Marcus by Goldman Sachs Review: Online Savings With Higher-Than-Average Yields

GOBankingRates Score

4.8
Quick Take: Marcus by Goldman Sachs 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 extreme specialization is one of the reasons the online bank is named in GOBankingRates rankings for Best CD Accounts, Best Online Banks and Best Savings Accounts.  
  • Rates
    4.5
  • Fees
    5.0
  • Mobile App
    5.0
  • Minimum Balance Requirements
    4.5
How did we calculate this?

Pros

  • Annual percentage yields are above the national average
  • No minimum deposit for savings accounts
  • Deposits start earning interest immediately
  • No-penalty CD available

Cons

  • Limited account options
  • No access to ATMs

About Marcus by Goldman Sachs

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 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, it made GOBankingRates’ 2022 lists for Best CD Accounts, Best Online Banks and Best Savings Accounts (Online Savings).  

Savings Account

Marcus by Goldman Sachs offers an online, high-yield savings account offering 0% 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.

Since account options are limited, Marcus by Goldman Sachs makes it convenient to fund your online savings account, with same-day transfers of $100,000 or less 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.

CD Rates

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. 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 0% for a six-month term. To maximize your earnings, bump up to nine months to earn 0% 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 eight 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. 

Editor’s Favorite

Marcus by Goldman Sachs offers a competitive APY of 0.70% 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.

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. 

Customer Service

Customer service representatives are available Monday through Friday from 8 a.m. to 10 p.m. EST and weekends from 9 a.m. until 7 p.m. EST. Customers can call the customer service line or use the online chat feature during those hours.

Accessibility

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.

Funds transferred through ACH can take up to three days to process, but the deposit starts earning interest immediately. Deposits made through wire transfer are usually available the same business day they were received.

Mobile and Digital Experience

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 4.9 in the App Store and 4.4 on Google Play.

Convenience

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. 

How To Open an Account

You can open an account on the bank’s website in a few minutes. Here’s how:

  1. Click “Open Account” from the bank’s homepage.
  2.  Complete the online application by providing your contact information and the type of account you want to open.
  3. Verify your identity.
  4. Fund the account.

You have the option to add a joint account holder or open multiple accounts.

Fees

Marcus by Goldman Sachs does not charge monthly maintenance or transaction fees for its savings account. There is no fee for incoming or outgoing wire transfers. 

An early withdrawal penalty does apply to CDs. This fee is 90, 120 or 365 days’ worth of interest. You can avoid this fee by keeping money in the CD until it matures. 

Marcus by Goldman Sachs vs. Competitors

As part of a Marcus by Goldman Sachs review, it’s helpful to see how their products stack up to other banks.

Bank Best For
Marcus by Goldman Sachs No-Penalty CDs
American Express Bank American Express Card Customers
Ally Bank Full-Service Banking
Barclays Bank High-Yield CDs With No Minimum Balance

Marcus by Goldman Sachs vs. American Express Bank

Marcus by Goldman Sachs offers an exceptional customer experience through its user-friendly website and mobile app. American Express Bank 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 every saver. It may be best for customers who want a dedicated savings account — or multiple accounts — without having immediate access to the money. If that describes you, consider opening an account today. 

Marcus by Goldman Sachs FAQ

Here are answers to some commonly asked questions about Marcus by Goldman Sachs. 
  • Is Marcus by Goldman Sachs FDIC-insured?
    • Marcus by Goldman Sachs is a member of the FDIC. Deposits in savings accounts are insured up to $250,000.
  • How long does it take to get money from Marcus 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.
  • How do I make deposits or withdraw money from Marcus?
    • There are four ways to deposit money in a Marcus account.
      • • Transfer funds from a linked external account.
      • • Set up direct deposits of payroll or government benefit payments.
      • • Mail a check to the bank.
      • • Send money through a wire transfer.
    • There are two ways to withdraw money from a Marcus account:
      • • Initiate an ACH transfer through Marcus' website or mobile app or through a linked bank.
      • • Set up a wire transfer.
  • What is Marcus Insights?
    • Marcus Insights is a free service that gives you tools for managing your money and monitoring your financial health. You can track your spending, monitor balances and more. It is available on the Marcus website and mobile app -- even for customers who don't have a Marcus account.
  • Does Marcus by Goldman Sachs offer free money for signing up for an account?
    • Marcus by Goldman Sachs is not currently offering free money for new accounts. However, you may earn more money over time thanks to the bank's competitive rates.

Cynthia Bowman contributed to the reporting of this article.

This article was updated on April 22, 2022, to reflect updated APY rates for the savings and CD accounts.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 5, 2022.

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

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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. 

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