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Marcus by Goldman Sachs Bank Review: Savings and CDs

June 18, 2018
Banking, Banks & Credit Unions, CDs, Savings Accounts
GS Bank Review: Savings and CDs
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Marcus by Goldman Sachs
NerdWallet’s rating: 4.0 / 5.0


Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs offers excellent rates on its savings account and certificates of deposit, but lacks checking accounts, ATMs and an extensive branch network.

If you want to grow your savings, this bank is worth a closer look.

Our Ratings
Checking accountsNone
Savings accounts
Certificates of deposit (CDs)
Bank experience
Overdraft feesNone

The bottom line

  • Marcus by Goldman Sachs has excellent rates on its savings account and CDs
  • There’s no checking account, ATM network or mobile app
  • You need an external account for transferring money, so expect delays when making any transaction

Here are more details about the bank’s savings account, CDs and bank experience.

» Need a home for your spending money? Take a look at NerdWallet’s best checking accounts

Marcus by Goldman Sachs savings

5.0 / 5.0
The bank gets top marks as a spot to park your money at a high savings rate. Plus, there are no fees. The downside? Having an external bank account, such as a checking, savings or money market account elsewhere, is the main way to move money into and out of a Marcus account. You can, however, also set up direct deposits.

  • 1.80% annual percentage yield for balances of at least $1
  • No minimum deposit to open account
  • No mobile app for quick access
  • No savings goal-setting feature

» Pair it with checking: Fidelity’s Cash Management account, technically a brokerage account, is a good option

Marcus by Goldman Sachs CDs

5.0 / 5.0

Marcus CD rates are among the best on the market. Using one of the bank’s CDs is a better option than its savings account for longer-term goals. You can choose a term from six months to six years and get a solid return. A few other banks may have better CD rates, but Goldman Sachs’ rates are highly competitive.

  • High-yield rates: 2.30% APY for one-year CD, 2.55% APY for three-year CD, 3.00% APY for five-year CD
  • Low minimum deposit of $500
  • Its CD rate guarantee lets you receive the highest rate offered within 10 days of opening
  • CD renews automatically if no change is made during 10-day grace period after its term expires

» Find more high yields on our list of best CD rates for the month

Bank experience

2.5 / 5.0
Since there’s no mobile app or extensive branch network, you’ll probably access your accounts online or over the phone. For questions, there’s a comprehensive FAQs section on the bank’s website, and you can call customer support on weekdays.

Boosts savings but lacks convenience

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

You don’t have to be on Wall Street to get good returns on your savings at Marcus by Goldman Sachs, but there are no checking accounts and other features that most other online banks have, including a mobile app and a free ATM network.

If you’re simply looking to increase your savings, this bank is a good choice.


Spencer Tierney is a staff writer at NerdWallet, a personal finance website. Email: Twitter: @SpencerNerd.

Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.