Discover the Simplest High-Earning Savings Account with Zero Fees and Convenient Mobile Accessibility.

Note: The annual percentage yields (APYs) presented in this article were accurate at the time of publication, but they may vary depending on fluctuations in the Fed rate. CNBC will update this article as any changes become known.

High-yield savings accounts provide a great opportunity to build up an emergency fund or save money for large purchases like a new vehicle or a deposit on a first home, as they offer significantly higher interest rates than traditional savings accounts.

There are many high-yield options available, from online banks to physical brick-and-mortar institutions, but some find it easier to choose one that is straightforward and uncomplicated. Marcus, the consumer banking division of Goldman Sachs, offers a financial product that meets this description.

On CNBC Select's list of top high-yield savings accounts, the Marcus by Goldman Sachs High Yield Online Savings was ranked as the "best for no fees."

In this article, we will take a closer look at the Marcus by Goldman Sachs High Yield Online Savings account by examining its APY, access to funds, features, and fees so that you can decide if this high-yield savings account is the right choice for you.

Review of Marcus by Goldman Sachs High Yield Online Savings

APY, Access to Funds, Perks, Fees, and Conclusion

The current APY for the Marcus by Goldman Sachs High Yield Online Savings account is 3.90%. No minimum deposit is required to establish an account, and users can begin earning interest with as little as $1 in their account.

However, we recommend that you deposit more than just a dollar to maximize the higher APY. Shon Anderson, a certified financial planner at Anderson Financial Strategies LLC, suggests having between two to four months of expenses in your savings account.

Marcus compounds the interest on your savings daily, similar to other high-yield savings accounts. The quoted APY represents the total amount of interest that the account earns over the year.

In summary, the Marcus by Goldman Sachs High Yield Online Savings account is an excellent option for individuals searching for a straightforward and uncomplicated savings account with no fees. If you are looking for a high-yield savings account, this account may be a good choice for you.

Access Your Funds

You can easily withdraw funds from your Marcus savings account through online banking or phone banking using ACH or wire transfer to another linked bank account. You can also request a withdrawal by mail in the form of a check. To deposit money into your account, you can transfer funds, make direct deposit payments, send a check, make a wire transfer or deposit checks using the mobile app. Cash deposits, however, are not accepted.

Marcus does not charge a fee for incoming or outgoing transfers linked to other bank accounts; however, other banks may apply charges. There is no limit to the number of withdrawals or transfers you can make per month.

Although Marcus does not offer ATM cards or checking accounts, it provides customers with a selection of fee-free personal loans.

Benefits

Marcus customers have easy access to their accounts through the bank's mobile app. The app allows customers to establish recurring deposits, monitor savings goals, and track accrued interest. The bank's U.S.-based customer service team is available seven days a week through chat or phone support, ensuring that live assistance is available whenever needed.

Fees

Marcus does not charge any fees, including monthly fees or minimum deposit requirements. However, failure to fund an account within 60 days or having a zero balance after 60 days may result in account closure.

The Final Verdict

Methodology

To determine the best high-yield savings accounts, CNBC Select assessed various online and brick-and-mortar savings accounts, including credit unions, in the United States. The ranking narrowed down to the accounts that offer above-average APY rates, low to no minimum balance requirements, and no monthly maintenance fees.

In this article, the selected accounts offer some of the highest APY rates and are assessed based on ease of use, account accessibility, insurance policies, and customer feedback. Deposit options and compound frequency have also been considered.

All savings accounts on the list are FDIC-insured up to $250,000, but the APY rates and fees are subject to fluctuation in line with the Fed rate. Your earnings depend on the balance and associated fees incurred in your savings account. Deposit of new funds are required to open an account.

Editorial Note: The Select editorial staff solely expresses the opinions, analyses, reviews, or recommendations in this article and have not been reviewed, approved, or endorsed by any third party.