachs CDs are the clear winner. Currently, SoFi doesn't offer CDs at all, while Marcus by Goldman Sachs not only offers CDs but has a variety of CD terms with APYs that are among the best CDs on our radar.
Plus, Marcus by Goldman Sachs has some unique CD products, particularly its No-Penalty CDs that come in 7-, 11-, and 13-month terms and have competitive APYs and don't charge a penalty for early withdrawals like most CDs do.
SoFi vs. Marcus by Goldman Sachs: APYs
Both banks offer highly competitive APYs on their deposit accounts. With savings accounts, SoFi offers a slightly higher APY as of February 2024, but it requires direct deposit to get the top rate, while the Marcus by Goldman Sachs online savings account has the same APY for all savings account holders.
Unlike Marcus by Goldman Sachs, SoFi offers an interest-bearing checking account. While its APY isn't competitive with other online savings accounts, it is strong in the context of checking accounts.
Marcus by Goldman Sachs is the only bank of these two that offers CDs, and while these have a $500 minimum deposit, the rates they pay are highly competitive with the rest of our top CD list.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.25%
Rate info
4.25% annual percentage yield as of July 16, 2024
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
SoFi vs. Marcus by Goldman Sachs: Customer service
One of the key differentiating factors about Marcus by Goldman Sachs (and it's been this way since it was formed) is that it has live, U.S.-based customer support available 24 hours a day, seven days per week. It ranked second in overall satisfaction in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study, and has an A+ rating with the Better Business Bureau.
SoFi has strong customer service as well, with phone support available from 5 a.m. to 7 p.m. PT Monday-Thursday and ending two hours earlier Friday-Sunday. SoFi also has an excellent chat support system, and provides help through X (formerly Twitter).
SoFi vs. Marcus by Goldman Sachs: Mobile apps
SoFi has one of the best banking apps, especially considering how many different banking products and services you can manage through it. Deposit accounts, loans, investments, and more are seamlessly integrated. Seemingly complex things like buying your first stock are easy.
While Marcus by Goldman Sachs doesn't offer nearly as much variety of products and services as SoFi does, it still has an excellent app. In addition to managing savings and CD accounts, Marcus by Goldman Sachs's app also has an automated investment platform (robo-advisor), as well as a way to manage certain credit cards that are issued by Goldman Sachs.
SoFi vs. Marcus by Goldman Sachs: Which is right for you?
The best fit for you depends on what you're looking for, but these are two highly competitive online banks. If you're looking for an all-in-one banking solution to replace your branch-based bank, SoFi could be exactly what you need.
On the other hand, if you simply want some excellent high-yield deposit products to maximize the yield on your savings with few requirements, Marcus by Goldman Sachs could be the better fit.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
Competitive APY on both Savings and Checking
No account fees³
Welcome bonus up to $300 (direct deposit required)¹
Early access to direct deposits⁶
Tools to help you track savings goals
Unlimited number of external transfers (up to daily transaction limits)
ATM access⁵
FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
Combo account only; no stand-alone savings or checking
Maximum Savings APY requires direct deposit
Overdraft protection⁷ requires monthly direct deposit minimum
No branch access; online only
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
SoFi Disclosures
Bonus disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
APY disclosure: SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Fee policy: Our account fee policy is subject to change at any time.
Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft protection: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Matt Frankel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Fact Checked
Eric McWhinnie
2024 Award Winner