Marcus by Goldman Sachs Review: High-Yield Savings and CDs

GOBankingRates Score

Marcus by Goldman Sachs Bank
4.9
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Marcus by Goldman Sachs, Member FDIC, offers accounts designed to help customers make the most of their money. Its product line is limited to savings and loan services, but the narrow focus lets it concentrate on giving customers what they need and want. Its specialization is one of the reasons the online bank is named in the 2023 GOBankingRates' rankings for Best Online Bank.
  • Savings Accounts
    4.9
  • CD Accounts
    4.9
  • Banking Experience
    4.8
  • Mobile and Digital Experience
    4.8
How did we calculate this?

Pros

  • High APYs
  • No minimum deposit for savings accounts
  • Deposits start earning interest immediately

Cons

  • No checking accounts
  • No ATM network
  • No cash deposits

Marcus by Goldman Sachs Overview

Goldman Sachs was originally founded in 1869 by Marcus Goldman. Since that time, the financial firm has grown to be one of the biggest investment banks in the U.S. In 2016, the bank announced its acquisition of GE Capital Bank’s online deposit platform. The rebranded bank is now Marcus by Goldman Sachs, Member FDIC, and provides loans, high-yield savings and CDs through the online platform.

If you’re in search of a bank that offers maximum growth on your deposits, a savings account or CD with Marcus by Goldman Sachs is a good option. While the bank does not offer checking or money market accounts, GOBankingRates has ranked Marcus by Goldman Sachs among the Best Online Banks for 2023.

Marcus by Goldman Sachs Features

Marcus by Goldman Sachs shines in many areas, making it a great bank to consider. Here is a closer look at some of the best features.

Marcus by Goldman Sachs Savings Account

Marcus by Goldman Sachs offers one savings account: its online, high-yield savings account offering Annual Percentage Yield (APY). There is no minimum deposit to open an account. Plus, you can avoid the fees that traditional banks tend to charge, making it one of the best savings accounts around. GOBankingRates even named it one of the Best Online and Neobank Savings Accounts for 2023.

Since account options are limited, Marcus by Goldman Sachs makes it convenient to fund your online savings account, with same-day transfers up to $100,000 possible. The account doesn’t come with a debit card or ATM access, so you’ll need to get used to initiating transfers when you need to access your funds.

Marcus by Goldman Sachs CD Accounts

Marcus offers CD rates that beat the national average. The bank offers a variety of term lengths and rates on its CDs, which makes it competitive with the best CD rates. GOBankingRates named it among the Best CD Accounts of 2023. In addition, the bank provides a 10-day rate guarantee. If the rate goes up during those 10 days after opening your account, you’ll get the higher rate automatically.

You can start with a $500 minimum opening deposit. The current APY starts at for a six-month term. To maximize your earnings, bump up to nine months to earn or as much as 72 months for

If you’re unable to commit to a long-term CD, consider the No-Penalty CD option. You can earn when you commit to 13 months. If you need to withdraw the funds early, you won’t be subject to penalties as long as you wait at least seven days from funding the CD.

Marcus also offers a Rate Bump CD when you commit to a 20-month term, and if the bank increases its CD rate during that term, you can increase your rate to match one time during those 20 months. There is no fee and no penalty.

Marcus by Goldman Sachs Banking Experience

Marcus by Goldman Sachs is an online bank. All transactions take place online or in the mobile app, so it’s important that the bank’s services are up to par. It offers a competitive APY for its savings account. It’s a good choice if you want a dedicated savings account for a specific financial goal or big purchase. You still have access to your money, but waiting up to three days to withdraw funds can be an advantage. You’ll be less tempted to spend it.

Since there are no physical branches for customers to visit, all banking takes place online or in the mobile app. Customers have 24-hour access to their accounts and can make deposits and schedule transfers directly through the online platform.

Customer Service

Customer service representatives are available through online chat or by phone at all times. Savings account customers can call 1-855-730-7283 for assistance; other account types can find phone numbers and available hours on the bank’s website. Currently, the chat feature is only available on the Marcus website, not the mobile app.

Marcus by Goldman Sachs Mobile and Digital Experience

Marcus by Goldman Sachs was developed with the customer experience in mind. The website and mobile app have a simple interface that is easy to navigate. The bank’s website has a robust FAQ section to assist clients when customer service is not available. 

Marcus by Goldman Sachs has an impressive mobile app that integrates all of your accounts. You can manage your accounts, schedule transfers and make loan payments within the app. Fingerprint and facial recognition security are available. Strong encryption keeps personal information secure.

The app has a rating of 4.8 in the App Store and 4.4 on Google Play.

Marcus by Goldman Sachs vs. Competitors

While deciding if Marcus by Goldman Sachs is right for you, it’s helpful to see how their products stack up to other banks.

Marcus by Goldman Sachs vs. American Express National Bank

Marcus by Goldman Sachs offers an exceptional customer experience through its user-friendly website and mobile app. American Express National Bank, Member FDIC, may be a better choice if you’re already an American Express® cardholder and want to connect your savings and credit card accounts.

Marcus by Goldman Sachs vs. Ally Bank

Marcus by Goldman Sachs is a solid choice if you want a dedicated savings account that earns a high APY. Ally Bank is a better option if you like doing all your banking in one place.

Marcus by Goldman Sachs vs. Barclays Bank

Consider Marcus by Goldman Sachs if you want a flexible CD you can cash in without paying a penalty. Explore Barclays Bank if you don’t have a large lump sum to invest but still want to earn top APY.

Final Take

With competitive rates and low opening deposits, Marcus by Goldman Sachs makes saving money an option for everyone. It may be best for customers who want a dedicated savings account or CD account without having immediate access to the money. If that describes you, consider opening an account today. It may be worth seeing why GOBankingRates has named Marcus by Goldman Sachs among the Best Online Banks of 2023.

Marcus by Goldman Sachs FAQ

Here are answers to some commonly asked questions about Marcus by Goldman Sachs. 
  • How long does it take to get money from Marcus by Goldman Sachs?
    • It takes one to three business days to transfer money from your Marcus by Goldman Sachs account to an external account using ACH transfer. Wire transfers can be completed in as little as one hour.
  • Is Marcus by Goldman Sachs trustworthy?
    • Marcus by Goldman Sachs is a member FDIC and all accounts are insured to the standard $250,000.
  • How much money do you need to keep in a Marcus by Goldman Sachs account?
    • Marcus by Goldman Sachs has no minimum balance requirements for the savings account.
  • How much interest does Marcus by Goldman Sachs pay?
    • Marcus by Goldman Sachs has higher APYs than the national average for both their savings and CD accounts. Though the rates do vary, they consistently hold a higher yield, which is a benefit to holding an account there.
  • How much is Marcus by Goldman Sachs FDIC insured for?
    • Each account is insured up to $250,000 per account owner.

Cynthia Bowman and Caitlyn Moorhead contributed to the reporting of this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 6, 2022. Savings rates were updated to reflect current APY as of 12/20/22. CD rates were updated to reflect current APY as of 1/24/23.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings for the Best Online Bank and Neobank Savings Accounts, GOBankingRates looked at the following factors from all online banks and neobanks: (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) minimum balance needed in account to earn APY; (5) savings APY; and (6) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 0.5 times, factor (4) was weighed 1.5 times and factor (5) was weighted 3 times.  

To determine rankings for the Best CD Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times. 

To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) customer service options and mobile products offered (24/7 customer service, live chat with a human, mobile app and remote check deposit); (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Android and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. 

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.

Is this your bank?

Stay Up to Date on the Latest From Your Bank

Keep a good thing going with top financial tips and advice from GOBankingRates.

Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

Thank You For Signing Up!

Get ready to receive top financial tips from the experts at GOBankingRates.

Take Advantage of our Best Offer(s)

Share This Article:

facebook sharing button
twitter sharing button
linkedin sharing button
email sharing button

About the Author

Jamie Johnson is a freelance writer who covers a variety of personal finance topics, including investing, loans, and building credit. In addition to writing for GOBankingRates, she currently writes for clients like Quicken Loans, Credit Karma, and the US Chamber of Commerce. 
Learn More

BEFORE YOU GO

See Today's Best
Banking Offers

1pximage