Marcus by Goldman Sachs offers a high-yield 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 accounts | None |
| Savings accounts | |
| Certificates of deposit (CDs) | |
| Bank experience | |
| Overdraft fees | None |
| Overall | |
The bottom line
- Marcus by Goldman Sachs has excellent rates on its savings account and CDs.
- There’s no checking account or ATM network.
- 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
| Pros | Cons |
|---|---|
|
|
» Pair it with checking: Fidelity’s Cash Management account, technically a brokerage account, is a good option
How does Goldman Sachs Bank USA compare?
Online Savings
NerdWallet Rating
at Goldman Sachs Bank USA,
Member, FDIC
APY
1.90%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
Online Savings Account
NerdWallet Rating
at Citizens Access,
Member, FDIC
APY
2.00%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
Online Savings Account
NerdWallet Rating
at Barclays,
Member, FDIC
APY
1.90%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
Marcus by Goldman Sachs CDs
5.0 / 5.0
| Pros | Cons |
|---|---|
|
|
» Find more high yields on our list of best CD rates for the month
Bank experience
2.5 / 5.0
Since there’s no branch network, you can only 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. To deposit checks, you have to mail them to the bank since there’s no mobile app.
» Weigh your options with NerdWallet’s best high-yield savings accounts
Boosts savings but lacks convenience
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.
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.
