Launched in 2016, Marcus by Goldman Sachs is the online-only banking arm of the venerable investment bank Goldman Sachs, one of the 10 largest banks in the US. The rise in popularity of Marcus by Goldman Sachs is due partly to it receiving No. 1 ratings in customer satisfaction by J.D. Power in 2019 and 2022. This bank offers a stripped-down set of deposit accounts, including high-yield savings, three types of certificates of deposit and no-fee personal loans.
What we like
- Higher yields on CDs and savings accounts than traditional banks
- Several options for deposit accounts and personal loans
- 24/7 customer support access
- Low minimum balance requirement to open accounts
- No monthly fees on deposit accounts
What we don’t like
- No ATM network
- No checking or money market accounts offered
- No physical branches
- No cash or mobile check deposit options
Who is Marcus by Goldman Sachs best suited for?
This bank is well suited for retail bankers comfortable managing their banking affairs in a purely digital environment who don’t need access to cash through an ATM or have a backup bank that is linked externally. This bank is great for savers looking for banking products with competitive yields or no-fee personal loans.
Marcus by Goldman Sachs products
Marcus by Goldman Sachs offers a high-yield savings account with competitive APYs. There is no minimum required to open the account. There is no monthly maintenance fee to maintain the account and it doesn’t support cash withdrawals, cash deposits or mobile check deposits. All deposits must be transferred digitally.
Savings Account Features
| APY | 3.00% |
|---|---|
| Minimum balance | $0 |
| Monthly fee | $0 |
Note: Annual percentage yields, or APYs, shown are as of Nov. 16, 2022.
Pros
Competitive APYs: Marcus offers a competitive APY on any balance.
No fees: There are no monthly fees or minimum balances to maintain.
No minimum deposit: There is no minimum deposit required to open a savings account.
Round-the-clock customer service: Customer service representatives are available 24/7.
Same day transfers: Transfers to linked bank accounts are effective the same day for transactions up to $100,000.
Cons
No cash deposits: Marcus by Goldman Sachs doesn’t allow cash deposits via ATM, which could be inconvenient for customers who deal in cash.
No mobile check deposits: All deposits must be transferred or automated.
No physical branches: The website or mobile app is required to manage all transactions.
Marcus by Goldman Sachs offers three types of CDs with competitive yields: high-yield, no-penalty and bump-up CDs. Terms vary from six months to six years. A minimum balance of $500 makes Marcus CDs accessible to a wide range of savers. Early withdrawal penalties on the high-yield and bump-up CDs are some of the most restrictive available, but the no-penalty CD offers more flexibility if needed. CDs automatically renew after a 10-day grace period.
CD Account Features
| 1-year CD APY | 4.00% |
|---|---|
| 3-year CD APY | 4.00% |
| 5-year CD APY | 3.80% |
| 20-month Rate Bump CD | 3.60% |
| 13-month No-Penalty CD | 3.05% |
| Minimum balance | $500 |
| Early withdrawal penalty | 90 to 120 days simple interest depending on term |
Note: Annual percentage yields, or APYs, shown are as of Nov. 16, 2022.
Pros
Competitive APYs: Marcus offers competitive APYs on any balance.
10-day rate guarantee: Automatic increase in rates in the first 10 days of opening and funding an account.
Multiple CD types: Marcus offers a variety of CD options that provide more flexibility.
Low deposits: All CDs require a $500 deposit to open an account.
Cons
Lower deposits elsewhere: Some banks offer a lower or no minimum deposit to open accounts.
Banking experience
Because Marcus by Goldman Sachs is an online-only bank that doesn’t offer physical branches, banking access is limited to online, mobile app, live chat or telephone support. This bank doesn’t offer checking accounts and limits deposit features via mobile check deposit or at an ATM. Deposits can only be transferred digitally. There’s no ATM network, so fees apply with all withdrawals.
Overdraft fees
Marcus by Goldman Sachs doesn’t offer a checking account, therefore overdraft fees don’t apply.
Customer service
The Marcus by Goldman Sachs automated customer service line is available 24/7. Customer-service representatives are available Monday through Friday from 8 a.m. to 10 p.m. ET and 9 a.m. to 7 p.m. ET on Saturday and Sunday. The bank’s digital support also includes a live chat and comprehensive frequently asked questions section on its website.
