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Marcus by Goldman Sachs Bank Review: Savings and CDs

Nov. 1, 2019
Banking, Banks & Credit Unions, CDs, Savings Accounts
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Marcus by Goldman Sachs

4.0 NerdWallet rating

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 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

Marcus’ savings rate is as good or better than most of its competitors, 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.

  • 1.90% annual percentage yield with a $0 minimum balance requirement.
  • No minimum deposit to open account.
  • No transaction fees.
  • No goal-setting feature.
  • An external account is the easiest way to move money into and out of Marcus.

Marcus by Goldman Sachs CDs

4.0 / 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).

  • Pays 2.25% APY for a five-year CD and 1.85% APY for a no-penalty 13-month 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.
6 months0.60%
9 months0.70%
1 year2.10%
18 months2.10%
2 years2.10%
3 years2.15%
4 years2.20%
5 years2.25%
6 years2.35%


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

Marcus by Goldman Sachs bank experience

3.5 / 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 and weekends. 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, 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.

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