Marcus by Goldman Sachs Review: Customer-Friendly Savings Products With Top Rates

4.7
Our Take: Marcus by Goldman Sachs offers a product line designed to help customers make the most of their money. Its products are limited to savings and loan services, but the narrow focus lets the bank concentrate on giving customers what they need and want.
  • Overall
    4.5
  • Rates
    5.0
  • Fees
    5.0
  • Mobile App
    5.0
  • Banking Experience
    4.0
How did we calculate this?

    Pros

    • Annual percentage yields are above the national average.
    • Accounts have low or no minimum opening deposits.
    • Deposits start earning interest immediately.

    Cons

    • Account options are limited.
    • Customers have no ATM access.

    About Marcus by Goldman Sachs

    Goldman Sachs was founded in 1869 by Marcus Goldman. In 2016, the bank announced its acquisition of GE Capital Bank’s U.S. online deposit platform. The rebranded bank is Marcus by Goldman Sachs. Since that time, the financial firm has grown to be one of the biggest investment banks in the U.S. In fact, GOBankingRates has ranked it as one of the Best Online Banks of 2021.

    Marcus by Goldman Sachs Products

    Marcus by Goldman Sachs relied on customer feedback when developing its product line and platform. It offers a savings account, personal loans and certificates of deposit.

    Product Features
    Savings Account
    • 0.50% APY
    • No fees
    • No minimum deposit
    • Same-day transfers in and out of the account
    • Accounts insured by the Federal Deposit Insurance Corp.
    CD Rates
    • Terms from six months to six years
    • 0.15% to 0.60% APY
    • $500 minimum opening deposit
    • 10-day rate guarantee
    Loans
    • Loan values from $3,500 to $40,000
    • No sign-up or pre-payment fees
    • Reward for paying monthly payments on time
    • Rates from 6.99% to 19.99%

    You won’t find a full menu of banking products and services at Marcus by Goldman Sachs. Instead, you get a savings account and CDs designed to give people vehicles for maximizing their savings.

    Marcus by Goldman Sachs Savings Account

    Marcus by Goldman Sachs offers an online, high-yield savings account with a competitive rate as much as 10 times higher than the national average. Plus, you can avoid the fees that traditional banks tend to charge, making Marcus one of the best savings accounts around.

    Features:

    • 0.50% APY
    • No minimum deposit to open
    • No fees

    Pros:

    • No minimum balance to get started
    • High yields
    • Same-day transfers of $100,000 or less

    Cons:

    • No debit card issued
    • No access to branches or ATMs

    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 them competitive with the best CD rates. Also, the bank provides a 10-day rate guarantee. If the rate goes up within 10 days after you open your account, you’ll get the higher rate automatically.

    Features:

    • $500 minimum opening deposit
    • Terms from six months to six years
    • 0.15% to 0.60% APY
    • No-Penalty CD available
    • 10-day rate guarantee

    Pros:

    • Above-average APY
    • Variety of term lengths
    • No-Penalty CDs for customers who need to withdraw funds early

    Cons:

    • Best rates reserved for longer terms
    • Fewer term options available for No-Penalty CDs

    Banking Experience

    Marcus by Goldman Sachs is an online bank. All transactions take place online or in the mobile app.

    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.

    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.

    Automated clearinghouse transfers 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 are received.

    Mobile & Digital Experience

    Marcus by Goldman Sachs has an impressive mobile app that integrates all of a customer’s accounts. Customers can manage their 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 simple interfaces that are 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.

    Key Information

    Marcus by Goldman Sachs 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, and it’s based on the CD’s term. You can avoid the fee by maintaining your balance until the CD matures.

    Marcus by Goldman Sachs vs. Competitors

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

    Bank Best For
    Marcus by Goldman Sachs No-Penalty CDs
    American Express Bank American Express credit card customers who want to connect their savings and credit card accounts
    Ally Bank Full-service banking with investment options
    Barclays Bank High yielding CDs with no minimum balance

    Marcus by Goldman Sachs vs. American Express Bank

    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. Otherwise, Marcus by Goldman Sachs offers an exceptional customer experience through its user-friendly website and mobile app.

    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 high rates.

    Also Compare: BankDirect Review: Competitive Rates, Nationwide Coverage

    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 — and won’t need immediate access to the money. If that describes you, consider opening an account today.

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      Editor’s Favorite

      Marcus by Goldman Sachs offers a competitive APY for its savings account. It’s a good choice if you want a dedicated account for a specific savings goal or big purchase. You still have access to your funds, but waiting up to three days to withdraw the money can be an advantage because you’ll be less tempted to spend it.

      Marcus by Goldman Sachs FAQ

      Here are answers to some of Marcus by Goldman Sach's more commonly asked questions.
      • 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 a 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 take other steps to visualize and optimize your financial activities. 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.

      This article has been updated with additional reporting since its original publication.

      Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 4, 2020.

      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 GOBankingWrites, she currently writes for clients like Quicken Loans, Credit Karma, and the US Chamber of Commerce. 

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