Marcus by Goldman Sachs is an online-only bank and subsidiary of Goldman Sachs. All loans and deposit products are provided by Goldman Sachs Bank USA, Salt Lake City branch. Marcus offers a wide range of savings, investment, credit, and lending products. This bank does not, however, provide debit or ATM cards. Customers who want to access their funds must do so via automated clearing house (ACH) or wire transfer.
All rates and fees are current as of March 21, 2024, and are subject to change.
Marcus by Goldman Sachs
| Savings accounts: | Earn 4.50% annual percentage yield (APY) |
| Certificates of deposit (CDs): | Open with as little as $500 |
Pros
- Competitive interest rates
- No monthly maintenance fees
- Low minimum deposit requirements
Cons
- No physical branches
- Limited bank account options
- No debit card or ATM access
If your main goal is to earn a competitive rate on your savings account and/or CD, Marcus by Goldman Sachs is a good option. The bank doesn’t operate physical branches and, therefore, doesn’t have the same overhead costs as brick-and-mortar banks. So, it can pass on those savings to customers in the form of high rates and low fees. However, that also means that customers should be comfortable with managing their accounts online, with limited options for depositing cash.
Those who value face-to-face interactions when banking won’t find branches at Marcus as it operates solely online. Additionally, customers looking for a full-service bank with checking and money market accounts, a wide range of credit products, insurance, and financial planning services might find Marcus too limiting.
Marcus by Goldman Sachs rates and products
Marcus does not offer any checking accounts or money market accounts (MMAs). However, it does provide a high-yield savings account and several CD options.
Savings accounts
The Marcus online high-yield savings account boasts a competitive 4.50% APY, nearly ten times the national average. No minimum deposit or balance is required to earn this rate, and there are no monthly maintenance fees.
To fund the account, you can link a checking or savings account from another bank and transfer money. You’ll begin earning interest the day the transfer is initiated. You can also set up direct deposit, mail a check, or send a domestic wire transfer. There is no limit to the number of withdrawals or transfers you can make from your online savings account.
Marcus by Goldman Sachs savings rates compared to current top rates*
While Marcus by Goldman Sachs is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Certificates of deposit
Marcus offers a wide selection of CD accounts, all requiring a modest opening deposit of at least $500. Depending on the exact term and product you select, you can earn up to 5.00% APY on your balance, which is in line with the best CD rates available today.
Another notable feature of Marcus CDs is the rate guarantee program. If you fund your account with at least $500 within 10 days, you’ll receive the highest published interest rate and APY the bank offers on that product and term. That means if rates go up shortly after you’ve opened your account, you can still get the highest rate available.
Interest earned is added to the principal balance of your CD automatically each month. Marcus has a unique feature allowing you to withdraw earned interest penalty-free (but not the principal). You can transfer the monthly interest earned to your online savings account or one of your linked external bank accounts.
Keep in mind that if you withdraw your principal balance before the maturity date, an early withdrawal penalty applies.
Other services Marcus offers
Apart from its deposit accounts, Marcus offers a few other products and services for customers to choose from.
- Marcus Invest: Marcus Invest offers personalized portfolios created by Goldman Sachs experts for as little as $5.
- Credit cards: Marcus’s credit card selection includes a suite of auto rewards credit cards.
Online banking
As an online bank, Marcus offers a robust online banking platform and a mobile app available for download on the Apple App Store and Google Play. It boasts a 4.9-star and 4.4-star rating on these digital storefronts, respectively. However, one helpful feature that Marcus does not currently offer is mobile check deposit.
The Marcus by Goldman Sachs platform and customer support
Marcus customer service representatives can be reached via telephone, email, mail, and chat. For help with online savings accounts, CDs, credit cards, and insights, customers can call Marcus’s toll-free line 24/7.
To access the live chat features, customers must log into their account on the Marcus website and select the chat option from their dashboard. Savings and insights customers and GM Rewards credit card customers can use this feature 24/7. Marcus Invest customers can write to a representative via live chat Monday through Friday, from 9 a.m. to 6:30 p.m. Eastern time.
Is Marcus by Goldman Sachs secure?
Yes, Marcus by Goldman Sachs is secure and safe to bank with. For one, accounts with Marcus are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor for each account ownership category.
Furthermore, Marcus employs a number of tools to keep your information safe online. That includes secure sockets layer (SSL) encryption and multifactor authentication (MFA).
Marcus by Goldman Sachs user reviews
The Better Business Bureau (BBB) has accredited Marcus by Goldman Sachs and given it an A+ rating. However, customer reviews on the BBB website average 1.11 stars out of 5 based on around 300 reviews. Complaints often relate to issues, such as accounts getting locked during large transfers and delays in account promotion benefits. Meanwhile, positive reviews note the fast transfer times, high interest rates, and supportive customer service.
Compare Marcus by Goldman Sachs alternatives
 Marcus by Goldman Sachs |
 Milli Bank |
 SoFi |
|---|---|---|
| Savings APY | Savings APY | Savings APY |
| 4.50% | 5.50% | 4.60% |
| Savings account monthly fee | Savings account monthly fee | Savings account monthly fee |
| $0 | $0 | $0 |
| Checking APY | Checking APY | Checking APY |
| N/A | N/A | 0.50% |
| Checking account monthly fee | Checking account monthly fee | Checking account monthly fee |
| N/A | N/A | $0 |
| Learn more | Learn more | Learn more |
| View offer | View offer | View offer |
Is Marcus by Goldman Sachs right for you?
Marcus by Goldman Sachs is tailored to customers who are comfortable with managing their finances online and are looking for competitive savings products without the need for a full-service banking relationship.
The high-yield savings account and CDs offer rates much higher than the national average, making them ideal for savers focused on growing their deposits over time. Plus, Marcus doesn’t charge any monthly fees on its accounts.
However, customers who prefer in-person banking services or need to deposit cash regularly might find the online-only nature of Marcus by Goldman Sachs limiting. Further, unlike full-service banks, Marcus has a focused product lineup of primarily savings products. If you’re looking for other types of deposit accounts or a wider range of financial services under one roof, Marcus won’t meet all your banking needs.
Frequently asked questions
Is Marcus by Goldman Sachs legitimate?
Yes. Marcus by Goldman Sachs is a subsidiary of Goldman Sachs, which is FDIC-insured.
How much money do you need to open a Marcus account?
Marcus’s savings account does not require a minimum deposit. Its CDs require a minimum opening deposit of $500.
Does Marcus pay interest monthly?
Interest earned on your Marcus account balances compounds daily and is credited to your account monthly.
