Marcus by Goldman Sachs Bank Review: Savings and CDs

Marcus offers competitive savings rates but lacks some conveniences other banks have, including a checking account.
Spencer Tierney
By Spencer Tierney 
Edited by Yuliya Goldshteyn

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Goldman Sachs Bank USA
Learn more

at Goldman Sachs Bank USA, Member FDIC

  • Certificates of deposit
  • Savings
  • Customer experience

Overall institution rating

4.5

NerdWallet rating 
The bottom line:

If you’re simply looking to increase your savings, this online bank by the Wall Street giant Goldman Sachs can be a good choice. Rates are competitive and there are no monthly fees, plus savings accounts have same-day online transfers of relatively high amounts. But the bank doesn’t offer checking accounts and lacks other features that most other online banks have, such as mobile check deposit and a free ATM network.

Best for: Customers who want to earn competitive savings rates, don’t mind banking online and have another bank account for checking.

Pros

  • Competitive rates on savings account and CDs.
  • No monthly fees.
  • 24/7 customer service by phone.

Cons

  • No cash deposit.
  • No branch access.
  • No checking account offered.

Full review

Certificates of deposit

Marcus by Goldman Sachs High-Yield CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
1-year APY
5.00%
3-year APY
4.15%
5-year APY
4.00%
Minimum deposit
$500
Learn more

at Goldman Sachs Bank USA

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.

  • 6-month CD: 5.10% APY.

  • 7-month no-penalty CD: 4.70% APY.

  • 9-month CD: 5.00% APY.

  • 11-month no-penalty CD: 4.70% APY.

  • 1-year CD: 5.00% APY.

  • 13-month no-penalty CD: 4.70% APY.

  • 18-month CD: 4.60% APY.

  • 20-month bump-up CD: 4.40% APY.

  • 2-year CD: 4.20% APY.

  • 3-year CD: 4.15% APY.

  • 4-year CD: 4.05% APY.

  • 5-year CD: 4.00% APY.

  • 6-year CD: 3.90% APY.

» Learn more details about Marcus CD rates

Savings

Marcus by Goldman Sachs Online Savings Account
Marcus by Goldman Sachs Online Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
4.40%
With $0 min. balance for APY
Bonus
N/A

Marcus’ savings rate is 4.40%, which is much higher than the national average APY of 0.46%. 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 — up to $1 million — 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.

» Weigh your options with NerdWallet’s best high-yield savings accounts.

Customer experience

5.0

NerdWallet rating 

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, live chat for logged-in customers and a customer support phone line available 24/7.

The Marcus mobile apps for iOS and Android are highly rated and allow users to check balances and make transfers. But to deposit checks, you have to mail them.

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, banking 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.

Frequently asked questions