Marcus by Goldman Sachs Review 2022: Good CD Options for Rising Rates and Account Flexibility

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Good for CD Types and Access
Bank Review
Editor’s Score: (4.2/5)
Good for CD Types and Access
Bank Review
Editor’s Score: (4.2/5)
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    Competitive Rates
  • cd calc icon inactive
    Different CD Types
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    Unlimited and Same-Day Transfers

Marcus by Goldman Sachs is a great online banking option for anyone looking for a great savings account, multiple CD types, reliable customer service, and an easy-to-use online site and mobile app. Marcus’ account options are somewhat limited, though: there are no money market accounts or checking accounts offered.

NextAdvisor’s Take

  • Same-day transfers of up to $100,000 for high-yield savings accounts
  • 10-day CD rate guarantee
  • Very high APYs on deposits
  • Investment and loan offerings in addition to savings
  • No money market account or checking account
  • $500 minimum balance for CDs
  • Credit card options are limited to GM co-branded cards

Additional Details

  • Online-only bank; access your account via mobile app or online
  • After you open a CD and make a $500 deposit, you’re guaranteed the highest rate offered between the opening day and 10 days following
  • CD options include high-yield, no-penalty, and rate bump CDs
  • Marcus Invest robo-advisor investing tool for longer-term saving and investing goals
  • Home equity and debt consolidation loans available
  • Opt into fixed-rate installment loans with some retailers using Marcus Pay
  • Unlimited withdrawals and same-day transfers (under $100,000) for savings accounts
  • No ATM access
  • Marcus deposit accounts are FDIC insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

Marcus by Goldman Sachs Full Review

Marcus doesn’t have the widest breadth of account types, but it still earns a solid score in our analysis of account options for variety within the accounts it does offer. In addition to a high-yield savings account, Marcus has CDs with both wide-ranging terms and no-penalty, bump-up, and high-yield traditional CD options.

Savings Accounts

Marcus offers a high-yield savings account with competitive interest rates. It does not charge any monthly maintenance fees or have a minimum deposit requirement. 

You can make same-day transfers of up to $100,000 to and from other banks. The ability to transfer an amount this large can come in handy if you need to move money you’ve been saving for a down payment or expensive emergency. Unlike some other banks, Marcus does not limit you to only six monthly withdrawals. 

Transfers are available to and from your savings account via ACH transfer in or out of another bank, by mailed check, or direct deposit. You can also use a wire transfer; Marcus doesn’t charge a fee for wires, but you may incur a fee from the bank you’re wiring money to or from. Marcus also lets you schedule regular, automatic transfers and track your earned interest using the Marcus app. 

Unlike some other high-yield savings accounts and many money market accounts, Marcus does not allow access to ATMs or offer a debit card if you need to withdraw cash from your account. 

Certificates of Deposit

Marcus has traditional, no-penalty, and bump-up CDs, all of which have competitive interest rates. You can choose terms that range between six months and six years. However, there’s a $500 minimum deposit for each one. 

Marcus also has a 10-day CD rate guarantee; if your CD rate increases within the first 10 days of opening your CD and making your deposit, you’ll receive the highest rate offered within that 10-day period. 

Marcus’ bump-up and no-penalty CD options may also be appealing as rates rise. If you choose a bump-up (or rate bump) CD, you can request a one-time rate increase anytime during your CD term. Currently, Marcus offers a 20-month term for rate-bump CDs.  If you withdraw before the CD matures, you’ll still pay a penalty. 

For more withdrawal flexibility, a no-penalty CD may be a better option. You can choose from seven, 11, or 13-month no-penalty CDs, with a $500 minimum deposits each and the option to withdraw your money seven days after opening your account.

When any CD you open with Marcus reaches maturity, you’ll have a 10-day grace period to remove your funds or roll them over to a new CD with a different term. After that, your CD automatically renews for another term.

Other Products

Marcus offers a few more products in addition to its online bank accounts. 

Marcus Invest is the bank’s robo-advisor tool. You can use it to automate your investment portfolio based on your goals, both for invidual investment accounts and retirement accounts. Depending on your portfolio and the funds you invest in, the fees can vary.

Marcus also offers home improvement loans with ranging from $3,500 up to $40,000 without needing collateral or home appraisal, and debt consolidation loans up to $40,000. 

Finally, Marcus has a few co-branded credit cards with General Motors. The My GM Rewards Card™*, for example, offers 7X on purchases at GM, and unlimited 4X points on all purchases with no annual fees. If you don’t own a GM car (which includes Chevrolet, Buick, GMC, or Cadillac), or plan to buy one, this card may not be as valuable compared to other, more flexible rewards cards.  

Customer Experience

We rank Marcus strongly across both customer experience and communication categories, thanks to the multiple avenues it offers for customers looking for assistance. 

If you need assistance with your account, you can contact Marcus via an online chat tool after login, on its customer service-focused Twitter account, by mail, or you can contact the 24/7 contact center by phone. 

Marcus also has an online help center with FAQs to answer questions on each of its banking products. However, it doesn’t have an easily accessible phone number.

Marcus’ app comes highly rated on the App Store and Google Play — with ratings of 4.8 and 4.3 stars, respectively. Based on app reviews, most customers like the simple design and banking navigation, though some reviews mention experiences with the app crashing and technical glitches.  


Marcus has robust accessibility efforts mentioned on its website for United Kingdom-based customers, including the option to speak with a representative using a sign language interpreter, Braille, and more. 

However, Marcus has only limited information about accessibility assistance on its United States website, with fewer initiatives than other banks we rate and review. Marcus’ U.S. options include phone numbers for reasonable accommodation requests and feedback via an American with Disabilities Act (ADA) coordinator. 

We reached out to Marcus for further information about site accessibility but did not receive a response by time of publish. We will provide an update if available.

Is Marcus by Goldman Sachs Right for You?

Whether you’re looking to start an emergency fund or to take advantage of rising CD rates, there are plenty of options to choose from at Marcus. And for investors who want to automate their investing strategy, you can manage your portfolio using Marcus Invest.  

One of the ways Marcus stands out is in the way it streamlines online banking processes, like scheduling automatic transfers and offering same-day transfers when you want to withdraw your money. Plus, the high-yield savings account has one of the best interest rates today compared to competitors. 

Given the rising rate environment that we’re in, Marcus’ 10-day rate guarantee is another unique feature that can be useful for keeping up with rapidly increasing rates — though you should still keep in mind the likelihood that rates could increase within days or weeks before you decide to lock in a CD today.

Keep in mind the fees you may be responsible for across Marcus’ different products, though — the high yield savings account has no fees, but you will pay a penalty for early withdrawal from a CD (except the no-penalty CD). And Marcus’ CDs require a $500 minimum deposit. Marcus Invest also has some fees, including a 0.25% management fee and other fees depending on your portfolio.

Another potential downside of Marcus is the lack of ATM access. If you’re saving for an emergency fund or another short-term goal, you probably won’t need regular access to your savings through an ATM, but no ATM access could stop you from being able to retrieve your money immediately when you need it. Marcus is also an online bank, so if you prefer in-person banking, you may want to consider other options. 

*All information about the My GM Rewards Card™ has been collected independently by NextAdvisor and has not been reviewed by the issuer.

Marcus by Goldman Sachs FAQs

Does Marcus charge ATM fees?

You cannot access your Marcus accounts via ATM. However, you can transfer money to another account with ATM access and withdraw via ATM that way (fees will depend on the other account you use).

How much does Marcus charge for wire transfers?

Marcus does not charge for wire transfers or bank transfers. If you make an outgoing wire transfer with Marcus or wire money to Marcus from another account, the bank you’re transferring to may still charge a fee.

Does Marcus offer debit cards?

No, Marcus does not offer debit cards.

How many transactions can I make per month with my Marcus account?

You can make unlimited withdrawals and transfers to and from your Marcus account.