Banking » Compare Banks » SoFi vs Marcus Savings Account: Which Offers More?
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SoFi vs Marcus Savings Account: Which Offers More?

Compare SoFi and Marcus Savings account rates, features, benefits, and limitations to determine which one is best for your needs.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

Banking » Compare Banks » SoFi vs Marcus Savings Account: Which Offers More?
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

SoFi vs Marcus Savings Account: Which Offers More?

Compare SoFi and Marcus Savings account rates, features, benefits, and limitations to determine which one is best for your needs.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

In this article, we will compare savings account of these two banks in detail to help you decide which one is the best fit for your financial goals. We will examine their savings account rates, account perks, and any potential drawbacks or limitations and evaluate any promotions or offers that each bank may be running for new customers.

Whether you're saving for a down payment on a house or want to maximize your savings, this comparison will help you find the best savings account for your needs.

Compare Savings Rates And Deposit Requirements

Marcus
SoFi
Savings Rate
4.40%
up to 4.60%
Minimum Deposit
$0
$0
Fees
$0
$0
Promotion
None
$50 – $250 New customers should deposit $1,000 – $5,000 to get the promotion. Expired on 12/31/2023

Based on the data provided in the table, SoFi Bank Savings appears to offer a slightly better savings rate at up to 4.60% compared to Marcus Savings Account's rate of 4.40%. Comparing other banks, these rates are very competitive.

Additionally, both banks offer a $0 minimum deposit and $0 fees, making them both accessible and affordable for customers.

However, SoFi Bank Savings has the advantage of offering a promotional offer for new customers, with potential rewards ranging from $50 to $250.

SoFi vs Marcus: Saving Account Features And Benefits

Marcus
SoFi
Detailed Overview Of Expenses
Attractive APY
Prioritize Spending
Spending Tracker
Achieve Long-Term Goals
Automatic Savings Roundups
Automatic Savings Roundups
No fees
Automatic Savings Roundups
Monitor credit score

SoFi Bank Savings offers a variety of features and benefits that make it a great option for individuals looking to combine savings and checking for a convenient and low-cost banking solution. Firstly, the bank has no fees for account maintenance, overdraft, account inactivity, foreign transactions, or ATM usage. With over 55,000 free Allpoint Network ATMs worldwide, SoFi Bank Savings also offers $0 ATM fees to its users.

Another notable feature is the Automatic Savings Roundups, which rounds up purchases to the nearest whole number and automatically transfers the difference to a specified vault. Customers can also obtain unlimited free paper checks for making payments when required.

Marcus savings account also has no account maintenance fees. There is also no minimum deposit required, and you can transfer up to $100,000 to other banks on the same day. Additionally, the account comes with a savings calculator, which is a useful tool to determine how much you can earn by saving with Marcus.

Where They Can Improve?

Marcus
SoFi
Online Only
No Cash Deposits
No Mobile Check Deposit
Withdrawal Limits
No Promotions
No Physical Branches
No Checking Account
Third-Party ATM Fees

 Marcus is an online-only bank, which means that customers who prefer physical branches may need to look for alternatives.

Although Marcus has iOS and Android apps, they do not allow check deposits, and customers must either send in a check by mail or link their checking account to the Marcus account.

Marcus does not offer promotions to new customers, unlike SoFi, that offer bonuses for opening new accounts.

Marcus does not offer checking account options, so customers will need to link their Marcus account to a third-party bank for transactions such as deposits and withdrawals.

Unlike traditional banks, you cannot deposit cash into SoFi directly.

SoFi has withdrawal limits, including a $1,000 limit for ATM withdrawals, a $150 limit for over-the-counter withdrawals, and a $6,000 limit for point of sale purchases.

SoFi Bank is an online-only bank, so there are no physical branches available for users.

Only transactions on Allpoint Network ATMs are fee-free.

SoFi Vs. Marcus: How To Open A Savings Account?

When it comes to online banking, SoFi, and Marcus's account opening procedure is quite similar. Here are the steps for each:

Here's a summary of the steps to open a SoFi Bank Savings in 3-4 points:

  1. Provide basic information: Provide your name, email, and password to create a SoFi Money account.
  2. Verify identity and confirm account type: Confirm your identity and citizenship status, and choose between an individual or joint account.
  3. Complete additional questions: Answer additional questions related to your role in a brokerage firm or security exchange, your directorship or role in a publicly-traded company, or adding a trusted person to help manage the account.
  4. Link your bank account: Link your bank account to add funds to your SoFi Money account.

Opening a Marcus Savings Account is a straightforward process that can be completed either on the Marcus website or through the mobile app.

You simply need to click the “Open an Account” button, fill out an online form with your personal and contact details, and link your bank account to fund your savings account if you wish.

Alternatively, you can download the Marcus app and complete the process there. You will need to provide your occupation, yearly income, and social security number to set up your account.

Savings Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.