Skip to Main Content

Marcus by Goldman Sachs Bank Review 2023

Updated April 26, 2023
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.

Highlights

  • High APY
  • Top CD Rates
Compare offers
Info
Bank logo
Member FDIC
CD
5.05
%
APY
APY
Info
As of 5/30/2023
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: APY may change before CD is opened & funded
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 5/30/2023
Rating: 4.7 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.
Bank logo
Member FDIC
Savings Account
4.85
%
APY
APY
Info
As of 5/30/2023
Rating: 4.9 stars out of 5
$5000
Min. balance for APY
View offer Arrow Right
Promoted offer: No Monthly Fees. $5,000 balance required for highest rate.

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
Rating: 4.7 stars out of 5
Bankrate Score

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.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 5/30/2023
Rating: 4.7 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer: No fee online savings account with a great rate.

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

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.

Bank experience

Marcus by Goldman Sachs consistently ranks at the top of Bankrate’s savings and CD ratings because of its competitive savings and CD rates, but it doesn’t offer checking or money market accounts.

Based on the thousands of positive reviews on both the Apple App Store and Google Play, customers are highly satisfied with the Marcus app. The app includes access to Marcus Insights, which allows customers to link external accounts to track goals and balances in one convenient location.

The Marcus app does not support mobile check deposits, however, so all deposits must be electronically transferred. Marcus also does not offer branch or ATM access.

Customer service representatives can be reached 24/7. There is also a chat for customers during a business day.

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 about the same 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 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.