Discover Bank VS Marcus by Goldman Sachs

Which bank is better for you?

  • Financial Rates: 4.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
4.00%APY
Savings/MMA
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Pros:

  • No monthly fees or required balances
  • Personal deposit accounts offered
  • Can open all accounts online
  • Competitive interest rates on accounts

Cons:

  • Only personal deposit accounts
  • Not wide variety of accounts
  • Outgoing wires have a high fee
  • MMA has high opening balance and fee
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • No required balance or account fees
  • High account interest rates
  • Variety of terms lengths of CDs
  • Personal loans available

Cons:

  • Only savings account and CDs offered
  • Must link accounts to another bank
  • No ATM or debit card offered
  • Opening balance for CDs is $500
Discover Bank Review

Most Discover online bank accounts do not have monthly fees. They also do not have required balances to keep in the accounts. The online checking account, savings accounts, and CDs do not have a monthly fee. They are completely free. Only the money market account has a fee if your balance falls below $2,500.

Personal deposit accounts are available through Discover. They offer online savings, money market, and checking accounts. Their CDs range in terms from three months to ten years. Discover offers IRA CD terms as well as regular CDs.

These Discover accounts are entirely online accounts. Open the savings, money market accounts, and CDs online or by calling customer service. The checking account can only be opened online. Everything for these accounts is done online.

Discover accounts offer competitive interest rates. The rates for every account are much higher than your typical brick and mortar bank rates. The rates are competitive with other online accounts. The only account that has tiered interest rates is the money market account. The difference between the two-tiered rates is very small. Balances over $100,000 in the money market account earn a slightly higher rate. All balances earn competitive rates.

Discover Bank offers only personal deposit accounts. Those accounts include a savings, checking, and money market account, as well as CDs. Discover Bank does not offer any business accounts.

There is not a wide variety of personal deposit accounts offered through Discover. Discover offers one savings, one money market, and one checking account. No business accounts are available. CD terms range from three months to ten years.

One way to access your money in your Discover accounts is through a wire transfer. There is a fee to complete each wire. That fee is $30 for each outgoing wire sent from your Discover account. There is not a fee for domestic wire transfers received into Discover accounts. There may be a $20 fee for wire transfers received in a foreign currency.

The Discover money market account has a high opening required amount. That account requires $2,500 to open. There is a monthly fee of $10. Waive that fee by keeping $2,500 in the money market account.

Read the full Discover Bank review.

Marcus by Goldman Sachs Review

There is no required amount to open the account or to keep in the account. Marcus does not have monthly maintenance fees. You start earning interest on anything over $1 in the high yield savings account.

Marcus offers very competitive interest rates on their savings account and CD accounts. The interest rates are competitive with other online-only accounts. They are much higher than your typical bank rates.

Many different term lengths of CDs are available. Marcus offers nine different CD term lengths from six months to six years. The longer the term, the higher interest rate you earn. All the CD interest rates are very competitive with other online-only banks.

The personal loans offered through Marcus do not have fees. The loans are a fixed-rate interest loan. You can borrow up to $40,000. These loans can be to consolidate debt or for home improvement projects. The loans range in length from 36 to 72 months.

Marcus only offers deposit accounts of CDs and a high yield savings account. Checking accounts, money market accounts, and business accounts are not offered.

Since Marcus does not offer checking accounts, you cannot transfer money between Marcus checking and savings accounts. The easiest way to deposit money into your Marcus savings account is to link to an external bank account. You can also send a wire or check. Marcus does not charge a fee to send or receive a wire transfer, but the external bank might.

Marcus does not offer an ATM or debit card for the high yield savings account. To access your money, you must transfer the money back into your external bank account. You can also request a wire transfer.

To open any CD with Marcus, $500 is required. That amount opens the CD and is the amount needed to start earning interest. The interest rates vary depending on the term length of the CD. The longer the CD term, the higher the interest rates.

Read the full Marcus by Goldman Sachs review.

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