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.
The bottom line
- Marcus by Goldman Sachs has rates on its savings account and CDs that are significantly higher than average.
- 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
4.5 / 5.0
Marcus’ savings rate is as good or better than most of its competitors — for comparison, the national average APY is 0.07% — but it’s best if you don’t want to move your money around much. The bank has fewer options than others for withdrawing money. To deposit, however, you can set up direct deposits or transfers.
| Pros | Cons |
|---|---|
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How does Marcus by Goldman Sachs compare?
Online Savings Account
NerdWallet Rating
at Marcus by Goldman Sachs,
Member, FDIC
APY
1.70%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
Online Savings Account
NerdWallet Rating
at Barclays,
Member, FDIC
APY
1.60%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
Savings Builder
NerdWallet Rating
at CIT Bank,
Member, FDIC
APY
1.75%
Monthly Fees
$0
Bonus features
No Monthly Fee
Marcus by Goldman Sachs CDs
5.0 / 5.0
Marcus’ CD rates are among the best on the market, and it has more term lengths than some of its competitors — you can deposit your money for up to six years. Just be sure to withdraw your money once it matures, or you won’t be able to access it again for quite a while. Or, if you want flexibility in withdrawing early without it costing you, Marcus has three no-penalty CDs (see more details).
| Pros | Cons |
|---|---|
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» Find more high yields on our list of best CD rates for the month
Marcus by Goldman Sachs bank experience
4.0 / 5.0
As an online bank, Marcus by Goldman Sachs doesn’t have a branch network, so your options for accessing your accounts are online, by mobile app and over the phone. For questions, there’s a comprehensive FAQs section on the bank’s website, and live chat for logged-in customers and a customer support phone line with extended hours every day of the week.
There’s also a highly rated iOS mobile app for checking balances and making transfers, but to deposit checks, you have to mail them. An Android app will be launched this spring.
» 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 check deposit 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, bank 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.
