AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
In a nutshell
Online banking is a crowded space, but some big names stand out from the crowd. Both SoFi and Marcus by Goldman Sachs are great choices for savers who are looking for a high-yield savings account with few fees. But your needs and what each institution offers will determine which one is right for you.
- SoFi and Marcus are leaders in online financial products and services, but they don’t offer all of the same products.
- They both offer a competitive high-yield savings account with no fees, but SoFi has a bonus welcome offer for new HYSAs and checking account customers.
- For folks who want a CD, Marcus has high yields with varying terms while SoFi doesn’t currently offer CDs.
Checking and business checking
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| APY* | |
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| Monthly fee | |
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| Min. deposit | |
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| Bonus | Up to $300 bonus with qualifying direct deposits |
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Marcus doesn’t offer a checking account, but SoFi offers a rare-but-beneficial high-yield checking account. Even better, SoFi’s checking account has no fees, which includes no minimum balance, no ATM, no overdraft and no monthly maintenance fees.
Savings
| Marcus High Yield Savings | |
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| APY* | | |
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| Monthly fee | | |
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| Min. deposit | | |
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| Bonus | | $50 to $300, depending on the direct deposit amount set up at opening. |
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Both Marcus and SoFi have competitive high-yield savings accounts with no fees. But SoFi has a slightly higher yield and a bonus offer if you set up direct deposit.
Certificates of deposit (CDs)
SoFi doesn’t currently offer CDs, so if you’d like a CD option, Marcus wins this round.
Other options
Both Marcus and SoFi offer different investing options and credit cards, but SoFi has a long list of different lending options, including:
- Personal loans.
- Private student loans for undergraduate, graduate, professional and parents.
- Student loan refinancing.
- Mortgages and home refinancing.
- Auto loan refinancing.
SoFi also offers different insurance products, including:
- Auto.
- Life.
- Homeowners.
- Renters.
- Cyber.
They also offer estate planning services.
Which one is right for you?
Both Marcus and SoFi offer different banking products, but both of them don’t offer the same ones. Based on their offerings, you might choose one or the other. For instance, if you’re looking for a checking account, SoFi offers this but Marcus doesn’t. If you’re browsing for CDs, Marcus has a few different options, but SoFi doesn’t have any CDs. Neither offer money market accounts.
To choose the right one for you, look to see first if they offer what you’re looking for. Then compare based on eligibility. For instance, do you have the minimum account balance to open a CD at Marcus?
Then compare any bonus or introductory offers. SoFi offers bonus offers for checking and savings account openings, while Marcus doesn’t offer any bonuses at signup. Also look at any fees, charges or ways you could earn less.
You might want to choose Marcus if:
- You’re looking for different savings products, including high-yield savings products and CDs.
- You can take advantage of no fees.
- You qualify for the eligibility requirements.
You may want to choose SoFi if:
- The bonus offer is enticing enough to take advantage of.
- You want to try out different lending products.
- You want a lot of the same banking and investment opportunities within one financial institution.
The AP Buyline roundup
Both Marcus and SoFi offer different banking products and the only product to compare them both is a high-yield savings account. Otherwise, you may want to compare both Marcus and SoFi to other lenders who offer the same products.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
FAQs
SoFi offers bonus offers for checking and savings account openings, while Marcus doesn't offer any bonuses at signup. Also look at any fees, charges or ways you could earn less. You might want to choose Marcus if: You're looking for different savings products, including high-yield savings products and CDs.
What is the downside of Marcus by Goldman Sachs? ›
Access issues: Marcus has no physical branches or ATM network. Funding limitations: Account holders can't use cash or mobile checks for deposits. Limited accounts: Marcus doesn't have as many banking products available as some other financial institutions, including a checking account.
What is the downside of SoFi? ›
Cons No branches: As an online-only bank, SoFi doesn't provide in-person banking access. No out-of-network ATM reimbursem*nts: Unlike some online banks, SoFi doesn't reimburse ATM fees for out-of-network ATMs.
Which bank gives 7% interest on savings accounts? ›
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Can I trust SoFi with my money? ›
FDIC insured: Your deposits are secure with the Sofi Checking and Savings account. Deposits are FDIC insured for up to $250,000 per individual — $500,000 for joint accounts — and you can add FDIC insurance up to $2 million.
What is so great about SoFi? ›
A truly robust bank, SoFi Bank offers a number of products. And while SoFi doesn't have any physical locations, customers can access their accounts at more than 55,000 fee-free ATMs across the U.S. via the Allpoint network. SoFi also offers competitive interest rates and doesn't charge any fees.
Is Goldman shutting Marcus? ›
Goldman Sachs will no longer offer investment services via Marcus Invest, which offered digitally customized investment portfolios to consumers, according to the Marcus website.
Is SoFi a good savings account? ›
See how we rate banking products to write unbiased product reviews. SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account. You can earn a competitive interest rate if you set up direct deposit or deposit a minimum of $5,000 per month.
Is it safe to put money in Marcus? ›
Goldman Sachs Bank USA is an FDIC member, which means that funds deposited in Marcus Online Savings Accounts and CD accounts are insured up to the maximum allowed by law, which is currently $250,000 for all your individually-owned accounts combined, $250,000 per owner for jointly owned accounts and $250,000 per ...
Is SoFi Bank safe from collapse? ›
Is SoFi Bank FDIC insured? Yes, funds deposited into SoFi checking and savings accounts are FDIC insured for up to $250,000 per depositor, for each ownership category, in the event of a bank failure.
Any new deposit made into a SoFi Invest account is placed on a five-business-day hold. The sixth business day is when your funds are available to be withdrawn. You are still able to make purchases and place trades during this holding period.
Is SoFi financially stable? ›
SoFi reported its second consecutive quarter of GAAP net income, achieving $88.0 million in the first quarter of 2024, which includes a $59.2 million one-time benefit from exchanging convertible debt in the quarter. This compares to a loss of $34.4 million in the first quarter of 2023.
Where can I get 5% interest on my savings account? ›
Nationally Available High Interest Account Rates from Our Partners
| Account Name | APY (Annual Percentage Yield) Accurate as of 5/24/2024 |
|---|
| Western Alliance Bank High-Yield Savings Premier | 5.36% |
| NexBank High Yield Savings Account | 5.26% |
| UFB Secure Savings | 5.25% |
| CIT Bank Platinum Savings | 5.00% (with $5,000 minimum balance) |
2 more rowsMay 10, 2024
OnPath Federal Credit Union customers can currently access a 7% APY on average daily checking account balances up to $10,000. Landmark Premium Credit Union is another credit union offering a high rate on checking deposits. You can earn 7.50% APY on deposits of up to $500.
Where can I get 12% interest on my money? ›
Where can I find a 12% interest savings account?
| Bank name | Account name | APY |
|---|
| Khan Bank | 365-day, 18-month and 24-month Ordinary Term Savings Account | 12.3% to 12.8% |
| Khan Bank | 12-month, 18-month and 24-month Online Term Deposit Account | 12.4% to 12.9% |
| Yield | N/A | Up to 12% |
| Crypto.com | | Up to 14.5% |
6 more rowsJun 1, 2023
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.
Is it safe to invest through SoFi? ›
Among the few negatives, publicly available financial information about SoFi Invest is quite limited compared to other brokers. However, being a US-regulated broker and offering a high amount of investor protection are still all great signs for SoFi Invest's safety.
Is SoFi a safe banking option? ›
Yes. SoFi is an FDIC-insured, nationally chartered bank.
What credit score you need for SoFi? ›
Where SoFi personal loans falls short. Good-to-excellent credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan, which is higher than some other lenders. No co-signer options: While there can be two borrowers, co-signing isn't available.
