Marcus By Goldman Sachs Bank Review

Marcus by Goldman Sachs offers numerous banking products, including high yield savings accounts and CDs. We review features, rates, and fees.
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Written by Rebecca Lake
Financial Expert
Managing Editor
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When you need or want to open a new savings account, CD account or money market account, you may be interested in comparing online banks to traditional banks. Marcus by Goldman Sachs is one online banking option you might consider.

Reading some of the Marcus by Goldman Sachs reviews, beginning with this one, can help you decide if it’s the right bank for your needs.

What Is Marcus by Goldman Sachs?

Marcus by Goldman Sachs is an online brand of Goldman Sachs Bank USA. Established in 2016, this online-only bank offers a range of deposit accounts, including high-yield savings accounts, high-yield certificate of deposit accounts and no-penalty CDs.

Deposit accounts are federally insured up to the FDIC limits per-depositor/per-account-ownership type. In addition to savings accounts and CDs, Marcus by Goldman Sachs also offers no-fee personal loans to qualified borrowers.

This guide to Marcus Bank reviews some of the most important things to know about its online savings account and CD products.

Compare Banks and Accounts Easily

Explore your online banking options by comparing different banks and finding the best one for your needs.

Popular Accounts at Marcus by Goldman Sachs

How Marcus by Goldman Sachs Works

Marcus by Goldman Sachs is an online bank that offers multiple deposit account options.

For example, you can open a Marcus Savings Account or a Marcus CD, depending on your short- or long-term financial goals.

Instead, if you’d like to build a CD ladder, you can do so by opening multiple CDs with terms that mature over various periods of time.

And again, if you’re wondering is Marcus FDIC insured, your savings account and CD accounts are covered up to the federal limits.

Unlike other banks or credit unions, Marcus doesn’t require higher minimum deposits to open savings or CD accounts.

There’s no minimum at all to open a Marcus High Yield Savings Account, and you can open a Marcus CD with as little as $500. That might appeal to you if you’re new to saving and you want to earn interest at a competitive rate.

Both online and mobile banking are easy to use and navigate. With either one, you can:

  • View your savings account or CD account balances
  • Schedule transfers between multiple Marcus savings accounts
  • Schedule transfers between your Marcus savings account and accounts at another bank


In terms of the maintenance fees, Marcus offers savers a break on those. There are no monthly maintenance fees or service fees. No minimum balances are required to avoid a fee, though third-party banks can still charge you fees for things like wire transfers or ACH transfers if you’re moving money between accounts.

Making withdrawals

Marcus by Goldman Sachs savings accounts and CDs don’t come with debit cards, nor is check-writing an option. So that limits you somewhat in terms of how you can make withdrawals from your account. But you do have 24/7 account access to your money online and through the Marcus by Goldman Sachs mobile banking app.

In terms of how you can withdraw money from a Marcus by Goldman Sachs Savings Account, you can set up an ACH transfer to another bank or schedule a wire transfer. You can also request a paper check be mailed to you. Remember, Marcus charges no fees for these services, but third-party banks may impose fees of their own.

Making deposits

Your options for adding money to a Marcus savings account are roughly the same. You can make deposits by mailing a check, scheduling an ACH deposit, requesting a wire transfer or setting up direct deposit. If you want to set up direct deposit with your employer, you’ll just need to complete the appropriate paperwork.

Mobile check deposit isn’t available at this time, which is something of a drawback if you’re used to using that feature at other banks or credit unions.

Customer service

If you need help with one of your Marcus accounts, customer support is available by phone Monday through Friday from 8 am to 10 pm ET or Saturday to Sunday 9 am to 7 pm ET. Unlike other banks or credit unions that offer live chat support, Marcus by Goldman Sachs does not. You can also send in requests and questions via regular mail.

Marcus by Goldman Sachs High Yield Savings Account

The Marcus High Yield Savings Account is an online savings account that pays a higher interest rate compared to savings accounts at traditional banks or credit unions. There is no minimum deposit to open this account and no monthly maintenance fee.

You can open an account online in minutes and start earning interest right away. Here’s an overview of the various fees that you might expect to pay with an online savings account that you can avoid by banking with Marcus.

Marcus Savings Account Review

Marcus by Goldman Sachs Money Market Account

While some online banks offer money market accounts in addition to savings accounts, Marcus doesn’t have them on tap currently. So you may need to consider another bank if you’re interested in a money market account. You’ll also have to consider other investment banks if you’re interested in a money market mutual fund.

Marcus by Goldman Sachs CD Rates

Marcus offers high-yield CDs with terms ranging from six months to 6 years. The minimum deposit to open a Marcus CD is $500, which could make it easier to open a CD ladder.

Marcus high-yield CDs are covered by a 10-day rate guarantee, which means you’re guaranteed to get the best rate offered for your chosen CD term during the first 10 days after account opening. Step-up or bump-up CDs are not an option, however.

In addition to high-yield CDs, Marcus offers no-penalty CDs which have zero early withdrawal penalties. That’s helpful if you need to withdraw money from your account before your CD matures. The minimum deposit for these CDs is also $500, and they come with a single maturity term of seven months. The APY for no-penalty CDs is just shy of the rate you could get with a regular 12-month high-yield CD.

Here’s a closer look at Marcus CD rates and how they compare over a shorter and longer period of time.

Marcus No-Penalty CD Review: Is It Right for You?

Marcus by Goldman Sachs Checking Accounts

At this time, Marcus doesn’t offer checking accounts. If you want to save with this online bank, you’re limited to high-yield savings accounts and CD accounts.

Marcus Personal Loans

In addition to savings accounts and CDs, Marcus offers no-fee personal loans to qualified borrowers. It’s possible to borrow up to $40,000 with no sign-up fees or prepayment penalties.

The minimum loan amount is $3,500, and Marcus offers competitive rates compared to other banks or credit unions. Loans come with a fixed APR, and you can get an interest rate discount when you enroll in automatic payments. Additionally, Marcus personal loans are easy to apply for online.

Locations: Branches & ATMs

Marcus by Goldman Sachs is an online-only bank, with headquarters in New York City. So like other online banks or credit unions, there are no branches or ATMs. But you can always access your account online or through the Marcus mobile banking app.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.