Marcus is a good choice for those seeking a simple, high-yield savings account with no fees and 24/7 customer service. SoFi is better suited for users who want more features like ATM access, debit cards, and integration with other financial products, and are able to meet the requirements for the highest APY.
| Attribute | Marcus by Goldman Sachs High-Yield Savings Account | SoFi Savings Account |
|---|---|---|
| Annual Percentage Yield (APY) | 3.65% (may change at any time, potentially higher with referral link) | Variable APY. As of January 24, 2025, members with Eligible Direct Deposit can earn 3.80% APY on savings balances (including Vaults). Members without Eligible Direct Deposit earn 1.00% APY. New SoFi Checking and Savings customers who enroll between July 10, 2025, and August 12, 2025, can get a 0.20% boost on their Savings APY for up to six months by setting up direct deposit, earning up to 4.00% APY. |
| Minimum deposit to open | $0 (account may be closed if not funded within 60 days) | No minimum deposit required to open. |
| Fees (monthly, transaction, etc.) | No monthly maintenance fees, no transaction fees, no fees for wire transfers, no minimum balance fees | No monthly maintenance fees, overdraft fees, or minimum balance fees. Transaction fee for outgoing wire transfers. No fee for incoming wire transfers (but the sending bank may charge). Cash deposit fee may apply. |
| Compounding frequency | Daily | Interest is accrued daily and compounded monthly. It is calculated on the last business day of each month and posted to the account by the fifth business day of the following month. |
| FDIC insurance coverage | Yes, up to $250,000 per depositor | Deposits insured up to $250,000 per depositor per legal category of account ownership. Through the SoFi Insured Deposit Program, deposits may be insured up to $3 million. |
| Mobile app availability and ratings | Yes, available on both iOS and Android | Mobile app available for both iOS and Android devices. The iOS app has a 4.8 rating in the App Store. |
| Online accessibility and user experience | Online-only bank, account can be opened online in minutes | User-friendly platform and cutting-edge technology. The mobile app is well-regarded for its intuitive design and seamless navigation. |
| Customer service channels (phone, chat, email) | Phone (24/7 at 1-844-MARCUS1), Chat (24/7 via website), FAQ page | Phone: (855) 456-7634 (Checking and Savings, Personal Loans, Student Loan Refinancing), (844) 763-4466 (Home Loans), (855) 525-7634 (Invest), (844) 945-7634 (Credit Card - Available 24/7), (833) 277-7634 (SoFi @ Work). Email: your-benefits@sofi.com (SoFi at Work Benefits), partnerwith@sofi.com (Partnerships), schools@sofi.com (University/School Relations), pr@sofi.com (Press), SCRA@sofi.org (SCRA). Live chat: Available within the SoFi app and website. |
| Funds transfer options and speed | Link to external bank accounts, same-day transfers ( 100,000 or less if made by 12 pm ET on a business day), wire transfer, check by U.S. mail, direct deposit | Electronic transfers to external bank accounts typically post in 1-3 business days. ACH transfers: 1-3 business days. Wire transfers are also available. SoFi Money Transfer: Free, instant transfers between SoFi members within the network. Debit card transfers: Instant transfers to other debit cards (fees may apply). Zelle: Send and receive money online. |
| Interest payment frequency | Monthly | Interest is calculated on the last business day of each month and posted to your account by the fifth business day of the following month. |
| ATM access or debit card availability | No ATM access or debit cards | Debit card available for purchases anywhere Visa is accepted. Access to over 55,000 ATMs in the Allpoint network with no fees. |
| Balance tiers and corresponding APYs | No balance tiers | To earn the highest APY, you need to set up a qualifying direct deposit or deposit at least $5,000 per month. Alternatively, you can pay a $10 monthly SoFi Plus membership fee. If you don't meet the deposit requirements, the APY is 1.00%. |