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Marcus by Goldman Sachs Bank Review 2024

Updated July 26, 2024
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
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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
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
CD
4.10
%
APY
APY
Info Icon
As of 11/9/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 11/9/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.00
%
APY
APY
Info Icon
As of 11/9/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.

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 CDs.

Pros

  • Checkmark Icon

    Marcus offers competitive interest rates for all of its products.

  • Checkmark Icon

    The balance requirements for CDs are relatively low.

  • Checkmark Icon

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

  • Checkmark Icon

    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.

CTA We want to know what you think about Marcus

We want to know what you think about Marcus

Do you have experience with Marcus? Let us know your thoughts.

Marcus banking products

4.7
/5
Rating: 4.7 stars out of 5
SCORE BREAKDOWN
APY offering:
4.10%
Rating: 5 stars out of 5
5/5
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Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Subpar
Rating: 2 stars out of 5
2/5
Info Icon
FEATURES
Invest Rate Icon
4.10% APY
Info Icon
Savings Icon
$0 minimum balance for APY
Loan Icon
$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 Icon

    Marcus offers a competitive yield on its savings account.

  • Checkmark Icon

    The account requires no minimum deposit to open.

  • Checkmark Icon

    There are no monthly fees.

  • Checkmark Icon

    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 Icon
    National average APY
    How do we get this data?
    Info Icon

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 first in J.D. Power’s 2024 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, almost 200,000 users have reviewed the app. 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.

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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."

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

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The above images were last updated on October 31, 2024

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 Marcus compares to other banks

Compare different account types offered by Marcus by Goldman Sachs Bank. Annual percentage yields (APYs) shown were updated between Nov. 2, 2024 and Nov. 8, 2024.

Selected bank
Marcus by Goldman Sachs savings account
Marcus by Goldman Sachs Logo
Member FDIC
Bankrate score
Rating: 4.7 stars out of 5
4.7
Info Icon
Most comparable
Ally Bank savings account
Ally Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Read review
Search for or select a bank:
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Bankrate score
Info Icon
Read review
APY
Info Icon
4.10% 4.00%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
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$2,050 $2,000
Marcus by Goldman Sachs offers a highly competitive yield on its savings account for all balances. With no fees and no minimum deposit, Marcus is a good option for savers who are comfortable with banking exclusively online. Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM.
  • Marcus by Goldman Sachs consistently offers high yields.
  • There’s no minimum deposit required to open a Marcus Online Savings Account.
  • Marcus by Goldman Sachs has customer service representatives available 24/7.
  • Ally Bank offers a competitive yield on its Online Savings Account.
  • Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.
    N/A
  • There are some other banks that offer a higher yield.
  • The Marcus by Goldman Sachs Online Savings Account doesn’t allow mobile check deposits.
  • You’ll need to mail checks to the bank.
  • Ally Bank doesn’t offer ATM access directly from its savings account.
  • Some other online banks offer a higher yield than Ally Bank.
    N/A
APY offering:
4.10%
5/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Subpar
2/5
Info Icon
APY offering:
4.00%
5/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
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Access to funds:
Good
4/5
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Bankrate does not currently track additional product details for this bank.

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.

Marcus customer reviews

CTA Marcus has 25 reviews

Marcus has 25 reviews

Dive into community reviews below and see what others think about Marcus.

4.4 Star Icon
25 ratings
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Score breakdown
5 stars
60%
4 stars
28%
3 stars
8%
2 stars
4%
1 star
0%
Score by category
Overall Rating 4.4 / 5
Competitiveness of APY 4.4 / 5
Amount of fees 4.4 / 5
Customer support 4.3 / 5
Website / Mobile app 4.4 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Marcus.
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Anonymous account holder
September 13, 2024
High APY, multiple ATMs, and customer service.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The best interest rate on personal savings accounts. and easy to maneuver website. The high interest rate was the only reason.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
People considering this account should know you get charged a fee.
Score by category
Amount of fees 2 / 5
Competitiveness of APY 2 / 5
Customer support 3 / 5
Website / Mobile app 2 / 5
Anonymous account holder
September 13, 2024
Great service and online setup.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The interest rates and fees. Interest rates are amazing.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Individual-income checking accounts ledgers without any monthly fees attach nicely to high-yield savings accounts at marcus. No monthly fees, High-yield savings integration, User-friendly online banking.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
I wanted to have a little saving account just to add a little money to occasionally, and it has been so easy to save a little bit on the side with no hassles at all. It offers a higher interest rate and easy to do business with.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Good fixed rates, fixed terms and low or no fees. I was very familiar with Sachs Bank, and they offer fixed rate personal loans with no fees as well as high yield online savings accounts.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
Offering competitive rates. Ease of doing business with.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
They have an opportunity for me to get an account. They had excelled in their online banking.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5