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*Annual Percentage Yield
**Accurate as of July 2024, assuming FDIC average savings rate of 0.45% and $2,500 deposit.
Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top banks and credit unions
154
Institutions MonitoredOur team reviewed 154 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
688
Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.
719
Rates TrackedThe accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.
10
Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Our Marcus by Goldman Sachs Bank Ratings
We give Marcus by Goldman Sachs 4.4 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The bank’s CD offerings earn its highest rating, followed closely by its savings account. Although it doesn’t offer checking or money market accounts, Marcus’ overall bank experience also scores well.
Here’s how the company scores in each of our review categories:
Flip Card Marcus by Goldman Sachs Bank
Marcus by Goldman Sachs Bank Rating 4.4 / out of 5 stars
Rating breakdown
Banking Experience and Access 4.1 / 5
Savings 4.4 / 5
CDs 4.6 / 5
*Ratings are determined by our editorial review team. Learn more about our scoring methodology.
Marcus by Goldman Sachs vs. Other Top Banks
While online banking is available 24/7, Marcus lacks the in-person banking options that Bank of America, Chase Bank and Wells Fargo give customers. Those top banks feature between 3,800 and 4,700 branches and 12,000 and 15,000 ATMs nationwide. This allows you to do cash transactions or get face-to-face help opening accounts and solving problems. Plus, unlike Marcus, these top banks support mobile check deposits.
The other top banks offer more banking services than Marcus, including checking accounts with waivable monthly fees and various loans and credit cards. However, their savings accounts usually have monthly fees.
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| Our Rating | 4.4 | 4.0 | 3.8 | 4.0 |
| Savings APY | 4.40% | 0.01% | 0.25% | 0.01% |
| 1-Year CD APY | 5.15% | 0.01% | 1.50% | 0.03% |
| Number of Branch Locations | Online Only | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | N/A | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
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|---|---|---|---|---|
| Our Rating | 4.4 | 4.0 | 3.8 | 4.0 |
| Savings APY | 4.40% | 0.01% | 0.25% | 0.01% |
| 1-Year CD APY | 5.15% | 0.01% | 1.50% | 0.03% |
| Number of Branch Locations | Online Only | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | N/A | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
Overview of Marcus by Goldman Sachs: Pros and Cons
While its parent company dates back to 1869, Marcus by Goldman Sachs began in 2016. Its goal was to be an all-digital bank with easy-to-understand financial products. Initially, Marcus focused on personal loans before expanding to include deposit accounts. The online bank now has U.S. and U.K. platforms with an estimated 4 million people using its products.
This financial institution stands out for minimizing fees, paying competitive savings rates and providing around-the-clock support. Its drawbacks mostly involve the limitations of online-only banks, including limited product and transaction options and no in-person banking options.
Pros
Higher APYs: All Marcus accounts have annual percentage yields (APY) that are several times higher than the Federal Deposit Insurance Corp. (FDIC)’s national average rates.
CD options: Marcus offers numerous CD options, including a no-penalty CD and a bump-up CD.
No fees: There are no monthly service fees for deposit accounts.
Customer service: Marcus has 24/7 phone and online chat options.
Cons
Access issues: Marcus has no physical branches or ATM network.
Funding limitations: Account holders can’t use cash or mobile checks for deposits.
Limited accounts: Marcus doesn’t have as many banking products available as some other financial institutions, including a checking account.
Who Is Marcus by Goldman Sachs Best For?
Because it is not a full-service bank, Marcus by Goldman Sachs is best for someone who wants to take advantage of its rates on savings products, whether that be its high-yield savings account or one of its many CDs.
Marcus by Goldman Sachs Bank Accounts
Marcus by Goldman Sachs specializes in a small selection of deposit accounts for saving money. It offers a high-yield savings account for everyday use with no restrictions on withdrawing funds. The bank also features three types of CDs, including standard, bump-up and no-penalty options. Marcus does not offer a debit card on an.
All of its bank accounts are FDIC insured up to the legal limit of $250,000 per depositor, bank and account category.
Marcus specializes in investment bank accounts as well. Designed to let you get started with just $5, these accounts are ideal for planning for retirement or saving toward another life goal.
Its online and mobile banking experience includes many helpful features. You can keep track of all loans and deposit accounts and set up payments and transfers. The Marcus Insights feature in the mobile app helps track how you’re using your money, including your spending categories.
| Marcus by Goldman Sachs Account | Standard APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| Online Savings Account | 4.40% | $0 | $0 |
| High-Yield CD | 3.90% to 5.10% | $500 | $500 |
| No-Penalty CD | 4.70% | $500 | $500 |
| Rate Bump CD | 4.40% | $500 | $500 |
*APY accurate as of July 22, 2024
Marcus by Goldman Sachs Savings Account
4.4
| Marcus by Goldman Sachs Savings Account | Minimum Opening Deposit | Minimum Account Balance | Monthly Service Fee | APY* |
|---|---|---|---|---|
| Online Savings Account | $0 | $0 | $0 | 4.40% |
*APY accurate as of July 22, 2024
Marcus by Goldman Sachs Savings Account Overview
We give Marcus by Goldman Sachs 4.4 stars for its high-yield onlinesavings account. It’s a great choice if you want to earn an above-average interest rate on your money without the inflexibility and time commitment that comes with a CD.
Pros and Cons
Pros Competitive APY: This savings account offers a competitive APY that’s more than nine times the national average savings rate. No fees: This account has no monthly maintenance fees. No minimums: There are no minimum deposit or minimum balance requirements. Cons No ATM access: Marcus doesn’t offer an ATM card for this account nor ATM access. No cash deposits: Marcus doesn’t accept cash deposits via ATM, mail or certified retailer. No in-person access: As an online bank, Marcus doesn’t offer ways to manage your savings account in person.
Marcus by Goldman Sachs Savings Account Information
Online Savings Account
The biggest perk of thisMarcus online savings account is its APY, which is more than nine times the national average rate of 0.45% for savings accounts. This is a variable rate, meaning that Marcus can raise or lower it depending on the overall interest rate environment and economy.
You can make ongoing deposits and withdrawals with some limitations. You’ll use electronic transfers or wire transfers for withdrawals, or you can request checks since you don’t get an ATM card. For deposits, you can alsomail checksor usedirect deposit, but you’ll need a workaround for cash. Once you link an external account, Marcus supports same-day transfers of up to $100,000 before the noon cut-off time on business days.
The account doesn’t have a minimum deposit or minimum balance requirement. You won’t pay a monthly fee, though Marcus mentions checking for any fees another bank may charge for certain transactions.
Marcus by Goldman Sachs Bank CDs
4.5
| Marcus by Goldman Sachs Bank CD | Minimum Opening Deposit | APY* | CD Type | Early Withdrawal Penalty |
|---|---|---|---|---|
| High-Yield CD | $500 | 3.90% to 5.10% | Standard | 90 days’ simple interest for terms less than or equal to1 year 180 days’ simple interest for terms more than 1 year to5 years 270 days’ simple interest for terms more than 5 years |
| No-Penalty CD | $500 | 4.70% | Specialty | None |
| Rate Bump CD | $500 | 4.40% | Specialty | 180 days’ simple interest for terms more than 1 year to 5 years |
*APY accurate as of July 22, 2024
Marcus by Goldman Sachs Bank CD Overview
Standing out for their options and competitive interest rates, the Marcus CDs receive 4.6 stars. They all earn a fixed rate and feature a 10-day rate guarantee, which means Marcus will raise your APY if its term rate increases within the 10-day period after you open the account. The minimum deposit requirement is $500. For most of the Marcus CDs, withdrawing money before the maturity date requires losing between 90 to 270 days of earned interest.
Pros and Cons
Pros CD variety: Marcus offers standard and specialty CDs, including rate-bump and no-penalty CDs. High rates: Most Marcus CDs offer over 4.00% APY. Cons Low minimum: CDs require a $500 minimum deposit and balance to earn interest. No branch access: There are no branch locations you can use to access or manage your CD account.
Marcus by Goldman Sachs CD Options
High-Yield CD
Marcus’ high-yield CDsare ideal for those who want to earn the best CD rates and get the biggest term selection. It offers CD terms ranging fromsix monthsto six years.
Thistype of CDhas less flexibility since you can’t make penalty-free early withdrawals. Plus, the fixed rate could become a con if CD rates go up later, as Marcus won’t raise your rate after the 10-day guarantee period.
When you open a high-yield CD, Marcus lets you add funds for 30 days. You’ll then need to wait until the maturity date if you want to add more.
No-Penalty CD
The Marcus no-penalty CDs are a great choice if you’re unsure about being able to leave your money deposited until maturity. The early withdrawal penalty is waived as long as you wait until at least seven days after funding the account. Note the bank only allows full withdrawals, so the high-yield savings account is still the most flexible option.
The bank stops letting you add funds to this CD after you’ve met the $500 minimum requirement. Additionally, you won’t be able to take advantage of interest rate increases after the 10-day guarantee period.
Currently, Marcus’ no-penalty CDs are offered in seven-, 11- and 13-month terms.
Rate Bump CD
The Marcus rate-bump CD is designed for savers who don’t want to miss a potential interest rate increase later in the CD term. You can request a rate increase one time if the bank raises rates.
You can only choose a 20-month term option, which earns a competitive APY. This CD has some flexibility for adding further funds since Marcus says you get 10 days after a rate bump request to do so. However, Marcus will charge an early withdrawal penalty if you need to remove funds early.
Marcus by Goldman Sachs Bank Reputation and Customer Satisfaction
Marcus by Goldman Sachs has earned a positive reputation as an online bank. In the J.D. Power 2023 U.S. Direct Banking Satisfaction Study focusing on online banks, the Marcus savings account came in second for overall satisfaction, behind Discover’s savings account.
The bank is known for being a stable and safe place to put your money. Bauer Financial, which assesses financial stability, recommends Marcus and lists a 5-star (superior) rating for the institution. Additionally, Marcus has been a Better Business Bureau-accredited bank since 2018 and has an A+ rating.
Plus, the Marcus by Goldman Sachs app has 4.9 out of 5 stars on the App Store and 4.4 out of 5 stars on Google Play. Customers often mentioned liking the straightforward app layout and multiple log-in options for security. However, some users mentioned issues getting account alerts and experiencing lags while browsing the app.
The Bottom Line: Is Marcus by Goldman Sachs Right for You?
If you’re looking for savings account options through an online bank, Marcus by Goldman Sachs offers competitive rates and a sleek mobile banking experience. It’s also a good fit if you like having multiple CD options and being able to get 24/7 customer support.
Just make sure you’re comfortable with not having ATMs or branches. The bank’s limited options for deposits and withdrawals, including no options for cash or mobile deposits, may become inconvenient. However, Marcus is a great option to use as a secondary account for customers interested in earning a high APY on their savings.
Learn More About Marcus by Goldman Sachs
See how Marcus stands out in our roundups of the best financial institutions and deposit products available today:
- #4 on Best CD Rates
- #2 on Best 6-Month CDs
- #3 on Best 1-Year CDs
FAQ: Marcus by Goldman Sachs Bank Reviews
The main disadvantages of Marcus by Goldman Sachs are that you can’t visit a branch or ATM, deposit cash or make a mobile check deposit. The bank also has limited financial services and products, including no checking accounts, money market accounts or loans.
While Marcus by Goldman Sachs has decided to exit the personal loan business, it hasn’t announced any plans to close entirely. Its GM credit cards, deposit accounts and investment products remain available on the website, and you can still submit applications.
The Marcus by Goldman Sachs CDs and online savings account don’t have transfer fees or monthly account fees. An early withdrawal fee could apply to CDs, but you can avoid this fee with a no-penalty CD.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
*Data accurate at time of publication
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
