Marcus by Goldman Sachs Bank Review 2021

Published November 2021 by Liz Hund

AT A GLANCE
4.1

Bankrate Score

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TOP OFFER
0.50 % 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 above-average yields on a certificate of deposit (CDs) and/or high-yield savings account.

  • Savings
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    4.4
  • CDs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Capital One

    Member FDIC

    CD

    1.00 % APY

    5yr

    Term

    $ 0

    Min. deposit

    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Overall

    4.1

    Bankrate Score

    Marcus by Goldman Sachs is a direct bank that offers personal loans and rewards savers with higher payouts.

    What we like

    • Marcus offers above-average interest rates across all products.

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

    • 24/7 access to an automated customer service line.

    What we don't

    • Marcus has a limited selection of products available.

    • Marcus does not offer debit or ATM cards, making deposits hard to access.

    • Mobile check deposit is not available, meaning all deposits must be made via electronic transfer and/or automated deposits.

    Savings accounts

    4.4

    Bankrate Score

    TODAY'S SAVINGS RATES
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The high-yield savings account from Marcus offers an APY well above the national average. It only requires $1 to open the account and earn the yield, and the account charges no monthly fees.

    What we like

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

    • It only requires $1 to earn a competitive APY.

    • No monthly fees.

    What we don't

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

    • No branch or ATM access.

    CD rates

    5.0

    Bankrate Score

    TODAY'S CD RATES
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    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 earnings.

    What we like

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

    • Marcus does not charge any monthly service fees.

    • 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 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 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, Saturday and Sunday.

    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.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    About the author Liz Hund is a social producer at Bankrate and occasionally writes special features on-site with a social-first angle. Her writing has been featured on MSN, Business Insider and in various local publications. In the media MSN Business Insider The Points Guy