Marcus by Goldman Sachs vs. SoFi
Marcus works well for basic savings and SoFi for broader financial products
Partner Disclosures
Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay interest rate discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 4/24/25 and are subject to change without notice. Not all rates and amounts are available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000- $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
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Marcus by Goldman Sachs and SoFi are two leading names in digital banking, each with distinct advantages. This article compares their features, including their high-yield savings accounts and other banking services, to help you determine which option best aligns with your financial goals.
Marcus offers only high-yield savings and CDs with no fees or balance requirements.
Jump to insightSoFi provides more comprehensive banking, from checking to loans and investing.
Jump to insightSoFi customers get automated and self-directed investing plus free access to financial planners.
Jump to insightBoth banks earn strong app ratings, but SoFi’s is often called cluttered due to its many features.
Jump to insightHigh-yield savings accounts
Marcus by Goldman Sachs and SoFi both offer high-yield savings accounts with competitive interest rates and with no fees or minimum balance required.
| Marcus by Goldman Sachs | SoFi | |
|---|---|---|
| APY | 3.65% | 3.80% |
| Monthly fees | $0 | $0 |
| Minimum balance requirement | $0 | $0 |
Marcus by Goldman Sachs
Pro tip: Marcus will close your account if no deposit is made in 60 days, so set up automatic transfers to keep it open and growing.
Marcus by Goldman Sachs offers a high-yield savings account that earns 3.65% annual percentage yield (APY) with no monthly fees. There are also no minimum balance requirements to open an account. However, if you don’t make a deposit within 60 days, Marcus will close your account.
Marcus also promises same-day online transfers if you make the request before 4 p.m. Eastern time, which is great since the account doesn’t come with a debit card, and the only way to get money in and out of the account is via transfer.
SoFi
SoFi’s high-yield savings account earns 3.80% APY with no monthly fees or minimum balance requirements. One special feature of SoFi is its Vaults, which work like subaccounts that allow you to earmark funds for specific goals.
The company also offers SoFi Roundups to those who also have a SoFi checking account. You can have your purchases rounded up to the whole dollar amount and transferred automatically into your savings account.
» FIND OUT: What makes a savings account truly “high yield”?
Comprehensive banking services
Both Marcus and SoFi offer banking services, but the range of options is very different.
Marcus by Goldman Sachs
Marcus by Goldman Sachs has limited banking services, offering only a high-yield savings account and certificates of deposit (CDs). Both types of accounts earn competitive interest rates and have low fees.
If you’re already a customer of Goldman Sachs or are just looking for an account with a high interest rate to store some cash, then Marcus by Goldman Sachs could be a good option.
SoFi
SoFi began as a student loan refinancing lender and still focuses heavily on lending, particularly student and personal loans. However, its banking services are also competitive.
SoFi offers a wider variety of accounts and services, including:
- Accounts: Checking, high-yield savings, investing, small business accounts
- Financial services: Insurance, estate planning, credit monitoring tools
- Lending products: Personal loans, mortgages, student loans, credit cards
If you’re looking for a full-service online bank, SoFi is worth considering. You can keep your checking and savings with the same institution, while still getting high rates on your savings. This offers a level of convenience over Marcus by Goldman Sachs.
Investment and loan offerings
When it comes to investments and loans, SoFi has more offerings than Marcus by Goldman Sachs.
Marcus by Goldman Sachs
Marcus by Goldman Sachs doesn’t offer investments or loans. However, its parent company, Goldman Sachs, offers a wide range of investment services.
Marcus used to offer personal loans but stopped issuing new loans in January of 2023. However, the company is still servicing the outstanding loans that had been issued before that date.
SoFi
SoFi offers several different types of accounts, including a checking and savings account. It also offers a variety of lending options as well as investment accounts.
Investment options
SoFi offers both automated investing (Robo Investing) and self-directed investing (Active Investing). Automated investing manages your portfolio for you, while self-directed investing puts you in charge of choosing where your money goes.
Pro tip: If you plan on investing and want guidance, SoFi offers free access to fiduciary financial planners.
For those who want additional help, SoFi offers access to financial planners at no extra cost. The financial planners are fiduciaries, which means they’re legally required to give you advice that’s in your best interest. They aren’t salespeople for SoFi. This is a valuable benefit.
For investment options, you can choose to invest in stocks, exchange-traded funds, mutual funds, options and alternative funds.
Loan offerings
SoFi offers a wide range of lending options, including credit cards, student loans and student loan refinancing, personal loans, mortgages and auto loan refinancing.
For personal loans, SoFi offers loans between $5,000 and $100,000 with rates from 8.99% to 35.49% annual percentage rate, including all discounts. You can get preapproved on its website and see how much you qualify for. Loan terms range from two to seven years.
Mobile banking and technology
Both banks offer mobile apps that let you manage accounts, transfer funds and track balances on the go.
Marcus by Goldman Sachs
The Marcus by Goldman Sachs mobile app has over 500,000 downloads and earns 4.1 out of 5 stars on the Google Play Store. On the Apple App Store, it has over 200,000 downloads and earns 4.8 out of five stars.
Since Marcus only offers a savings account and CDs, the app is fairly straightforward. You can transfer funds in and out of your accounts, as well as check the current interest rates and open new accounts.
SoFi
The mobile app from SoFi has 4.2 stars and over five million downloads on the Google Play Store. On the App Store, it has over 350,000 downloads and earns 4.8 stars.
Reviewers state that the app is easy to use; however, a common complaint is that the app is cluttered due to so many types of accounts.
» COMPARE: Top-rated online lenders
Customer service and support
Both banks provide phone support and online resources, but reviews show more frustration with Marcus by Goldman Sachs than with SoFi.
Marcus by Goldman Sachs
You can reach Marcus by Goldman Sachs at 855-730-7283, with 24/7 customer service. It also has an FAQ section on its website to help with common issues.
As of publication, Marcus has poor reviews. Most complaints involve frozen accounts and difficulty resolving them with customer service.
SoFi
SoFi has several phone numbers specific to each account type and also offers a 24/7 chatbot.
- Checking, savings, personal loans and student loans: 855-456-7634
- Home loans: 844-763-4466
- Investing: 855-525-7634
- Credit cards: 844-945-7634
Customer service for checking, savings, personal loans and student loans is available Monday through Thursday, 5 a.m. to 7 p.m. Pacific time and Friday through Sunday from 5 a.m. to 5 p.m. Pacific time.
SoFi reviews are slightly better than Marcus's, but most are still negative as of publishing. Common complaints involve account issues and poor customer service.
FAQ
What is the downside of Marcus by Goldman Sachs?
The biggest downside of Marcus by Goldman Sachs is that the account types are limited to a single high-yield savings account and CDs. If you want to do all your banking in one place, Marcus won’t be the best choice.
Is Marcus by Goldman Sachs shutting down?
Marcus by Goldman Sachs isn’t shutting down, but it did stop offering personal loans in January 2023 due to $778 million in losses in the fourth quarter of 2022 and $2 billion in losses over the full year.
Which bank gives 7% interest on savings accounts?
There aren’t any mainstream banks currently offering 7% on savings accounts.
You may be able to find promotional rates at local credit unions that offer higher-than-market rates. For example, Digital Federal Credit Union is offering 5.5% APY on the first $1,000 you put in your savings account, but reaching 7% would likely require stacking multiple promotions.
What is the downside to using SoFi?
The biggest downside to using SoFi is that it doesn’t have physical branches. You’re limited to online and phone support, which can be frustrating if you encounter an issue with your account.
