Marcus by Goldman Sachs Bank Review 2024
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At a glance
CDs
Savings
About Bankrate Score
Overview
Marcus by Goldman Sachs is an online bank that rewards savers with higher-than-average rates. There are no monthly service fees charged by Marcus on their savings account or certificates of deposit (CDs). Moreover, opening deposit requirements are zero or small, making accounts easily accessible. But as an online-only bank, consumers will need to be comfortable solely banking online.
Highlights
- High APY
- Top CD Rates
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Marcus by Goldman Sachs is an online bank that rewards savers with higher-than-average rates. There are no monthly service fees charged by Marcus on their savings account or CDs.
Pros
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Marcus offers competitive interest rates for all of its products.
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The balance requirements for CDs are relatively low.
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Savings accounts don’t have a minimum balance requirement or monthly service fee.
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A customer service line provides 24/7 account access. You can also chat with representatives at any time.
Cons
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Marcus offers a limited selection of financial products.
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Marcus does not offer debit or ATM cards, making it more difficult to access your funds.
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Deposits must be made via electronic transfer or automated deposits; mobile check deposit is unavailable.
We want to know what you think about Marcus
Do you have experience with Marcus? Let us know your thoughts.
Marcus banking products
APY last updated between 11/14 and 11/20.
Marcus savings overview
Marcus doesn’t charge wire transfer fees, but the bank has an external transfer limit of $125,000 for online and automated clearing house transfers. Wire transfers have a $50,000 per statement cycle limit. Its website says to call the bank if you need to transfer more money.
Marcus doesn’t limit the number of transfers or withdrawals taken from your Marcus savings account.
Pros
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Marcus offers a competitive yield on its savings account.
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The account requires no minimum deposit to open.
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There are no monthly fees.
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Marcus doesn’t charge for wire transfers.
Cons
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Mobile check deposit is not offered; all deposits must be transferred or automated.
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There is no branch or ATM access.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
MarcusAPYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
Customer experience
Customer support
24/7 support is available. Although Marcus doesn’t have branches or ATM access, customers with CDs or a savings account can speak with a representative through live chat or over the phone 24 hours a day, seven days a week.
High Customer Satisfaction. Marcus by Goldman Sachs ranked first in J.D. Power’s 2024 Direct Banking Satisfaction Study among online-only banks offering savings products.
Digital experience
Highly rated mobile app. Marcus’s mobile app has a high rating on both the Apple App and Google Play stores. Collectively, almost 200,000 users have reviewed the app. The Marcus app does not support mobile check deposits, however, so all deposits must be electronically transferred.
Robust help center. Marcus’s Help Center maintains an extensive collection of FAQs, which can help current and prospective customers get answers without needing to connect with a representative. Topics are broken down by banking product, ranging from deposit accounts to credit cards.
Bankrate staff insights
"Overall the APY is a competitive rate and the ease of use of the app is a big plus," said a Bankrate staff member who uses the account personally. "I am confident in the rate I have, and I can clearly see how much I am saving using this account through the app."
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
The above images were last updated on October 31, 2024
About Marcus by Goldman Sachs Bank
Marcus by Goldman Sachs is an online bank that offers a savings account and multiple terms of CDs. Marcus is known for offering competitive rates on its savings products, including a savings account and a wide array of CDs, but the bank no longer offers personal loans.
Goldman Sachs Bank started offering CDs, savings accounts, and brokered CDs through the April 2016 acquisition of GE Capital Bank. In late 2017, Marcus by Goldman Sachs started offering CDs and a savings account.
How Marcus compares to other banks
Compare different account types offered by Marcus by Goldman Sachs Bank. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.
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Selected bank
Marcus by Goldman Sachs savings account
Bankrate score
4.7
Bankrate Savings rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Ally Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
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| 4.10% | 4.00% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,050 | $2,000 | |
| Marcus by Goldman Sachs offers a highly competitive yield on its savings account for all balances. With no fees and no minimum deposit, Marcus is a good option for savers who are comfortable with banking exclusively online. | Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM. | |
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APY offering:
4.10%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Subpar
2/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.00%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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Marcus FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
Marcus customer reviews
Marcus has 25 reviews
Dive into community reviews below and see what others think about Marcus.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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