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Marcus by Goldman Sachs Bank Review 2020
Published August 2020 by Mary Wisniewski
Why trust us
Overall
5.0
Bankrate Score
Marcus by Goldman Sachs is a direct bank that offers personal loans and rewards savers with higher payouts.
What we like
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Offers competitive interest rates.
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Minimum deposit and balance requirements for CDs and savings accounts are relatively low.
What we don't
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No access to branches.
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Few products are offered by the bank.
Savings accounts
4.9
Bankrate Score
Marcus by Goldman Sachs offers a competitive APY with only a $1 minimum to start earning that APY on its high-yield Online Savings Account. Marcus by Goldman Sachs has been consistent about keeping its APY competitive in its savings account.
What we like
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Marcus by Goldman Sachs consistently offers a competitive yield on its savings account.
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It only requires $1 to earn a competitive APY.
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No monthly fees.
What we don't
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While these APYs are competitive, there are still higher APYs out there.
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If applicable to you, there are maximum limits of $1 million on the savings account at this bank.
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There is neither a debit card nor an ATM card offered for Marcus savings accounts.
CD rates
5.0
Bankrate Score
Marcus by Goldman Sachs offers standard CDs across various terms and a few no-penalty CDs. The minimum deposit is just $500.
For all CDs, interest can be withdrawn without penalty at any point during the CD term. Early withdrawal penalties apply for withdrawing part of the principal balance. If rates change within 10 days of opening the account, you’ll earn the best available yield tied to your CD term.
What we like
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Interest is compounded daily.
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CDs are available without early withdrawal penalties.
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Low minimum deposit to open a CD.
What we don't
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Yields are competitive, but some online banks pay more interest.
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No-penalty CDs pay lower yields than the standard CDs.
Bank experience
Marcus in January 2020 launched an app for iOS devices. With the app, you can access all of your Marcus accounts, including savings accounts, CDs and personal loans. You can also check your balances, transfer money and make loan payments. The app so far is rated 4.9 out of 5 stars. A version is now available for Android devices on Google Play as of May 2020.
You can also call customer support seven days a week. Savings specialists are available on weekdays from 8 a.m. EST until 10 p.m. (EST) and on weekends from 9 a.m. EST until 7 p.m. (EST). You can also chat with savings specialists once you log in to Marcus.com during those same hours.
About Marcus
Marcus Goldman founded a financial firm in 1869 that would become Goldman Sachs, a company known as one of the premier investment banks in the United States.
Goldman Sachs became a bank holding company during the financial crisis. Years later through the acquisition of GE Capital Bank’s online deposits, Goldman Sachs launched GS Bank, an online-only institution. In late 2017, GS Bank became known as Marcus by Goldman Sachs, a brand already being used by the firm’s personal loan platform. In addition to loans, Marcus by Goldman Sachs offers certificates of deposit (CDs) and an online savings account.
Mary Wisniewski @MARYMWISNIEWSKI
Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.