HomepageFinanceOnline BanksMarcus by Goldman Sachs Review
Last updated on Apr 09, 2020

Marcus by Goldman Sachs Review

No-frills banking for the saver with a focus on high yields ​
We recommend products and services based on unbiased research from our editorial team. We may receive compensation if you click on a link. Read More.

Marcus by Goldman Sachs

  • High-yield savings and CDs
  • Fee-free banking
  • No branches or debit/ATM cards
Similar Products

How We Reviewed Marcus by Goldman Sachs

related highlight icon

4 companies compared

related highlight icon

6 features evaluated

related highlight icon

2 ratings analyzed

Marcus by Goldman Sachs Review

Marcus by Goldman Sachs may be the new kid on the block for online-only banks, but it’s earning its place with people who want top-rated customer service, high-yield savings, and a minimalistic banking experience. Its parent company, Goldman Sachs, conducted extensive research and received direct feedback from 10,000 consumers before morphing its acquired GE Capital Bank U.S. deposit platform into GS Bank in 2016, In 2017, GS Bank merged with its personal loan division, Marcus by Goldman Sachs, to offer a suite of three products: personal loans, CDs, and savings accounts. The bank’s personal loans have received a lot of positive attention this year, but we’ll be focusing more on its other financial offerings for this review.

Overall, Marcus is a good option if you’re looking solely for a place to invest your money long-term. It doesn’t offer checking accounts or any ways to access your cash on the go, but it makes up for this with high APYs across the board. However, if access to physical branches or a seamless online experience is important to you, you may want to look elsewhere — Marcus operates exclusively online, but it doesn’t offer any kind of mobile app for quick money management.

Pros
Cons
No monthly maintenance fees
Competitive APYs on CDs and savings accounts
Little to no balance requirements
No branch or ATM access
Cash and mobile deposits not accepted
No checking accounts
Debit or ATM cards not offered

The Claim

Marcus by Goldman Sachs aims to “help people achieve financial well-being” and “help you make the most of your money.”

Is it true?

Yes, Marcus by Goldman Sachs makes good on its claim by delivering a no-frills banking experience focused on helping customers reach their financial goals. On top of high-yield savings accounts with a 1.70% APY, Marcus’ savings accounts come with no minimum balance requirements, service charges, or transfer fees. CDs have APYs as high as 2.20% and require only a $500 deposit. These are some of the highest rates currently on the market, and the additional perks make Marcus worth considering; for instance, CDs come with a 10-day rate guarantee, so the company automatically adjusts your APY if rates rise within 10 days of your account opening.

Marcus also joined with Clarity Money, a free money management tool and app, which offers one more way for people to improve their financial health. It’s another example of how Marcus by Goldman Sachs helps you achieve your financial objectives.

What Marcus by Goldman Sachs Offers

Savings accounts

Pros
Cons
Link to external accounts
High APY
No minimum opening balance
Fee-free savings
No mobile app
No debit or ATM cards
External charges possible

Marcus by Goldman Sachs has no minimum opening balance requirements or monthly maintenance fees on its savings accounts. While its 1.70% APY is not the highest on the market, it’s certainly competitive — traditional banks like Wells Fargo often don’t even break 0.20%.

To transfer funds into your account, you can link up to four external accounts. However, making cash or mobile check deposits isn’t possible, because Marcus doesn’t offer debit or ATM cards or a mobile banking app. The lack of ATM/debit cards is understandable, given that Marcus doesn’t offer checking accounts, but it’s still nice to have access to your funds in a pinch. You can move money through wire transfers, although your external bank may charge you to accept these transfers — so Marcus may not be your best option if you need frequent access to your savings account funds.

CDs

Pros
Cons
30 days to fund CDs
10-day grace period
Option of high-yield or no-penalty CD account
No mobile app

Marcus by Goldman Sachs gives you two CD options: high-yield or no-penalty. We recommend the high-yield account; while the no-penalty option allows you to make early withdrawals, it has a lower APY and essentially functions like a savings account.

Unlike other banks, Marcus gives you 30 days to fully fund your CD account. When your CD reaches maturity, you have a 10-day grace period to switch CDs, withdraw funds, or add more money. And the biggest perk? If you fund your account within 10 days of opening it, your APY automatically adjusts to the highest rate advertised in that 10-day period. Current APYs range from 0.60% to 1.85% on high-yield CDs and 1.65% to 1.90% on no-penalty CDs.

Unfortunately, the lack of a Marcus mobile app means that you’ll have to conduct all of your financial business on the desktop site, which is an inconvenience that’s hard to overlook in this digital age — but it may not be a deal breaker if Marcus’ rates remain competitive.

Product Overview

  • In business since: 2016 (Founded by Goldman Sachs)
  • 2019 J.D. Power U.S. Online Banking Satisfaction Study score: N/A
  • FDIC-insured: Yes
  • States served: 50
  • Number of locations: 0 (online-only)
  • Pros: Competitive APY, no-fee banking
  • Cons: No checking accounts available, debit/ATM cards not offered

Features

Savings accounts
Competitive APY
No account fees
24/7 account access
CDs
10-day CD rate guarantee
High-yield CDs
No-penalty CDs

Information accurate as of December 11, 2019.

Competitive APYs

If you’re looking for banks that grow your savings the most, Marcus by Goldman Sachs is absolutely worth a look. Its 1.70% savings account APY matches that of Ally Bank, one of Reviews.com’s top picks for the best savings accounts, and far exceeds those of traditional brick-and-mortar banks. In addition, Marcus’ CDs fetch as much as 1.85% APY — one of the highest rates we’ve seen.

No-fee banking

Another perk of banking with Marcus? It charges zero fees for its savings accounts. It doesn’t catch you with hidden charges, either, though your external bank may charge you for things like wire transfers. The only fee associated with your CDs is an early withdrawal fee when pulling out your balance early, though a no-penalty CD circumvents this problem. Marcus is open about the fact that it makes its money from the interest on personal loans instead of charging its customers banking fees.

Little to no minimum deposits

Unlike with other banks, you can open up a savings account with Marcus with whatever amount you want, and you never have to worry about maintaining a minimum balance on it to avoid fees. To open up a high-yield or no-penalty CD, Marcus by Goldman Sachs requires $500, though this is low compared to other big banks like Discover Bank, which requires at least $2,500. With no-penalty CDs, you can also withdraw funds in as little as seven days, giving you the option of a little more flexibility than you’d get with a traditional CD. The rates of these no-penalty CDs are more in line with savings accounts, but they still may be a good option if you want to lock in a good rate.

Possible drawbacks

No checking accounts available

If you’re looking to totally switch banks, Marcus likely isn’t the best option for you, as it currently only offers savings accounts and CDs. Checking accounts may be available in the future as Marcus grows, but for now, those looking to keep all of their banking under one roof will have to look elsewhere. If you’re looking for a good checking account, try starting with our top picks.

Debit/ATM cards not offered

Since Marcus by Goldman Sachs doesn’t have brick-and-mortar locations, company-branded ATMs, or partnerships with ATM networks, it’s logical for the bank not to provide debit or ATM cards. However, this, coupled with the lack of a mobile app, makes it hard to move and access your funds. Federal laws do limit savings account withdrawals to six per month, but having the ability to withdraw is nice to have in an emergency. If you need fast access to cash, it may be better to use a checking account with a different bank.

Online-only experience

Like other online banks, Marcus doesn’t have a physical presence. If you never visit bank branches anyway, this drawback won’t impact you. But if you like to talk to tellers or settle matters with bankers in person, you’ll have to rely on the company’s customer service reps. This makes the lack of a Marcus mobile app even more noticeable — despite being an online-only bank, there’s no way to easily access your information on the go.

The Competition

Marcus by Goldman Sachs Capital One Ally Bank DCU
J.D. Power 2019 U.S. Online Banking Satisfaction Study score
N/A 4/5 N/A N/A
Minimum checking requirement*
No checking accounts offered $0 $0 $0
Minimum savings requirement*
$0 $0 $0 $5
Maximum savings account APY
1.70% 1.50% 1.50% 6.17% on first $1,000 0.25% on remaining balance 1.92% on balances over $25,000
One-year CD APY
1.85% 1.50% 1.50% 1.87% 1.97% for balances of $25,000 and above
Monthly maintenance fees
$0 $0 $0 $0
24/7 customer service
Number of states served
50 50 50 50
Check rates Check rates Check rates Check rates

*Minimum required balance to waive monthly fees (if applicable)

Information accurate as of April 9, 2020.

Marcus by Goldman Sachs FAQ

The Bottom Line

Marcus by Goldman Sachs gives people what they want most from a bank — savings accounts, CDs, and personal loans with no fees, accompanied by a transparent, jargonless banking experience. While some may see the omission of checking accounts, money market accounts, and debit/ATM cards as a drawback, chronic spenders wishing to build up rainy-day savings may be grateful for these restrictions. The other big downside to Marcus is that it doesn’t offer a mobile app or physical branches. If that’s something you need from a bank, our choice for the best hybrid online bank, Capital One, may suit your needs better.

About the Authors

Lorraine Roberte

Lorraine Roberte Contributing Writer

Lorraine Roberte is a South Florida-based personal finance writer. Her work has been published on sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.