Skip to Main Content

Marcus by Goldman Sachs Bank Review 2024

Updated January 2, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

On This Page

At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.9 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

Overview

Marcus by Goldman Sachs is an online bank that rewards savers with higher-than-average rates. There are no monthly service fees charged by Marcus on their savings account or certificates of deposit (CDs). Moreover, opening deposit requirements are zero or small, making accounts easily accessible. But as an online-only bank, consumers will need to be comfortable solely banking online.

Highlights

  • High APY
  • Top CD Rates
Compare offers
Info
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 3/18/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/18/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 3/18/2024
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

Marcus by Goldman Sachs is an online bank that rewards savers with higher-than-average rates. There are no monthly service fees charged by Marcus on their savings account or certificates of deposit (CDs).

Pros

  • Checkmark

    Marcus offers competitive interest rates for all of its products.

  • Checkmark

    The balance requirements for CDs are relatively low.

  • Checkmark

    Savings accounts don’t have a minimum balance requirement or monthly service fee.

  • Checkmark

    A customer service line provides 24/7 account access. You can also chat with representatives at any time.

Cons

  • Marcus offers a limited selection of financial products.

  • Marcus does not offer debit or ATM cards, making it more difficult to access your funds.

  • Deposits must be made via electronic transfer or automated deposits; mobile check deposit is unavailable.

Marcus banking products

4.7
/5
Rating: 4.7 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
4.50%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Subpar
Rating: 2 stars out of 5
2/5
Info

FEATURES

Invest Rate
4.50% APY
Info
Loan
$0 minimum deposit to open

Marcus savings overview

Marcus’ high-yield savings account offers a competitive APY, requires no minimum deposit to open and charges no monthly fees.

Marcus doesn’t charge wire transfer fees, but the bank has an external transfer limit of $125,000 for online and automated clearing house transfers. Wire transfers have a $50,000 per statement cycle limit. Its website says to call the bank if you need to transfer more money.

Marcus doesn’t limit the number of transfers or withdrawals taken from your Marcus savings account.

Pros

  • Checkmark

    Marcus offers a competitive yield on its savings account.

  • Checkmark

    The account requires no minimum deposit to open.

  • Checkmark

    There are no monthly fees.

  • Checkmark

    Marcus doesn’t charge for wire transfers.

Cons

  • Mobile check deposit is not offered; all deposits must be transferred or automated.

  • There is no branch or ATM access.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Marcus
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/18/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None

Customer experience

Customer support

24/7 support is available. Although Marcus doesn’t have branches or ATM access, customers with CDs or a savings account can speak with a representative through live chat or over the phone 24 hours a day, seven days a week.

High Customer Satisfaction. Marcus by Goldman Sachs ranked second in J.D. Power’s 2023 Direct Banking Satisfaction Study among online-only banks offering savings products.

Digital experience

Highly rated mobile app. Marcus’s mobile app has a high rating on both the Apple App and Google Play stores. Collectively, more than 170,000 users have reviewed the app. Digital features include Marcus Insights, which allows customers to link external accounts to track goals and balances in one convenient location. Moreover, you can get breakdowns of monthly and year-to-date earnings, which help put into perspective how much money you’ve saved over time. The Marcus app does not support mobile check deposits, however, so all deposits must be electronically transferred.

Robust help center. Marcus’s Help Center maintains an extensive collection of FAQs, which can help current and prospective customers get answers without needing to connect with a representative. Topics are broken down by banking product, ranging from deposit accounts to credit cards.

Lightbulb

Bankrate staff insights

"Overall the APY is a competitive rate and the ease of use of the app is a big plus," said a Bankrate staff member who uses the account personally. "I am confident in the rate I have, and I can clearly see how much I am saving using this account through the app."

About Marcus by Goldman Sachs Bank

Marcus by Goldman Sachs is an online bank that offers a savings account and multiple terms of CDs. Marcus is known for offering competitive rates on its savings products, including a savings account and a wide array of CDs, but the bank no longer offers personal loans.

Goldman Sachs Bank started offering CDs, savings accounts, and brokered CDs through the April 2016 acquisition of GE Capital Bank. In late 2017, Marcus by Goldman Sachs started offering CDs and a savings account.

How does Marcus compare to other banks?

Marcus vs. Ally Bank

Both Marcus and Ally Bank are online-only banks. As such, they typically offer accounts with high yields that can be opened with little to no minimum deposits. 

Yields at Marcus and Ally are similar for their savings accounts and CDs, making both competitive options for savers. Moreover, both banks offer a comparable array of CD types and terms, ranging from standard to bump-up and no-penalty CDs with multiple terms for each. 

This noted, Ally generally offers more financial products and services, including a highly rated checking and money market account in addition to investment and retirement accounts. If you’re looking to bring all of your banking under one roof, Ally is generally the better choice.

Marcus FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.