Marcus by Goldman Sachs Bank Review: Savings and CDs

High rates, low minimum. Some of 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. There's a $500 minimum deposit, and the bank's CD guarantee lets you receive the highest rate offered within 10 days of opening your CD.

» COMPARE: See our list of best CD rates

No-penalty CDs. Just be sure to withdraw your money once it matures because Marcus’ CDs automatically renew after a 10-day grace period, once the term expires. Or, if you want flexibility in withdrawing early without it costing you, Marcus has three no-penalty CDs. (See the best no-penalty CDs.)

Bump-up CD. Marcus’ third type of CD, what it calls a “Rate Bump CD,” lets you raise the rate once during the CD term, as long as the bank has raised rates on its new Rate Bump CDs since you opened your account.

Marcus’ savings rate is 3.90%, which is much higher than the national average APY of 0.43%. There's no minimum deposit to open the account, and there are no monthly fees, but the bank has fewer options than others for withdrawing money — you can’t make a cash withdrawal from an ATM, for example. But you can transfer money to an external bank account, wire transfer it or request a check. Marcus offers same-day online transfers up to $125,000 but the external account must be a personal account owned by the Marcus account holder. For same-day transfers of larger amounts, you’ll need to go through a Marcus agent. To deposit money into the account, you can set up direct deposits or transfers, send a check by mail or send a domestic wire transfer.