Marcus by Goldman Sachs Bank Review (2024)

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Bank Reviews

Online-only bank offering high-yield savings and no-fee loan products

Emily Guy Birken

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Emily is a Plutus award-winning freelance writer on personal finance, retirement, behavioral economics, and Social Security.

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Updated November 08, 2024

Reviewed by

Ebony Howard

Reviewed byEbony Howard

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Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries.

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Fact checked by

Amanda Jackson

Pros Explained

Higher-than-average savings and CD rates: Marcus by Goldman Sachs's 4.10% savings account annual percentage yield (APY) is nearly 10 times the national average of 0.45%. In addition, every term of Marcus CDs also boasts a higher APY than those offered at other banks.
No monthly fees on savings accounts: Marcus does not charge a monthly maintenance fee for its savings accounts.
No minimum deposits on savings, low minimum deposits on CDs: Customers can open a savings account with no deposit, although you must fund your account within 60 days of opening it. CDs only require a $500 minimum deposit, and you can take up to 10 days from opening the CD before depositing.
Penalty-free CDs: In addition to its high-yield CD offerings, Marcus also has No-Penalty CDs, which allow customers to withdraw the entire balance before the maturity date without paying a penalty.

Cons Explained

No checking accounts: As Marcus does not offer any checking accounts, you will not be able to handle all of your banking needs with it. The lack of checking accounts also means you will need to connect your Marcus account to another institution for many banking options, such as deposits and withdrawals.
No ATM network: You will not be able to easily access the money in your Marcus accounts, as there is no ATM network whatsoever. This is more than simply having to pay for an out-of-network ATM fee. If you need cash from your savings account in a hurry, you must initiate an ACH transaction or wire funds to another bank.
No branches: As an online-only bank, there are no physical branches you can visit. The lack of branches further limits your ability to access your Marcus account funds.
No mobile check deposit: Despite an easy-to-use mobile app for both iOS and Android, the only way to deposit a check into your Marcus account is to send it via U.S. mail. However, you can also set up fund transfers with a linked external bank account, make direct deposits into savings, and send a domestic wire transfer.

Who Is Marcus by Goldman Sachs Best for?

Marcus by Goldman Sachs will appeal to customers who are looking for excellent rates from a trusted name in banking. It will be an especially good fit for customers who:

Want higher-than-average savings and CD rates
Need a savings account with no minimum deposit
Are looking for flexibility in their CDs
Want a savings account that is difficult to access
Need a personal loan with no fees and a fixed rate
Do not need a bank to handle all of their account needs
Want to bank with an established institution with a long history

What Does Marcus by Goldman Sachs Offer?

Marcus by Goldman Sachs has a limited menu of product offerings, although it strives to make its small list of products stand out. These offerings include:

Savings account
CDs

Savings Account

The high-yield savings account is Marcus’ only traditional bank account offering. Still, no minimum deposit, no monthly maintenance fee, and a 4.10% APY mean this account is structured to give savers the biggest bang for their bucks.

Marcus by Goldman Sachs Savings Account
Account Name	Min Opening Deposit	Monthly Fee	APY
Online Savings Account	$0	$0	4.10%

CDs

Marcus offers three types of CD: High-Yield CD, No-Penalty CD, and Rate Bump CD (which includes the option to switch to a higher rate, if available, during the CD's term). The High-Yield version has more term options, ranging from six months to 72 months. All three CDs have a minimum deposit of $500.

The High-Yield CD offers a 10-day CD rate guarantee. Open a CD and deposit at least $500 within 10 days, and even if the rate has gone up within that 10-day period, you’ll automatically get the highest rate available during it. In addition, High-Yield CD holders have 30 days following the day they opened the account to fully fund the CD.

If you need to access the money in your High-Yield CD prior to its maturity date, you will pay an early withdrawal penalty. The penalty is 90 days of interest for CDs with terms of 12 months or less, 180 days of interest for CDs with terms between 12 months and five years, and 270 days of interest for CDs with terms greater than five years.

No-Penalty CDs don’t have the same rates offered by the High-Yield CDs, but that is because you can withdraw the entire balance of your No-Penalty CD without giving up any of your interest, provided the CD has been fully funded for at least seven days. However, you cannot make a partial withdrawal from your No-Penalty CD.

Pay close attention to your CD’s maturity date. If you do not take any action to withdraw your balance within 10 days of it, Marcus will automatically renew your CD for another term.

High-Yield CD Rates
Terms	APY
6 Months	4.10%
9 Months	4.10%
12 Months	4.10%
18 Months	3.90%
24 Months	3.70%
36 Months	3.65%
48 Months	3.60%
60 Months	3.60%
72 Months	3.60%

No-Penalty CD Rates
Terms	APY
7 Months	3.90%
11 Months	3.90%
13 Months	3.90%

Rate-Bump CD Rates
Terms	APY
20 Months	3.90%

Other Financial Products Offered by Marcus by Goldman Sachs

Other than its single high-yield savings account and the High-Yield, No Penalty CDs, and Rate-Bump CDs, the only other product Marcus offers is a no-fee personal loan. However, as of 2023, Marcus is no longer accepting online applications for personal loans without an invitation code.

In keeping with its apparent focus on doing a few things extremely well, Marcus’ personal loans were ranked highest in customer satisfaction by J.D. Power in 2019.

Marcus by Goldman Sachs Customer Service

With no branches, Marcus customers must access their accounts online, via the mobile app, or even over the phone. However, even without brick-and-mortar branches, Marcus offers a number of methods for getting your questions answered. To start, the FAQ section on the Marcus by Goldman Sachs website provides detailed and easy-to-understand responses to a comprehensive list of potential questions.

Customers can also access a live chat while logged onto their accounts on the Marcus website, as well as reach customer service representatives by phone seven days a week.

As an online-only bank, Marcus also has a robust mobile app that is available for both iOS and Android. The iOS version has a near-perfect 4.8-star rating on the App Store, while the Android version enjoys a 4.5-star rating.

How to Bank With Marcus by Goldman Sachs

Opening an account or applying for a loan with Marcus only takes a few minutes on its website. However, if you do not already have an external checking account, it will be more difficult for you to access Marcus’s offerings.

Though the bank’s mobile app is otherwise robust and user-friendly, it does not allow for a mobile check deposit. If you need to make a deposit into your high-yield savings account, you will have to mail a paper check, make a transfer from a linked external bank account, set up a direct deposit, or effectuate a wire transfer.

Verdict

Marcus by Goldman Sachs may not offer much in the way of banking products, but it provides maximum value to its customers within the narrow confines of the few products on offer. Thanks to highly competitive APYs on its savings and CD accounts, as well as its no-fee personal loans, customers looking for these specific products will likely be satisfied with their options. That said, the limited number of products means that Marcus is not a bank that will work for anyone who is looking for a convenient institution to handle all of their banking needs. The fact that there is no checking account, no ATM access, and no mobile check deposit, makes this more of a niche banking option rather than one that will appeal to a large swath of customers. This means that Marcus customers are likely a self-selecting group that is specifically looking to maximize APY and minimize personal loan fees.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

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Article Sources

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Federal Deposit Insurance Corporation. "National Rates and Rate Caps."
Marcus by Goldman Sachs. "High-Yield Certificates of Deposit."
Marcus by Goldman Sachs. "Frequently Asked Questions," Click "Is There a Minimum Deposit Required to Open an Online Savings Account?"
Marcus by Goldman Sachs. "Frequently Asked Questions," Click "What Is the 10-Day CD Rate Guarantee?"
Marcus by Goldman Sachs. "Compare Savings Products."
Marcus by Goldman Sachs. "Frequently Asked Questions," Click "How Can I Fund My Account or Make Deposits?"
Marcus by Goldman Sachs. "High-Yield CD."
Marcus by Goldman Sachs. "Frequently Asked Questions," Click "What Fees or Penalties Are Associated With My CD?"
Marcus by Goldman Sachs. "Frequently Asked Questions," Click "What Are My Options When My CD Matures?"
Marcus by Goldman Sachs. "Personal Loans."
J.D. Power. "Alternative Lenders Satisfying Customers With Digital Platforms and Quick Approvals, but Still Not Viewed as Customer Driven, J.D. Power Finds: Study Rankings."
App Store. "Marcus by Goldman Sachs."
Google Play. "Marcus by Goldman Sachs."

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