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Marcus by Goldman Sachs Bank Review 2024

Updated June 3, 2024
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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
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 7/25/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 7/25/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.30
%
APY
APY
Info
As of 7/25/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees, unlimited withdrawals, better for the planet

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.

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Marcus banking products

4.7
/5
Rating: 4.7 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
4.40%
Rating: 5 stars out of 5
5/5
Info
Minimum balance for APY:
$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
4.40% APY
Info
Savings
$0 minimum balance for APY
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
Current Savings Rate
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 7/25/2024
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
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 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.

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 Marcus compares to other banks

Compare different account types offered by Marcus by Goldman Sachs Bank. Annual percentage yields (APYs) shown were updated between July 18, 2024 and July 24, 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
Most comparable
Ally Bank savings account
Ally Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info
Read review
Search for or select a bank:
Caret Down
Bankrate score
Info
Read review
APY
Info
4.40% 4.20%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
Info
$2,200 $2,100
Marcus by Goldman Sachs offers a competitive yield on its savings account and has been consistently raising it in 2022. 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:
4.40%
5/5
Info
Minimum balance for APY:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Subpar
2/5
Info
APY offering:
4.20%
4/5
Info
Minimum balance for APY:
$0.00
5/5
Info
Monthly service fee:
$0.00
5/5
Info
Minimum balance to avoid fee:
$0.00
5/5
Info
Access to funds:
Good
4/5
Info
Info
Info
Info
Info
Info
Bankrate does not currently track additional product details for this bank.

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.