Marcus by Goldman Sachs Savings Account Calculator

Marcus by Goldman Sachs offers a high-yield savings account designed to help you grow your money while keeping it accessible. Our calculator helps you estimate your potential earnings based on your deposit amount, interest rate, and time period.

How Marcus by Goldman Sachs Savings Account Works

Marcus by Goldman Sachs is a digital savings account that offers competitive interest rates and convenient features for modern savers. Here's how it works:

Key Features

Competitive APY (Annual Percentage Yield) rates
No monthly maintenance fees
FDIC insurance up to $250,000
Mobile app for easy management
Direct deposit and bill pay options

Interest Calculation

The account pays interest on the daily balance of your account. Interest is calculated daily and credited to your account monthly. The actual APY you earn may vary based on your account balance and other factors.

Note: APY rates are subject to change and may vary based on your account balance. The rates shown in this calculator are estimates based on current promotional rates.

How Interest is Calculated

The interest on your Marcus by Goldman Sachs savings account is calculated using the following formula:

Interest = Principal × (1 + (APY ÷ 365) × Days) - Principal

Where:

Principal = Initial deposit amount
APY = Annual Percentage Yield
Days = Number of days the money is in the account

Example Calculation

If you deposit $1,000 at a 4.00% APY for 90 days:

Interest = $1,000 × (1 + (0.04 ÷ 365) × 90) - $1,000 Interest = $1,000 × (1 + 0.01) - $1,000 Interest = $1,000 × 1.01 - $1,000 Interest = $10.10

After 90 days, you would earn $10.10 in interest.

Comparison with Other Savings Accounts

Here's how Marcus by Goldman Sachs compares to other popular savings accounts:

Account Type	APY Range	Minimum Balance	Features
Marcus by Goldman Sachs	Up to 4.40%	$0	FDIC insurance, mobile app, no fees
Ally Bank	Up to 4.30%	$0	FDIC insurance, mobile app, no fees
Capital One 360	Up to 4.25%	$0	FDIC insurance, mobile app, no fees
Chime	Up to 4.50%	$0	No fees, mobile app, no FDIC insurance

Marcus by Goldman Sachs typically offers competitive rates with the convenience of a digital account and strong security through FDIC insurance.

Frequently Asked Questions

What is the minimum deposit required to open a Marcus by Goldman Sachs savings account?

You can open a Marcus by Goldman Sachs savings account with as little as $0. There is no minimum deposit required to open the account.

How often is interest calculated and credited?

Interest is calculated daily based on your account balance. It is credited to your account monthly.

Is my money FDIC-insured?

Yes, your money is FDIC-insured up to $250,000 per depositor, per institution, for each account ownership category.

Are there any fees associated with the account?

No, Marcus by Goldman Sachs does not charge any monthly maintenance fees or transaction fees.