American Express National Bank and Marcus by Goldman Sachs are both popular online banks, each with a competitive high-yield savings account (HYSA) option. But in an environment where interest rates are falling each day, choosing the right bank and savings account is crucial.
We examined the HYSAs offered by American Express and Marcus by Goldman Sachs to help you determine which one is the best fit for your savings needs.
Read more: 10 best high-yield savings accounts available today
The Online Savings Account from Marcus by Goldman Sachs offers 3.90% APY as of this writing. That’s more than nine times the national average rate for savings accounts.
There are no monthly maintenance fees, and the account doesn’t require a minimum opening deposit or minimum balance to earn this rate. Interest is compounded daily and credited to your account monthly.
One of the downsides of the Marcus by Goldman Sachs HYSA is that it doesn’t offer an ATM card. So if you need to access your funds, you’ll have to initiate a transfer to another account. The good news: It does allow same-day transfers of $100,000 or less to and from other banks. There’s also no limit on the number of withdrawals or transfers you can make from your account.
Read our full review of Marcus by Goldman Sachs
The American Express High-Yield Savings Account offers a slightly lower 3.80% APY with no monthly fees. There is also no minimum opening deposit or minimum balance requirements to earn interest or keep your account open.
Interest on this savings account compounds daily and is credited to your account monthly. Like Marcus, this account also does not come with an ATM card, debit card, or checks. Additionally, transfers from your savings account to an external bank account can take up to three business days to complete.
Read our full review of American Express National Bank
These two accounts are pretty similar.
Marcus by Goldman Sachs offers a slightly higher rate than American Express (3.90% APY vs. 3.80% APY). However, for the average person, a difference of 0.10% will have little impact on their savings account returns.
For example, say you open a savings account and deposit $1,000, then let that money sit for a year without making any additional deposits. At 3.90% APY, you’d earn $39.77 in interest over one year.
Now let’s say your account earns 3.80% APY. In this case, a balance of $1,000 held on deposit for one year would earn $38.73 in interest. As you can see, the difference is fairly insignificant.
Of course, the more money you have in your savings account, the more impactful the interest rate will be on future compound returns.
That said, it’s important to understand that savings account interest rates are variable, meaning the bank can change the rate at any time at its discretion. An account that offers the highest rate today may not have the highest rate tomorrow, so this shouldn’t be the only factor you consider when choosing a high-yield savings account.
Read more: Is ‘rate chasing’ worth it?
For instance, when opening an account with an online bank, it’s important that it offers a robust and user-friendly mobile app.
The Marcus by Goldman Sachs mobile app is available for download on the App Store and Google Play and has an average rating of 4.9 and 4.2 stars, respectively. Customers can use the app to open an account, add funds to their accounts, check their balances, transfer funds between accounts, and more.
The American Express mobile app has slightly better ratings on the App Store and Google Play with 4.9 and 4.7 stars, respectively. Customers can use it to review transactions, set payment reminders, track and redeem membership points, and more.
Read more: 10 best mobile banking apps of 2025
Overall, despite slightly lower mobile app ratings, Marcus by Goldman Sachs is the better HYSA option between the two, thanks to its higher interest rate, same-day transfers, and unlimited withdrawals and transfers.
Read our in-depth review of the Marcus by Goldman Sachs savings account here
Marcus by Goldman Sachs no longer offers investment products. However, it continues to offer banking products such as high-yield savings accounts, certificates of deposit, and credit cards.
Yes. American Express National Bank is an FDIC-insured institution. This means each account is insured up to $250,000 per depositor, per ownership category.
As long as you choose a high-yield savings account that is federally insured and your balance is within the limits set by the FDIC, your money is safe.
Read more: Are high-yield savings accounts safe?
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
