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.

Marcus by Goldman Sachs® is a brand of Goldman Sachs Bank USA and Goldman Sachs & Co. LLC (“GS&Co.”), which are subsidiaries of The Goldman Sachs Group, Inc. All loans and deposit products are provided by Goldman Sachs Bank USA, Salt Lake City Branch.

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.

• Mar 03, 2021 Marcus by Goldman Sachs is a direct bank that offers personal loans and rewards savers with higher payouts. What we like Marcus offers above-average interest rates across all products.
• Marcus made its debut in October 2016 with just unsecured personal loans before it began offering a savings account and CDs under the Marcus by Goldman Sachs brand in November 2017.

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.

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

Fees

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.

Marcus by Goldman Sachs Pros & Cons

When reading Marcus by Goldman Sachs reviews, it's helpful to have an at-a-glance summary of what's good or bad about the bank. Here are some of the main highlights to know about opening a savings account or CD or applying for a loan with Marcus by Goldman Sachs.

Pros:

• No minimum deposit makes opening a high-yield savings account accessible, which is good if you're just starting out with saving.
• No monthly maintenance fees or service fees means you get to keep more of the interest you earn with your savings account each month.
• Marcus CD rates are competitive and the option to avoid early withdrawal penalties with a no-penalty CD could be good if you want some flexibility when withdrawing your savings.
• It's simple and easy to open a Marcus savings account or Marcus CD online in minutes, and 24/7 account access means you can get to your money when you need it.
• Marcus personal loans offer competitive rates with no fees.

Cons:

• Other online banks can potentially offer a higher interest rate on savings accounts and CD accounts.
• You'll need to check out other online banks or credit unions for a high-interest money market account option.

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.

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Sometimes it pays to put your money in a bank with a sterling reputation and high-interest rates for its savings accounts.

If you want to store your money in a secure bank and watch it grow over time, you might be interested in signing up for a Marcus by Goldman Sachs account.

Let’s break down everything you need to know about this bank so you can decide if it’s right for you.

Marcus by Goldman Sachs Overview

What is Marcus by Goldman Sachs?

Marcus by Goldman Sachs is a direct online banking institution that offers a handful of account options and financial products.

It’s noteworthy in part due to the high-interest rates across all of its products and its relatively low fees and account balance requirements.

Essentially, you can store your money for practically nothing and get an excellent return via interest rates over time.

These are just a few reasons why millions of Americans turn to Marcus for their banking needs.

What Does Marcus by Goldman Sachs Offer?

Marcus’ primary offerings are a pair of savings account options: a regular online savings account and the option to transition to a CD or certificate of deposit.

A CD is a specialized type of savings account that allows you to store your money for a set period of time.

You cannot withdraw your money from a CD until an agreed-upon date. In exchange, your savings in the CD benefit from higher-than-average interest rates.

Marcus Featured Products

Marcus by Goldman Sachs Online Savings Account

• Account Minimum: $0
• APY: 0.50%

Marcus’ online savings account is a simple financial tool that charges no extra fees and has a relatively high APY or annual percentage yield.

Note that Marcus requires no minimum deposit, either. It does require $1 to open the account, but after that, you can leave your balance at $0 with no penalty.

Learn More: Best High Yield Savings Accounts

Marcus by Goldman Sachs No-Penalty CD

• APY: 0.45% for 7-month term, 0.35% for 11-month term, 0.25% for 13-month term
• Minimum deposit: $500
• Term: 7-11 months

Marcus offers two types of CDs. The No-Penalty CD is perfect if you like to keep your options open, as it doesn’t come with the usual limitation of preventing you from withdrawing your funds from the CD if you need fast cash in a pinch.

There are no early withdrawal penalties for doing this. But the CD rates are lower than the interest rates for the other CD offered (see below).

Marcus High-Yield CD Rates

This is the other CD option offered by Marcus by Goldman Sachs. It has the same $500 account minimum to open, but you’ll enjoy significantly higher interest rates if you agree to longer terms.

You can use this to significantly grow a lump sum for several years before the withdrawal.

This account does charge an early withdrawal penalty if you try to withdraw the funds before maturity. Penalties are between 90 days and 365 days’ worth of interest, depending on your initial term length.

Additional Financial Products Offered by Marcus

• Investment Account(s): Marcus does not offer any investment accounts at this time, unfortunately.
• Personal Loans: Marcus also offers some personal loans to help you pay for high-priced items or cover medical bills when necessary. MarcusPay loans allow you to make big purchases on the go in the form of taking out an instant loan, paying back Marcus over time.

Marcus by Goldman Sachs Bank Review: Fees, Customer Support, & Experience

Banking Experience

Marcus by Goldman Sachs is a limited financial institution overall since it only provides a few account options or products.

Still, these products usually feature great interest rates relative to other banks, and your banking experience is likely to be high-quality.

Employees are knowledgeable and supportive, and you can download a dedicated mobile app, which includes money tracking and financial planning tools for your convenience.

Marcus Goldman Sachs Cd Rates Calculator

The biggest downside is that you must electronically transfer funds into your accounts or use your employer’s automatic deposit feature – a big flaw since Marcus doesn’t have any in-person branches or ATMs to visit.

Customer Support

Marcus’ customer service is pretty great compared to other financial institutions. It offers customer service by phone Monday through Friday from 8 AM to 10 PM with reduced weekend hours.

But you’ll also benefit from a dedicated savings account, personal loan, and MarcusPay customer service lines.

This way, you can be connected to someone who can help you with your specific issue quickly instead of having to be routed through multiple customer service reps.

Marcus By Goldman Sachs Fees

Marcus has very few fees scattered throughout its offerings. Its regular High-Interest CD account option does charge you a fee if you make an early withdrawal.

But otherwise, this is a great banking institution since it charges no fees for starting or maintaining an account or for taking out a personal loan.

Marcus Bank Pros and Cons

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Pros:

• The mobile app is easy to use and comes with extra tools/educational resources
• Good customer service and dedicated phone lines
• Savings accounts and CDs have good interest rates
• Personal loan terms are good if you have high credit

Cons:

Marcus Goldman Sachs Cd Rates

• No ATMs or physical locations to visit
• No business loans – generally limited account types

Marcus by Goldman Sachs FAQs

Marcus Cd Rates

Is Marcus by Goldman Sachs Legitimate?

Yes. It’s one of the most well-known banking institutions in the industry and has been in operation for well over 150 years!

Is Marcus by Goldman Sachs FDIC Insured?

Yes. All of your deposits up to $250,000 are insured in case of theft or insider fraud.

Is Marcus Safe?

Absolutely. As a primarily online institution, Marcus’ website and mobile app use top-tier digital security, including SSL certification, to provide encryption for its staff and customers.

Bottom Line: Marcus by Goldman Sachs Bank Review

All in all, Marcus by Goldman Sachs is a fantastic place to keep your money if you want your savings to grow over time or if you want to target a particular savings amount through a flexible or high-interest CD.

However, you may want to look elsewhere if you want a more personalized banking experience or if you need access to other account types or loans, such as checking accounts and business loans.

Marcus By Goldman Sachs Cd

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