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Marcus by Goldman Sachs Bank Review 2022

Published August 2022 by Matthew Goldberg

AT A GLANCE
4.2

Bankrate Score

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TOP OFFER
2.15 % APY
Savings account
$ 0
Min. balance for APY
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High APYs

Top CD rates

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

  • Savings
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    5.0
  • CDs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Bask Bank

    Member FDIC

    Savings account

    2.75 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    2.70 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    2.65 % APY

    $ 0

    Min. balance for APY

    Overall

    4.2

    Bankrate Score

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

    What we like

    • Marcus offers competitive interest rates for all of its products.

    • The balance requirements for CDs are relatively low.

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

    • An automated customer service line provides 24/7 account access.

    What we don't

    • 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.

    Savings accounts

    5.0

    Bankrate Score

    TODAY'S SAVINGS RATES
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Marcus’ high-yield savings account offers an APY well above the national average, 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.

    What we like

    • Marcus consistently offers a competitive yield on its savings account.

    • The account requires no minimum deposit to open.

    • There are no monthly fees.

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

    What we don't

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

    • There is no branch or ATM access.

    CD rates

    5.0

    Bankrate Score

    TODAY'S CD RATES
    Goldman Sachs Bank USA

    Member FDIC

    CD

    3.00 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Marcus offers a wide selection of CD terms ranging from six months to six years, including three no-penalty CDs (seven, 11 and 13 months), with competitive rates.

    What we like

    • Marcus charges no monthly service fee.

    • Marcus requires a relatively low minimum deposit of $500 to earn APY.

    • Marcus offers three terms — seven, 11 months and 13 months — of no-penalty CDs.

    • Marcus began offering rate bump CDs in 2022.

    What we don't

    • Long-term savers who want to park their money in a CD for around a decade aren’t able to do that at Marcus. (The six-year CD is the longest term.)

    • Some banks offer CDs without a minimum deposit requirement.

    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. It offers an app but it doesn’t have mobile deposit. It does have free wire transfers.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth