Is SoFi or Marcus better for savings?

Both offer competitive high-yield savings rates. SoFi pays up to 4.20% APY with qualifying direct deposits (3.80% without), while Marcus pays 4.50% APY with no requirements. Marcus has a slightly higher savings rate, but SoFi offers checking, investing, loans, and credit cards — a complete financial ecosystem.

Does SoFi have a checking account?

Yes. SoFi Checking and Savings is a single hybrid account that earns interest on both checking and savings balances. The checking portion earns 3.80% APY (or 0.50% without direct deposit). Marcus does not offer checking at all.

Yes. SoFi Bank, N.A. received its national bank charter in 2022 and is directly FDIC-insured up to $250,000. Marcus is a division of Goldman Sachs Bank USA, also FDIC-insured up to $250,000.

SoFi vs Marcus: Which Online Bank Offers More Value? (2026)

SoFi and Marcus by Goldman Sachs both offer high-yield savings with no fees — but they’re fundamentally different platforms. SoFi is a complete financial ecosystem with checking, investing, loans, and credit cards. Marcus is a focused savings and lending platform from Goldman Sachs. Here’s how to decide between them.

SoFi vs Marcus: Quick Comparison

Feature	SoFi	Marcus by Goldman Sachs
Bank type	Full-service online bank	Savings + CDs + personal loans
Savings APY	4.20% (with DD) / 3.80% (without)	4.50%
Checking APY	3.80% (with DD) / 0.50% (without)	❌ Not available
Monthly fees	$0	$0
Checking account	✅	❌
Investing	✅ (SoFi Invest)	❌
Personal loans	✅	✅
Student loan refi	✅	❌
Mortgage	✅	❌
Credit card	✅ (SoFi Credit Card)	❌
ATMs	55,000+ Allpoint	❌
FDIC insured	Yes ($250,000)	Yes ($250,000)

Savings Accounts

Feature	SoFi Savings	Marcus High-Yield Savings
APY (with direct deposit)	4.20%	4.50% (no DD required)
APY (without direct deposit)	3.80%	4.50%
Minimum balance	$0	$0
Minimum to open	$0	$0
Monthly fee	$0	$0
Savings vaults	✅ (organize by goal)	❌
Round-ups	✅	❌
Auto-save	✅	✅ (recurring transfers)
Joint accounts	✅	✅
Trust accounts	✅	✅

Savings Earnings Comparison

Balance	SoFi (4.20% w/DD)	SoFi (3.80% no DD)	Marcus (4.50%)
$1,000	$42/yr	$38/yr	$45/yr
$5,000	$210/yr	$190/yr	$225/yr
$10,000	$420/yr	$380/yr	$450/yr
$25,000	$1,050/yr	$950/yr	$1,125/yr
$50,000	$2,100/yr	$1,900/yr	$2,250/yr

Winner: Marcus — higher savings APY with no requirements. The $75/year difference on $25,000 favors Marcus, though SoFi’s rate is still strong.

Checking Account

Feature	SoFi Checking	Marcus
Available	✅	❌
APY (with direct deposit)	3.80%	N/A
APY (without)	0.50%	N/A
Monthly fee	$0	N/A
Overdraft coverage	✅ (up to $50)	N/A
Debit card	✅ (Mastercard)	N/A
ATM network	55,000+ Allpoint	N/A
Zelle	❌	❌
Early direct deposit	✅ (up to 2 days)	N/A
Mobile check deposit	✅	N/A
Bill pay	✅	N/A
Cashback on purchases	2% (credit card)	N/A

What 3.80% Checking APY Means

SoFi’s checking account pays 3.80% APY with qualifying direct deposits — one of the highest checking rates available:

Checking Balance	SoFi (3.80%)	Chase (0.01%)	Discover (1% cashback)
$3,000	$114/yr	$0.30/yr	N/A (cashback on spending)
$5,000	$190/yr	$0.50/yr	N/A
$10,000	$380/yr	$1.00/yr	N/A

Winner: SoFi by default — Marcus has no checking. SoFi’s 3.80% checking APY is an industry standout.

CD Rates

Term	SoFi	Marcus
6-month	N/A	4.40%
12-month	N/A	4.50%
18-month	N/A	4.15%
24-month	N/A	3.90%
No-penalty CD	N/A	4.00-4.30% (7/11/13-mo)

SoFi does not currently offer CDs. Marcus offers a full CD lineup with no-penalty options.

Winner: Marcus — SoFi has no CD products.

Personal Loans

Feature	SoFi	Marcus
Loan amounts	$5,000-$100,000	$3,500-$40,000
APR range	8.99-29.99%	7.49-28.99%
Terms	24-84 months	36-72 months
Origination fee	$0	$0
Late fee	$0	$0
Prepayment penalty	$0	$0
Unemployment protection	✅ (forbearance)	❌
Direct to creditors	✅	✅

Winner: SoFi for larger loans (up to $100K) and unemployment protection. Marcus for lower starting APR and smaller loan amounts.

Student Loan Refinancing

Feature	SoFi	Marcus
Available	✅	❌
Loan amounts	$5,000-$500,000+	N/A
Fixed APR	From 4.49%	N/A
Variable APR	From 5.49%	N/A
Unemployment protection	✅	N/A
Welcome bonus	Up to $500	N/A

Winner: SoFi — one of the top student loan refinancing platforms. Marcus doesn’t offer this.

Investing

Feature	SoFi Invest	Marcus
Available	✅	❌
Stock/ETF trades	$0	N/A
Fractional shares	✅ ($5 minimum)	N/A
Crypto trading	✅	N/A
Robo-advisor	✅ (SoFi Automated)	N/A
Robo-advisor fee	0%	N/A
IRA accounts	✅ (1% match on contributions)	N/A
IPO access	✅	N/A
Options trading	✅	N/A

SoFi Invest’s standout: 1% IRA contribution match — rare among brokerages.

Winner: SoFi — Marcus has no investing platform.

Credit Card

Feature	SoFi Credit Card	Marcus
Available	✅	❌
Cashback rate	2% on everything	N/A
Redemption bonus	Points worth more in SoFi ecosystem	N/A
Annual fee	$0	N/A
Cell phone protection	✅	N/A

Winner: SoFi — 2% cashback with no annual fee is competitive.

Mortgage

Feature	SoFi	Marcus
Available	✅	❌
Purchase loans	✅	N/A
Refinance	✅	N/A
Down payment	As low as 3%	N/A
Rate discount	0.125% for SoFi members	N/A

Winner: SoFi — another product Marcus doesn’t offer.

Mobile App

Feature	SoFi	Marcus
App rating (iOS)	4.8/5	4.8/5
All accounts in one app	✅ (banking, investing, loans, credit)	Savings + loans only
Savings vaults	✅	❌
Round-ups	✅	❌
Credit score	✅	❌
Financial planning tools	✅ (SoFi Relay)	❌
Early direct deposit	✅	N/A
Zelle	❌	❌

Winner: SoFi — far more features and a unified app for all financial products.

SoFi Member Benefits

SoFi offers additional perks for members (anyone with a SoFi account):

Benefit	Details
Career coaching	Free career counseling sessions
Financial planning	Free access to SoFi CFPs
Member events	Networking and educational events
Rate discounts	0.125% off mortgage and other loans
SoFi Relay	Free credit monitoring and net worth tracking
SoFi Stadium access	Member events at SoFi Stadium (LA)

Marcus offers no comparable member benefits program.

Customer Service

Factor	SoFi	Marcus
Phone support	Mon-Fri 8am-10pm ET, weekends reduced	Mon-Fri 8am-10pm ET, shorter weekends
Chat	In-app	In-app
Customer satisfaction	Good	Good
US-based	Mostly	Yes

Winner: Tie — similar support hours and quality.

Who Should Choose SoFi?

✅ You want one app for everything (banking, investing, loans, credit)
✅ You want a high-yield checking account (3.80% APY)
✅ You need student loan refinancing
✅ You want free investing with IRA contribution matching
✅ You want a 2% cashback credit card with no annual fee
✅ You want early direct deposit and fee-free ATMs
✅ You value member benefits (career coaching, financial planning)
✅ You want to simplify your financial life in one platform

Who Should Choose Marcus?

✅ You only need a high-yield savings account (higher APY)
✅ You want CDs including no-penalty options
✅ You need a personal loan (lower starting APR)
✅ You already have checking and investing elsewhere
✅ You prefer the Goldman Sachs brand and reputation
✅ You want the simplest possible savings experience
✅ You don’t need a checking account or debit card

Product Availability Summary

Product	SoFi	Marcus
High-yield savings	✅	✅
Checking	✅	❌
CDs	❌	✅
Money market	❌	❌
Personal loans	✅	✅
Student loan refi	✅	❌
Mortgage	✅	❌
Auto loans	❌	❌
Investing	✅	❌
Credit card	✅	❌
Crypto	✅	❌

Bottom Line

Category	Winner
Savings APY	Marcus (4.50% vs 4.20%)
Checking	SoFi (Marcus doesn’t offer one)
CDs	Marcus (SoFi doesn’t offer them)
Personal loans	Tie (different strengths)
Student loans	SoFi (Marcus doesn’t offer refi)
Investing	SoFi (Marcus doesn’t offer it)
Credit card	SoFi (2% cashback, no AF)
Product range	SoFi (8+ product categories)
Mobile app	SoFi (more comprehensive)
Simplicity	Marcus
Best for most people	SoFi

SoFi is the better choice for most people — it’s a genuinely complete financial platform where you can bank, invest, borrow, and earn credit card rewards all in one app. The 3.80% checking APY alone is worth the switch. Marcus is better if your only goal is maximizing savings interest — its 4.50% APY is higher than SoFi’s and has no direct deposit requirement. The ideal strategy for many people: use SoFi for checking and investing, park long-term savings at Marcus for the higher rate.