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Marcus by Goldman Sachs Bank Review 2022

Updated December 6, 2022
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
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CDs

Rating: 5 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

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Overview

Marcus is best for savers looking to earn competitive yields on CDs and its high-yield savings account.

Highlights

  • High APY
  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Marcus by Goldman Sachs is an online bank that offers personal loans and rewards savers with higher-than-average rates.

Pros

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    Marcus offers competitive interest rates for all of its products.

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    The balance requirements for CDs are relatively low.

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

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    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 bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Marcus savings overview

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

Marcus doesn’t charge wire transfer fees, according to its website.

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.

Pros

  • Checkmark

    Marcus consistently offers a competitive yield on its savings account.

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    The account requires no minimum deposit to open.

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    There are no monthly fees.

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    Marcus doesn’t charge for wire transfers, according to its website.

Cons

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

  • There is no branch or ATM access.

Current Savings Rate
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.2 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Marcus by Goldman Sachs consistently ranks at the top of Bankrate’s rating 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.

An automated customer service line is available 24/7. Customer service representatives are available 8 a.m. to 10 p.m. Eastern time, Monday-Friday, and 9 a.m. to 7 p.m. Eastern time on Saturday and Sunday.

About Marcus

Marcus by Goldman Sachs is an online bank that offers a savings account and multiple terms of CDs. It also offers lending products. Marcus is known for offering competitive rates on its savings products. While it offers an app, it doesn’t support mobile deposit. It does have free wire transfers.

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.

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.