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Marcus by Goldman Sachs Bank Review 2022

Published April 2022 by David Schepp

AT A GLANCE
4.2

Bankrate Score

bank-logo
TOP OFFER
1.30 % APY
Certificate of deposit
1yr
Term
$ 500
Min. deposit
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High APYs

Top CD rates

Marcus is best for savers looking to earn above-average 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
    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Overall

    4.2

    Bankrate Score

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

    What we like

    • Marcus offers above-average interest rates for all of its products.

    • Minimum deposit and balance requirements for CD and savings accounts are relatively low.

    • 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 deposits difficult to access.

    • Deposits must be made via electronic transfer or automated deposits; mobile check deposit is unavailable.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    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.

    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.

    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

    1.30 % 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 above average rates.

    What we like

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

    • Marcus charges no monthly service fee.

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

    What we don't

    • Marcus does not offer CD terms beyond six years.

    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

    Financier Marcus Goldman founded the financial firm that would become Goldman Sachs in 1869. It went on to become one of the premier investment banks in the U.S.

    Goldman Sachs became a bank holding company during the global financial crisis of 2007-2009. Several years later, Goldman Sachs launched GS Bank, an online-only institution, through the acquisition of GE Capital Bank’s online deposits. GS Bank became known as Marcus by Goldman Sachs, a name already in use for the firm’s online personal loans. Marcus by Goldman Sachs offers certificates of deposit (CDs) and an online savings account, as well as personal loans.

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp Twitter Created with Sketch. @DAVIDSCHEPP

    David Schepp is a wealth editor for Bankrate, focusing on deposits and consumer banking content. David has spent decades covering business news and finance-related topics for the electronic and print media, including Dow Jones Newswires, BBC News Online, Gannett Co. and AOL.