Marcus by Goldman Sachs Bank Review: Competitive Rates and Offerings

Learn about the online brand from Goldman Sachs Bank USA.

Marcus by Goldman Sachs — a division of one of the world’s oldest investment banks — offers competitive savings rates and no-fee, fixed-rate personal loans. Marcus — formerly known as GS Bank — has both cutting-edge financial technology typical of online-only banks, and the benefit of being part of a global financial giant.

Check out this Marcus by Goldman Sachs review to find out if you should start borrowing or saving using this online bank.

Marcus by Goldman Sachs Review

Marcus is an online-only, FDIC-insured bank that aims to make the experience of saving or taking out a loan intuitive and easy. You can access your account 24/7 online and can also speak to live customer service representatives on the phone if you need additional assistance. Savings specialists are available Monday through Friday, 8 a.m. to 12 a.m. EST, and loan specialists are available Monday through Saturday, 7 a.m. to 9 p.m. EST.

Learn: How to Deposit Cash Into an Online Bank Account

Marcus by Goldman Sachs Products and Services

Whether you want to take out a loan or start earning interest on savings, Marcus has products and services to help meet your needs.

Personal Loans

Personal loans from Marcus have no fees — including sign-up fees, prepayment fees and late fees — and fixed rates. They can be used to pay off credit card debt, towards major purchases, for a home improvement or to help finance a vacation or special occasion. You can borrow up to $40,000, with rates as low as 6.99% APR. Marcus loan terms range from 36 to 72 months.

Online Savings Account

Marcus’ online high-yield savings account requires no minimum deposit and has no transaction fees. The Marcus savings account’s current annual percentage yield is 1.90% APY, and compares favorably with a review conducted by the FDIC that revealed the national average savings account interest rate was a paltry 0.08 percent.

With a Marcus by Goldman Sachs savings account, interest is compounded daily and paid monthly. You can withdraw money either through an ACH transfer or via wire transfer. Remember that, per the federal Regulation D limit, savings account holders can only make six withdrawals per monthly statement cycle.

High-Yield Certificate of Deposit

Choose from six-month to six-year terms and get competitive rates with a Marcus online CD account. Rates range from 2.25% APY to 2.45% APY, depending on the term you choose. A $500 minimum deposit is required to open a CD. Withdrawing prior to a CD’s maturity will incur a penalty fee.

See: The Top Investment Banks

Marcus by Goldman Sachs Pros and Cons

The main advantage of taking out a loan or opening a savings account with Marcus is the competitive interest rates. One of the main reasons why Marcus and other online-only banks can offer higher interest rates for saving and lower interest rates for loans is because they have lower overhead expenses compared with brick-and-mortar banks. By not having to maintain branches, a whole host of costs are removed, including physical facility rent, insurance, maintenance and personnel.

But to enjoy the benefits of banking with Marcus, you’ll have to be comfortable with an entirely online operation. Using an online-only bank means you can’t go into a branch and talk to a manager in person if you have a problem, and you might not be able to access funds from an ATM as easily; however, you can send and receive wire transfers for free.

If you prefer online banking, you could use a Marcus savings or CD account to earn more interest on your savings and avoid spending money on fees. For example, if you were to deposit $10,000 at a traditional bank, you might earn as little as $10 in interest over the course of a year. With Marcus’ 1.90% APY rate you could earn more than 10 times the interest.

If you take out a personal loan with Marcus, you won’t have to pay the sign-up fees and late fees that you would have to pay with most other lenders, plus borrowers with good credit can take advantage of the competitive APR rates offered.

The interest earnings potential and cost savings associated with Marcus savings accounts, CDs and personal loans make it an attractive banking option.

Up Next: How to Open a Bank Account Online

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John Csiszar contributed to the reporting for this article.

This content is not provided by Goldman Sachs. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author and have not been reviewed, approved, or otherwise endorsed by Goldman Sachs. GS Bank rates are current as of today.

About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert.